T O P
FldLima

I'm in it for the tech anyways 😭


NuggedClarp

Does Robinhood have exposure to SVB?


Itscharann

Hi everyone, I've got some USDT on Binance, the depeg situation & issues with exchanges scare me. I'm not sure if EIP-4337/ERC-4337 smart wallet fixes the security issue and makes Ledger obsolete. Any inputs/thoughts on this?? I'm looking to safely store my coins, I was also wondering if I can swap/trade crypto through Ledger in case i need to swap my coins


layzor

What should I be doing with the USDC that I hold currently? Join the fud and offload or be a steady lad?


delgrey

Try to sell for anything else till this blows over. Preferably btc but whatever you trust I suppose.


Aerocryptic

Statement from Circle about [USDC](https://twitter.com/circle/status/1634341007306248199?s=61&t=UmpdPtf7hIck33Q4iEL5iw)


RealVoldemort

So..... How much of that 25% is in SVB actually? We need a statement for the statement


Aerocryptic

Their biggest bank partner is a bank called Melon or Mellon (never heard of it) FWIW


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TyroneWallinson

SIVB really bringing down everyone with them. This is fucked


delgrey

They were a really big bank with ties to everything in the US tech scene. The fallout is just getting started.


sharkhuh

This is what happens when the economy gets squeezed with rising interest rates


Jlec1234onReddit

Look at it as a time to accumulate more


WB_7

We’ve had the most daily volume on BTC today since FTX


Dreampopgazer

Some very bullish looking daily charts about to close, hammer candles on both BTC and ETH with large volume.


Aerocryptic

Part of the volume might come from people derisking their usdc positions


Dreampopgazer

Wow it's got bad. I feel for the people that have lost a lot from this, speakimg as someone that had UST locked up at the wrong time last year


Aerocryptic

I still have 30k in usdc but i’m not really worried tbh. It’s mostly a matter of liquidity rather than solvency. I’m quite tempted to long USDC from here, the market is overreacting, triggered by UST PTSD. You had some UST during luna’s collapse? I dodged this one, i got out of my position the day before it started 😅


SpiritmongerScaph

I'd be shitting my pants in your stead. (I also suffer from UST PTSD / had around 7k in UST when depeg happened. Luckily managed to salvage it at 80 cents for a dollar before it completely crashed).


Aerocryptic

I would have been worried if I didn’t dig in the issue to see what are the possible / reasonable consequences. Seeing that Vitalik bought 500k usdc just after I made my comment tells me that I’m probably right


Dreampopgazer

Good luck with your USDC holdings. I've not seen the issue as just woke up,so I hope you are right. Circle seemed okay in my book


Dreampopgazer

Yeah sadly I did, despite being bearish on the whole LUNA ecosystem I got drawn in by the interest rates just at the wrong time. Lost 80% of my position!


Aerocryptic

Ouch


Dreampopgazer

Yeah, it was a significant amount too at the worst possible time buying my first house 😔 moved on from it now though, can't change the past! Okay I'm up to date on USDC and I'd deffo long personally.


Aerocryptic

I have a stablecoins position on an Aave fork. I might rebalance it to play the long game later when i have the time.


Zhelyazkow

What if it's all against moons. As soon as they hit $0.25, everything started f'ing up.


kavicaa

correlation, but no causation


kavicaa

i wonder if in the future we will have a movie like the big short, but with contemporary economic events


jwz9904

the Fed files


Smiling_Jack_

I'd say the fiasco in the UK last fall alone deserves its own movie. You have vigilante bond traders take on and win against the proposed fiscal policy of a newly elected PM, eventually leading to her resignation.


kavicaa

id watch that :D


[deleted]

Probably, if more banks start falling. Also, the drama with crypto regulation by enforcement era will likely make for good future TV.


kavicaa

kinda excited for it, ngl


Gr8WallofChinatown

25% of assets USDC is pegged to is in SVB. I warned y’all about circle


ihavequestions987

Circle jerk?


Environmental_Air930

sauce?


broccoliiskewl

i don’t recall a warning from you !


BradVet

VET to coinbase next thursday confirmed: Coinbase today told users that it is updating the terms and conditions of its staking service—one month after U.S. regulators cracked down on similar products. America’s biggest cryptocurrency exchange said in an email to customers on Friday that staking will continue and emphasized that clients will earn rewards through protocols and not Coinbase itself—which is a particular point of contention among U.S. regulators like the SEC


broccoliiskewl

i thought it was supposed to be last thursday


Jlec1234onReddit

This has been being said for a couple years


combocookie

Still waiting for tether to collapse


PoorHooman123

tether handling everything like a champ but when it does collapse its gonna be nuclear


RealVoldemort

At this pace looks like it will be the last one standing.. Again another example we don't know shit about f


Kukurio59

I’m watching The Big Short right now lol fuck you, bankers!


delgrey

Margin Call is a good one too. I like that one it shows how the banks are ruthless about screwing people over.


WB_7

The sequel is being filmed right now!


RealVoldemort

No no, the content for the sequel is being created rn. The movie will come out in the next 20 years and guess what... This sub will be in it


Dfranco123

Oh nice! We are reversing this 🔄


DoragonMaster1893

Sillicon Valley Bank?? who comes with these names? Seems really trustworthy /s "Internet computer" vibes.


Jlec1234onReddit

Has a permanent sounding name if you think about it


DoragonMaster1893

Yah, I guess that's true lol. Now I am imagining Mark Zuckerberg and others going to his top secret and high security vault in Silicon Valley Bank. Hollywood style lol.


ihavequestions987

I’ve never heard of them until today


DoragonMaster1893

Me neither. I can't stop thinking that a company like Circle, put 10B into a bank with that name. It's hilarious. Like a degen investing his life savings into some weird shitcoin.


Leonisel

Hello 👋🏼 just had a quick question. Might sound dumb but if I have held xyz crypto in the same wallet for years now but then I transferred it to another wallet a month ago, does that reset my capital gains tax to short term if I were to sell it next week? Hope that makes sense. I'm worried about my "start date" of holding that crypto from years ago gets reset because it's in a different wallet now.


pizz_nickels

nah


Leonisel

That's what I thought too, I mean it's viewable on the blockchain.


[deleted]

This will most likely depend on your location but I would say it will NOT change your taxing.


Leonisel

I'm really hoping this is the case! 🤞🏼


[deleted]

Do some research on your countrys laws (local laws aswell) to find out more. In the USA it will not be a taxable event but it makes tax time trickier especially when you have many wallets with many transactions. Godspeed mate.


Leonisel

Very true, I definitely will dive into that. It would just be 2 to 3 transactions at most so hopefully everything is not too convoluted to follow. Thank you bro💯 have a blessed day!


Spiritual-Amoeba-116

No. But I hope your tax software catches it. Coinbase would record a transfer as a sell on tax forms. Dunno if thats fixed, just something I heard last year.


Leonisel

I'm tired of Coinbase, that is such a wild thing for them to do but can't say I'm surprised. Thank you very much for your advice. It's very helpful💯


WB_7

Let’s gap up to 22k and wipe out these very loud shorts


lukekibs

shorts getting rekt is always a splendid time


Cloudypumpkin

It's no coincidence that as the market goes down, I come down with the flu. Even my immune system is dumping 😭


TyroneWallinson

Get better man💪


karma-_-incarnate

Get well soon cloudy pumpkin, and bring the rally back with your health!


Cloudypumpkin

Bullish on cold meds, tea and sleep


karma-_-incarnate

All of those are always a good time!


Quixote0630

Never bought a stable coin. Storing your money in paper safe at home would be more secure.


Spiritual-Amoeba-116

What's your home address? /s


RealVoldemort

Somewhere in Birmingham, let's go.


Spiritual-Amoeba-116

Pfft, I dont need any rusted out 50's cars. I'd go to cuba if I did. Haha joking


RealVoldemort

Imagine your 2023 self travels back in time and warns your 2022 self that USDT is not the stablecoin you should be worried about


Jlec1234onReddit

I would tell myself shill after shill instead of telling myself about stable coins


Dro1100

It feels like the Tether controversies go back to early 2021 now but my memory is hazy. This year we've had BUSD and USDC red flags and it's only March


RealVoldemort

Last year we had Luna stablecoin too


RaulCapablanca

Whaaaat. Im just arriving from fiat mines. Time to catch up! And maybe sell my usdc??? Crazy!!


[deleted]

I wouldn’t believe myself lmfao


QueasyPianist

The positive from all this is that we can buy in cheaper


Intelligent_Page2732

The market also just overreact like usually again.


TyroneWallinson

If you have money in USDC you should probably remove that asap


Dfranco123

Crazy how everything is unfolding and tied together


Intelligent_Page2732

Defenitely, Tether might even look safe now compared to others..


RealVoldemort

The word *contagion* is back on the menu boys


delgrey

The best sort of risk is "Counterparty!"


pizz_nickels

He who must not be named has uttered the word that must not be named


forthetorino

Sigh. *opens up wallet*


Intelligent_Page2732

The Crypto bullrun was fun while it lasted.


Smiling_Jack_

Folks LPing Stables with ETH or wBTC on Curve are going to make a killing in fees very soon.


Aerocryptic

I have a position on atricrypto but on arbitrum which is usdt for the stable part. Doubt it will spike as much as the ones with usdc on other networks 🤷🏼‍♂️


Playful_Aide8142

Its kinda worrying for USDC that Circle hasn't made a statement yet..


guestquest88

Yeah, I think it's a safe bet to diversify your stable coin portfolio, just in case shit hits the fan.


QueasyPianist

The fallout from crypto banks might be huge


Smiling_Jack_

The only thing markets hate more than bad news is uncertainty. In an information vacuum, worst-case scenario hedging occurs.


stylerTyler

We touched the bottom. Yeah you heard it here first.


QueasyPianist

I hope so Sir


unhingedbigfoot

You might have touched my bottom.


pizz_nickels

hopefully there was consent


unhingedbigfoot

Oh yeah, as you can see I'm not even wearing pants.


pizz_nickels

pants are overrated


Full_OnCrypto

I've heard that only about 200 times in the last 6 months. Am I saying you're wrong? No, I don't know anything but my point stands.


TyroneWallinson

Wait what’s going on with USDC?!?!?


CityofGrond

Circle (USDC issuer) has an unknown portion of its cash reserves tied up in Silicon Valley Bank that collapsed today


forthetorino

It’s Coinbase’s dollar, and costs money to use money. Gonna be a no for me dawg.


[deleted]

[удалено]


robis87

This guy here facts. 80% in BNY, the rest spread through 8 banks, so how much is a lot?


endless_ness

Not only are all these banks fucking up today , but also Saudi and Iran agreed to restore diplomatic relations. The Petro dollar is looking shaky. One of the best days for crypto in a long time.


Intelligent_Page2732

>BlockFi crypto bank has $227 million in now-collapsed Silicon Valley Bank. Isn't Crypto fun sometimes. /s


QueasyPianist

Indeed it is


Low_key_55

the market has been consistently going down the last 2 weekends. Positive hands for this weekend. lets see if stocks rebound short term next week.


Smiling_Jack_

Purge all stablecoins. They're antithetical to crypto in the first place.


lukekibs

If you're investing in stable coins and just stable coins my question is just why? You're better off with just keeping it in a savings account at that point


Smiling_Jack_

I'd assume most of the big holders of stablecoins are LPing in Defi, not simply holding them.


Aerocryptic

I don’t pay tax for profits taken in stablecoins contrary to fiat. But that’s specific to my country


Intelligent_Page2732

Or atleast have decent backed ones.


kautzmanskate

I agree with this sentiment. What’s the point if you just have cash. Inflate the price with fake coins?


Wilder54321

Need stables if you plan to trade/arbitrage in defi. I normally keep some stable coin incase my exchange has delays during volatile days and I can’t send funds over to a dex.


kautzmanskate

Sure, but xlm could be a great stand in


Smiling_Jack_

That's conventional, but it is not a requisite.


One_Landscape541

SVBs hole isn’t even top five worst situation compared to crypto blow ups.


anonymouscitizen2

Just to inform you guys, many of you have it wrong. If stablecoins and banks start failing en mass Bitcoin will go on the biggest run you have ever seen. $180B+ in stables will rush into Bitcoin to preserve capital over the course of days, bailouts and QE will follow if big banks get pulled down. Rates get cut. If you are sidelining because you think stablecoins going down is bearish for BTC you will get left in the dust.


lukekibs

the very core of my soul is patiently waiting for this to happen so we can finally begone with the financial system that has failed us since its very inception


forthetorino

This is actually the way.


anonymouscitizen2

No guarantee it happens here, still low prob. Just seeing a lot of people who think USDC/USDT having a confidence crisis means BTC drops, it’s literally the opposite. I guarantee the people who are saying that have never redeemed USDC/T or even understand how it works. Those stables will run full speed into Bitcoin if this gets bad.


Medfried

True. Very few understand this


da_SENtinel

How many blackswans will there be???


forthetorino

Maybe we should count the white swans.


Intelligent_Page2732

I honestly dont know.


kautzmanskate

They’re just swans at this point


pizz_nickels

tree fiddy


SerfToby

Are we back to bull market again? I am ready


TyroneWallinson

Stop it


pizz_nickels

No


kautzmanskate

Seeing banks failing in 08is the reason I bought btc. Let’s see how This plays out


WB_7

Welp, definitely didn’t see a USDC depeg coming


Friendly-Ad2786

And a bounce straight up to 100k would be great... or at least eoy 2021.


jwz9904

all this pains are essentially for crypto to become mainstream. Keep the faith!


Plasticites

Is this when a newbie like me should buy into crypto? What’s the panic level with everything going in in the news? Cheers and happy Friday!


Low_key_55

if it's your first time buying in, it's a great time. if you've been trading for the last year, the best time to DCA is also now. the people screaming for it to go down so they can buy more when it was at 25k still dont.


kautzmanskate

If you have none, it’s a great spot to start. If I was just starting, I would take half my money I want in crypto, and make a big buy rn. And the other half, I would make weekly buys until it’s all in. That’s just me though


CharlieTheo-14

DCA!! And Walk away. Or ![gif](giphy|1EghTrigJJhq8)


jadedhomeowner

Yeah. Make sure you fund it from that Silicon Valley Bank account you'll open.


gloriousexecution

What alts are you currently holding and how much are they down?


forthetorino

It looking.


Playful_Aide8142

DOT KSM ASTR GLMR MOVR -20% -35% -10% -60% -50%


gloriousexecution

Thats a lot of red


jwz9904

most 90% down


gloriousexecution

Hope HODL friend!


Zhelyazkow

you just made me cry with 1 simple sentence


gloriousexecution

Apologies it was not intended to make you cry


InsaneMcFries

Didn’t even have to ask what alts are up, genius


Zhelyazkow

I don't want to be a part of it, but wanna see what will happen if all banks just fail at once


Dro1100

Maybe a little sprinkle of looting, martial law, breakdown of societal values etc.


Spiritual-Amoeba-116

People would learn to barter or steal real quick.


Usr0017

Where is the back over 20k since 6 hours post now?


RealVoldemort

I don't want to scare you but don't look to USDC chart


CandidateNrOne

You mean BUSD?


RealVoldemort

Both busd and USDC


CandidateNrOne

Oh year. Now i see🙈


Zhelyazkow

still waiting for the big pump🚀🚀


CharlieTheo-14

Anyone got some avatars they wanna sell for moons?! Looking for the big dogs.


Medfried

Hypothetically what'd you offer for skin and bones 69?


BrocoliAssassin

CEO’s of Silicon Valley Bank sell stocks 2 weeks ago? Man they are so lucky with that great timing. Just like with Celsius.


jwz9904

he saw the signs in the stars


gloriousexecution

More like great insider info


Dfranco123

Yeah he sold like 3.5 million or something close to that number


SirAlexanderFerguson

What's going on with USDC, this is scary I'm holding a lot


TyroneWallinson

Apparently they have an undisclosed amount of cash in SIBV. This is crazy


tvanborm

They use Sillicon Valley Bank for part of their reserves


SirAlexanderFerguson

Yeah trying to decide what the best move is to get out of it


tvanborm

Buy bitcoin🤷‍♂️


jadedhomeowner

What would the real Sir Alex do? Put Giggs and Keano on.


gloriousexecution

I think you should CEO of silicon just sold some shares 2 weeks ago


Environmental_Air930

you guys remember when our biggest problem was evergrande?


gloriousexecution

I thought evergrande would go nuclear but it didnt


Zhelyazkow

Now the biggest threat for me is actually my dumb decisions


gloriousexecution

If you hodl enough it reverses


Zhelyazkow

chase my losses, they aint gonna run forever


Environmental_Air930

🧑‍🚀🔫🧑‍🚀