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Worth noting that's Barney Frank of the "Dodd–Frank Wall Street Reform and Consumer Protection Act" of 2010.
by sfritz 4y ago
Worth noting that's Barney Frank of the "Dodd–Frank Wall Street Reform and Consumer Protection Act" of 2010.
- DonHopkins 4y agoBut the objective fact of the matter is that crypto IS toxic.
- Atlas22 4y agoGot any proof to back up that "fact" or is it really just an opinion?
- rocket_surgeron 4y agoYou mean besides every day of the last fourteen-and-a-half years?
- Atlas22 4y agoSo the answer is no, got it.
- DonHopkins 4y agoYour sputtering rage and denial of the obvious is pretty illustrative of my point about crypto's toxicity and cultish obsessiveness. Do you have any NFTs or ICOs or shitcoin rug pull scams you want to shill, or are you finally too embarrassed to do that in public under your own account because of the toxicity of crypto? Why don't you prove it's not toxic by telling us how much and why you love and recommend crypto yourself, and explaining what it's actually good for?
- arcticbull 4y agoWhile of course true for many reasons (including facilitating the existence of ransomware while providing literally no other offsetting value) that's not why the bank was shuttered. It was shuttered for the same reason SVB and Silvergate were closed. They had long-duration assets but needed capital now to facilitate withdrawals, which they had a lot of because of the crypto downturn. It was their lack of diversification and failure to adequately manage maturity risk. Which Barney is in part to blame. So of course the fingers are pointed in all directions, especially the gubmint.
- JumpCrisscross 4y ago> that's not why the bank was shuttered. It was shuttered for the same reason SVB and Silvergate were closed Silvergate was significantly impaired by the crypto blow-ups [1]. That forced them to sell their short-duration, liquid holdings. It also started their stock-price slide [2]. The combination put them in a uniquely vulnerable and continuously degrading position. Signature wasn't as badly hit by the blow-up, but its stock started sliding with Silvergate. Perceptions matter, and when Silvergate folded, non-crypto depositors began pulling money from Signature. Had Signature not banked crypto, or been publicly affiliated with it, they would have likely survived. [1] https://www.bloomberg.com/news/newsletters/2023-03-09/silvergate-si-collapse-shows-safe-bonds-can-be-risky-like-crypto https://www.bloomberg.com/news/newsletters/2023-03-09/silver... [2] https://www.barrons.com/articles/crypto-silvergate-signature-stock-e85c9019 https://www.barrons.com/articles/crypto-silvergate-signature...
- ESTheComposer 4y ago"Objective fact" lol please. Not an objective word in this sentence that you can back up with literally anything. Or we can just take your hyperbole and apply it to literally anything that has any negative sides to it.
- TechBro8615 4y agoIs that why more banks than crypto exchanges have collapsed in the past week?
- modriano 4y agoAlso worth noting that it appears Barney Frank helped the effort to nerf Dodd-Frank in 2018 [0] (although I haven't dug deeply into that and from the fact that 3 of the articles supporting this were added today, the wikipedia editor might be injecting a biased view). [0] https://en.wikipedia.org/wiki/Economic_Growth,_Regulatory_Relief,_and_Consumer_Protection_Act#cite_note-8 https://en.wikipedia.org/wiki/Economic_Growth,_Regulatory_Re...
- rchaud 4y agoThat was Rep. Barney Frank. This is private citizen and board member Barney Frank.