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I don't see many discussing that at least some of the VCs who pushed people to withdraw from SVB, such as Thiel, seem oriented toward disrupting SV, society, an

I don't see many discussing that at least some of the VCs who pushed people to withdraw from SVB, such as Thiel, seem oriented toward disrupting SV, society, and the banking system (the latter in favor of cryptocurrencies). Do those people care about burning down this bank, and starting a conflagration in their own town?

sdenton4 4y ago
It's a small leap from literal vampirism (blood transfusions for eternal youth) to figurative vampirism (burning down a bank to breathe some life back into your bad crypto investments). https://www.vanityfair.com/news/2016/08/peter-thiel-wants-to-inject-himself-with-young-peoples-blood https://www.vanityfair.com/news/2016/08/peter-thiel-wants-to...
- duud 4y ago
  Pretty sure he has done OK with crypto https://fortune.com/crypto/2023/01/18/peter-thiels-founders-fund-sold-crypto-just-before-markets-soured/ https://fortune.com/crypto/2023/01/18/peter-thiels-founders-...
paxys 4y ago
Several prominent VCs retweeted debunked claims about feds taking over First Republic Bank last evening, all in sync with each other. Their collective role in this panic (including possible backchannel collusion before and after everything went down) definitely needs to be investigated.
tomhoward 4y ago
I'm no great fan of Thiel, but it would not make financial sense for him to tank SVB (limited upside vs. the upside potential of his portfolio companies) and would likely in breach of several laws, most notably fiduciary duties as a director. It's a fun theory but doesn't hold up to more than a few seconds' thought.
- wolverine876 4y ago
  > it would not make financial sense I don't have evidence to accuse Thiel of anything in this event, but many like Thiel, and I think Thiel too, are more concerned with power than money. Many are trying to sieze power in society (in part by creating chaos and disruption), and spend money to do it.
- sidibe 4y ago
  I dont know either way but none of that is convincing to me. It wouldn't have legal consequences because no one can prove he wasn't genuinely panicked. He does profit if the FDIC doesn't step in his competitors and startups' competitors are hurt. Either way everyone moved their money to Brex where he is an investor. And as an ideologue he can continue his complaints about government and the financial system.

sdenton4 4y ago

It's a small leap from literal vampirism (blood transfusions for eternal youth) to figurative vampirism (burning down a bank to breathe some life back into your bad crypto investments). https://www.vanityfair.com/news/2016/08/peter-thiel-wants-to-inject-himself-with-young-peoples-blood https://www.vanityfair.com/news/2016/08/peter-thiel-wants-to...

duud 4y ago
Pretty sure he has done OK with crypto https://fortune.com/crypto/2023/01/18/peter-thiels-founders-fund-sold-crypto-just-before-markets-soured/ https://fortune.com/crypto/2023/01/18/peter-thiels-founders-...

paxys 4y ago

Several prominent VCs retweeted debunked claims about feds taking over First Republic Bank last evening, all in sync with each other. Their collective role in this panic (including possible backchannel collusion before and after everything went down) definitely needs to be investigated.

tomhoward 4y ago

I'm no great fan of Thiel, but it would not make financial sense for him to tank SVB (limited upside vs. the upside potential of his portfolio companies) and would likely in breach of several laws, most notably fiduciary duties as a director. It's a fun theory but doesn't hold up to more than a few seconds' thought.

wolverine876 4y ago
> it would not make financial sense I don't have evidence to accuse Thiel of anything in this event, but many like Thiel, and I think Thiel too, are more concerned with power than money. Many are trying to sieze power in society (in part by creating chaos and disruption), and spend money to do it.
sidibe 4y ago
I dont know either way but none of that is convincing to me. It wouldn't have legal consequences because no one can prove he wasn't genuinely panicked. He does profit if the FDIC doesn't step in his competitors and startups' competitors are hurt. Either way everyone moved their money to Brex where he is an investor. And as an ideologue he can continue his complaints about government and the financial system.