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Following Bitcoin Cash on its rise to global reserve currency.

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Sunday, 12th March 2023

#73:

Collapsing Banks &

USDC Depegs

feat. Dinopawnz

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Down price, flat ratio

USD $114.09 (down). 1 BTC = 180.7 BCH (up slightly).

1 ETH = 12.9 BCH (stable).

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Bank Collapse #1: Silvergate

  • Inflation > FED interest rate rises are crushing asset values (especially US gov bonds, US stocks) on bank balance sheets
  • Also, FTX aftershock causes bank run
  • Silvergate bank goes into voluntary liquidation ($6.3b deposits, $4.5b assets)
      • Will pay depositors, creditors
      • Not taken over by regulators
      • Shareholders are the ones taking the losses, which is actually the best of a bad situation

https://www.coindesk.com/tech/2023/03/10/how-silvergates-crypto-collapse-differed-from-silicon-valley-banks-no-us-government-bailout/

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Bank Collapse #2: Silicon Valley Bank

  • Silicon Valley Bank - 16th largest
    • Shut down by California Department of Financial Protection and Innovation (DFPI) on Friday over insolvency
    • $211B in assets at stake, $42b withdrawn in a day
    • > $250k FDIC insured depositors potentially screwed
      • 50% of VC funded American companies? Ponzi’s over
      • 3500 CEO/Founder + 220k workers
  • Contagion? Financial chaos is a certainty over the next decade, antifragile crypto looking good

https://t.me/BlakeBCHBULL

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Yellen NOT yellin?

  • Treasury Secretary, former Chairwoman of the Federal Reserve, Janet Yellen says everything is fine
  • It probably isn’t, but good she’s in a good mood
  • No bailouts for Silicon Valley Bank
  • “The American banking system is really safe and well-capitalized, it’s resilient,” she told CBS’s Face the Nation. “Americans can have confidence in the safety and soundness of our banking system. …. Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out … and the reforms that have been put in place means we are not going to do that again.”

https://www.theguardian.com/business/2023/mar/12/silicon-valley-bank-collapse-no-bailout-janet-yellen

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USDC De-pegs

  • Circle has $3.3b at SVB (of $40b marketcap), USDC in jeopardy
  • USDC supposedly the “safe” crypto
  • Fell to $0.88c yesterday, recovered today to $0.96 after Jeremy Allaire reassuring statements
    • $0.87c meant loads of DeFi liquidations, narrowly avoided
  • Coinbase has suspended trading on many pairs -
  • Tether $1+, USDD on Tron $0.97, DAI $0.96, BUSD $1.01, UST dead, market adjusting “stablecoins”

https://coinmarketcap.com/currencies/usd-coin/

https://www.coindesk.com/business/2023/03/11/circle-to-cover-any-shortfall-in-usdc-reserves-sparking-stablecoin-rally/

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CoinFlex Moves “Forward”

  • Seychelles Court approves CoinFLEX’s restructuring plan
    • Recovery value token, equity & “some” unlocked balance
  • $84 mil vs Roger Ver still on the line in Hong Kong International Arbitration Center
  • “All creditors treated equally” - Clients, FLEXUSD, Depositors, SmartBCH
    • Aka SmartBCH funds rugged and likely liquidated
  • Is there any cause for hope here?

https://t.me/thebitcoincashpodcast_discussion/47022

https://coinflex.com/blog/coinflex-seychelles-approval-order/

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BCH BULL

  • Dynopawnz has been trading regularly on BCH Bull
    • Has it been improving the last few months?
    • What would you like to see added?
  • Hedging / long premiums are an opportunity for BCH users to market-make for profit
  • Clearly AnyHedge tech is going to be essential to BCH building resilient financial infrastructure

https://t.me/BlakeBCHBULL/551

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Community comment of the week

https://t.me/bchchannel/287539

​

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Meme of the week

https://twitter.com/0xfoobar/status/1633512099749011469

Krugman’s Revenge

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MESSAGE TO

THE COMMUNITY

Open platform to speak to the Bitcoin Cash community, with any thoughts, advice, feedback, criticism, encouragement, story or point of view you feel should be more prominent or appreciated.

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Patrons!

  • Ricky
  • HP
  • Sponsors!
  • General Protocols
    • Check out bchbull.com

Start guide, FAQs, links at www.bitcoincashpodcast.com

Thanks to donators

Shoutouts for the show

bitcoincash:qqqe37clm4782znnluuw2y2tsxn6qxkh258pd4vy30

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