Run on US bank

[GoldDiggerDave]

https://apnews.com/article/svb-fed-bonds-rates-banks-inflation-a24b28b3caeede91c76cd120aa9b7966?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01

https://www.washingtonpost.com/business/2023/03/10/svb-fed-bonds-rates-banks-inflation/ac540dec-bf4c-11ed-9350-7c5fccd598ad_story.html

 

[modofantasma]

Is Jim Cramer a member of the forum? 

Wonder what he reckons 😏

[GoldDiggerDave]

 

[Paul]

I listened to something while working today Silvertown bank that funds a lot of the crypto exchanges is having bother to, at the moment I chuckled at the bank name when I heard it mentioned 

[modofantasma]

@GoldDiggerDave no way 🧐🧐🧐 

He actually was recommending SVB a month ago 

https://m.youtube.com/watch?v=vw9IZ7_8XCw

 

[modofantasma]

Has anyone made an Inverse Jim Cramer ETF yet? 🤔

[Paul]

14 minutes ago, modofantasma said:

Is Jim Cramer a member of the forum? 

Wonder what he reckons 😏

He left here.

I heard he was in the huff after he couldn't get any cheap gold because of @James32 

[Paul]

Also heard that Credit Suisse is in a real bind at the moment and their share price has tanked to an all time low the past week or so.  

All these added weight of snow flakes dropping may trigger the mother of all avalanches 

[HerefordBullyun]

29 minutes ago, modofantasma said:

Has anyone made an Inverse Jim Cramer ETF yet? 🤔

yes launched thursday

https://www.crameretfs.com/sjim 

[Thelonerangershorse]

38 minutes ago, Paul said:

He left here.

I heard he was in the huff after he couldn't get any cheap gold because of @James32 

If everyone who couldn't get cheap gold becasue of @James32 left, the forum would be  @James32 posting to himself.

[Darr3nG]

1 minute ago, Thelonerangershorse said:

the forum would be  @James32 posting to himself.

He bought out my account, months ago...

[Tn21]

Anyone in the UK concerned about the news ? 

[Zeuk]

12 minutes ago, Tn21 said:

Anyone in the UK concerned about the news ? 

Nah we don’t need to worry about the banks our govt is way ahead of them in screwing up the economy. 

[Zhorro]

10 minutes ago, Tn21 said:

Anyone in the UK concerned about the news ? 

Well, SVB is the second largest bank failure in US history:

https://www.zerohedge.com/markets/worst-lehman-banks-break-world-again

Meaning there is a concern about contagion, but Yellen is confident the banking system is resilient:

https://www.zerohedge.com/markets/contained-20-treasury-sec-yellen-says-banking-system-resilient

So, yes, we should be concerned!  Bloomberg TV are watching for developments over the weekend.

[Zeuk]

Can’t help but wonder how much this falls to crypto, that’s a tulip bubble that had to burst at some point.  All that wealth creation from a derivative, someone has to lose eventually 

[Midasfrog]

32 minutes ago, Zeuk said:

Can’t help but wonder how much this falls to crypto, that’s a tulip bubble that had to burst at some point.  All that wealth creation from a derivative, someone has to lose eventually 

Crypto is not just wealth creation there are thousands of willing investors transferring / exchanging their hard earned fiat cash into crypto tokens.

I doubt the Crypto bubble will ever burst , for every thousand investors that loose everything there is another thousand ready to fill the void.

Crypto will in future evolve into a banking system that we all use.

[Zeuk]

16 minutes ago, Midasfrog said:

Crypto is not just wealth creation there are thousands of willing investors transferring / exchanging their hard earned fiat cash into crypto tokens.

I doubt the Crypto bubble will ever burst , for every thousand investors that loose everything there is another thousand ready to fill the void.

Crypto will in future evolve into a banking system that we all use.

What are they exchanging their money for though? 
 

A banking system run using cryptography and supported by gdp is very different to someone spinning up a coin and exchanging really money for vapor/compute effort 

[QuantumStacker]

I wouldn't have any cash in the bank right now. The banking system is global and has been for years, so everyone should be worried. Look at all the other smaller economies collapsing it only a matter of time before it hit the bigger economies.  I have gold and Cash. Nothing in the bank! Went out tonight cash machine allowed me to put card in but the cash withdrawal was greyed out. Never seen this before, if the machine is out of cash it goes out of service this machine wasn't. I might be wrong but you can always put cash back in to your account.

Edited March 11, 2023 by QuantumStacker

[QuantumStacker]

I think this will continue once they raise the interest rates again this month. This is going to get bad. You don't hold it you don't own it. Just my opinion I could be wrong. 

[James32]

10 minutes ago, QuantumStacker said:

I wouldn't have any cash in the bank right now. The banking system is global and has been for years, so everyone should be worried. Look at all the other smaller economies collapsing it only a matter of time before it hit the bigger economies.  I have gold and Cash. Nothing in the bank! Went out tonight cash machine allowed me to put card in but the cash withdrawal was greyed out. Never seen this before, if the machine is out of cash it goes out of service this machine wasn't. I might be wrong but you can always put cash back in to your account.

Inclined to agree, keep some in for buying essentials ( metals lol) food etc, but take a lot out. Like you say,worst case scenario, it can go back in if nothing sinister transpires. 

[Midasfrog]

30 minutes ago, Zeuk said:

What are they exchanging their money for though? 
 

They are converting it into digital money ( encrypted tokens or "coins" ). Those that can be stored on a decentralised and distributed online ledger using blockchain technology.

 

[QuantumStacker]

4 hours ago, GoldDiggerDave said:

 

This guy is trying to calm everyone but knows the truth that it is bad. I defo trust what he is saying😂

[Zeuk]

4 minutes ago, Midasfrog said:

They are converting it into digital money ( encrypted tokens or "coins" ). Those that can be stored on a decentralised and distributed online ledger using blockchain technology.

 

Yep for the most part I know how distributed ledgers and the tech behind works, used to build Dapps. Given how low the tech barriers to entry are now to create a coin it’s hard to understand where the actual value is. It could be undermined very easily either through perception or progression in technology. 

[QuantumStacker]

https://apple.news/AzMkJ_oJlT7aKINu_rTlGNg

[jultorsk]

https://en.wikipedia.org/wiki/WorldCom_scandal