His star is still rising, I’m sure.

I’m very skeptical anything like this will happen, but if it does, hello hyperinflation.

Waiting for Biden to start blathering incoherently to do a smash buy of 🌽 in celebration.

SV has less power this morning than it did a week ago. I can’t escape that conclusion no matter what angle I look at this situation from. I also can’t escape the feeling that it is a good thing SV has less power and influence over the rest of the US.

SVB was throwing money around to worthless companies that nobody else would loan to at 0%. Now those companies will have to find someone to loan them money when rates are ≈5%. Whatever else happens, there won’t be as many shitty startups spinning up and out of SV for the foreseeable future. Also, do you think those VCs have as much influence in the big NY banks? How about Californian representatives and senators?

Mike Alfred is still the same, I see.

It’s going to be fascinating to see what the Fed does over the next 6 months. Either way, I’ll always be buying Bitcoin.

Damus tip: if the bottom half of Damus gets stuck with padding where the keyboard normally shows, click the + button to start a new post and then cancel it and that will fix it. Might only be a Test Flight thing and I’m sure Will will get it fixed soon once he’s home. But figuring out this workaround has saved me some hassle.

I have 2 banks, a credit union, 3 brokerages, accounts at a couple crypto casinos, and 3 bitcoin only on-ramp accounts. Who the fuck are these people with millions of dollars in a single bank account?

You could sell your 🌽 for a $400 premium but you would have to trust Gemini with it first. That probably explains the difference 🤣

Imagine getting reborn a Bitcoiner during the March 2023 banking crisis and being welcomed into the zap orgy that is Nostr. What a time to be alive! ⚡️⚡️⚡️🌽🌽🌽🤡🌎

This is who they want to bail out with the fiat that normies hold. He bought SVB shares with the money he got out of SVB during his run on the bank. These people wouldn’t be allowed to run a lemonade stand on a Bitcoin standard. The utter stupidity is incomprehensible. https://twitter.com/torrenegra/status/1634573234187407369

Any shitty business running 100% on an SVB diversity operating loan is finished. No other bank will finance them on a personal guarantee alone just because they have right color of the proper genitalia.

I lied, I couldn’t resist the brainless bullshit on Twitter and this takes the cake. Some of us lived through the ‘80s farming meltdown in the Midwest. Nobody fucking came to save the farmers. That’s why farmers aren’t stupid enough to keep all their liquidity in a single poorly run bank. In fact, many of them maintain self custody of large portions their assets until the day they sell their harvest. And they are skeptical of easy money loans for things they can’t afford. I’d love the tech companies to learn some lessons from the farmers because competing with a bunch of drunken frat boys with no regard for profit and cash flow is a real pain in the ass for people running fiscally responsible software businesses.

Seems clear the government isn’t going to do anything dramatic until they see some real contagion. It will be interesting to see what happens tomorrow, but fuck Twitter for the rest of the weekend.

Gemini’s BTC market has been fucked all weekend. Anyone who trusts the exchanges with their corn is NGMI.

Every VC that invested in the customers of SVB could have required diversified banking as a condition of their investment. Did a single VC who is currently begging for government handouts do that? You can guess the answer.

I’m never surprised to learn that the morons who are convinced you can start a business without thinking about how it will make money, are bad with money.

It’s possible to work with a single bank and still have your deposits over $250K spread amongst as many banks as necessary to keep all your funds FDIC insured.