I think the point is that a precipitous pull of deposits actually diminishes ability to maximize the underlying asset disposition required to cover the whole of

I think the point is that a precipitous pull of deposits actually diminishes ability to maximize the underlying asset disposition required to cover the whole of deposits. You are correct that there is a bit of prisoner's dilemma here. I'm sure Thiel's portfolio companies that successful transferred funds had an awesome maybe even productive weekend while the rest had to scramble to figure out what this all means for them. I think there's also tragedy of the commons at play here and this is where some level of orchestration would have been beneficial to optimize the common good or at least prevent unnecessary depreciation for the overall ecosystem.