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They should have bought bitcoin instead. Oh wait, silvergates also in trouble
by ackbar03 4y ago
They should have bought bitcoin instead. Oh wait, silvergates also in trouble
- tenpies 4y agoI know you're being silly, but there's an interesting observation there. Silvergate's failure doesn't affect BTC on paper, yet Bitcoin did go down. SVB's failure doesn't affect the USD on paper, yet the dollar is down today[1]. All currencies, fiat or otherwise, are affected by catastrophic events in their ecosystem. The folks having a good day today are the precious metals. --- [1] Although to be fair, there are a myriad of factors at play in FX, whereas Bitcoin probably has few. However, "bank failure" and the US Treasury announcing they are monitoring some small and regional banks, doesn't fill one with confidence.
- spaceman_2020 4y agoWell, Bitcoin hasn't had to be bailed out yet. It's alright if things fail or lose value. That's a natural part of markets. Taxpayers money going to bail out banks, otoh, is pretty much what started Bitcoin. "Chancellor on the Brink of Second Bailout for Banks" - still encoded in the genesis BTC block.