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Another Reminder
While frustrated, I think they did what needed to be done to avoid further issues in the financial system. In the end, depositors should be the last to lose funds in these types of events. However, this is where the irony starts. Jim Cramer was so critical of Crypto once again yet never mentioned that this is the cause of our fractional banking system where deposits themselves (liabilities for banks) are not fully backed by assets. He seemed to conveniently forget that only weeks ago he criticized Crypto for this.
In fact, there is little difference between this liquidity crunch and the one suffered by FTX last year. I am not defending what happened with FTX but if we take a step back it seems very ironic but let me explain. Clients at FTX deposited their Crypto/Funds at FTX with the assumption that they could not be used for FTX purposes. We know how that ended given the accusations currently under review which have led to arrests and indictments.
With the banks, we knowingly give them permission to use our assets for loans and investments. Even more so, they can invest and loan out more than their deposits causing leverage. This is the important fact that we forget about. This is also the focus point of the bitcoin Whitepaper from years ago which was created as a response to the bank failures of the financial crisis. Therefore, I think the rhetoric related to Crypto’s hand in this is very hypocritical.
Now come the impacts of this latest round of failures. This is a clear failure of financial oversight from regulators just like many others have been like Madoff and even FTX. However, how can we criticize the regulators after this and at the same time trust them to regulate Crypto given its innovation? It makes no sense at all and would be counterproductive. My fear was another comment I heard last night in that this happened because of how easy it has become to move money! This could be a warning of further losses to our monetary sovereignty which is very concerning… Bought bitcoin for the first time in years after this and will likely continue to do so.
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2 commentsI love when people who don't really understand crypto say things like, "it's just numbers on a computer, it's not backed with anything of real value." And then I have to tell them that's what fiat is? Do people think we're still on the gold standard?
!LOLZ
lolztoken.com
Sundae school.
Credit: reddit
@newageinv, I sent you an $LOLZ on behalf of @phoenixwren
(1/1)
Use the !LOL or !LOLZ command to share a joke and an $LOLZ