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Did the Government Start a Financial Crisis in an Attempt to Destroy Crypto?
- mcv 4y agoThe answer to questions in a headline is usually "no", and I see no reason why it would be any different here. The US government intentionally starting a financial crisis? That alone sounds way too unlikely already, especially since SVB is a regular bank, not a crypto platform, so the crisis would have no impact on crypto. And then the government bailed out the deposits. Also, didn't bitcoin just go up as a result of this?
- Kirby64 4y agoThis reads a bit conspiratorial to me. Alternative headline: unsustainable business practices found to be significantly less sustainable when interest rates rise. Other banks beyond Silvergate/SVB/etc were not explicitly prevented from doing business with crypto companies to my knowledge. It's just that their risk analysis teams internally decided it was not worth it. And, turns out, it seems they were right. You've crypto firm after crypto firm falling because of shady business practices, usually predicated on shoddy financial reporting that was either fraud or too opaque to deal with for the other banks.
- whydoineedthis 4y agoThe banks which supported fake money as real money were not very good at managing real money. Well call me a nanny's uncle. I'm just besides myself. With laughter.