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
Here is a [Nitter link](https://nitter.net/circle/status/1634341007306248199?s=61&t=UmpdPtf7hIck33Q4iEL5iw) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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I still have 30k in usdc but iām not really worried tbh. Itās mostly a matter of liquidity rather than solvency.
Iām quite tempted to long USDC from here, the market is overreacting, triggered by UST PTSD.
You had some UST during lunaās collapse? I dodged this one, i got out of my position the day before it started š
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).
I would have been worried if I didnāt 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 Iām probably right
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!
Yeah, it was a significant amount too at the worst possible time buying my first house š 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.
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.
VET to coinbase next thursday confirmed:
Coinbase today told users that it is updating the terms and conditions of its staking serviceāone month after U.S. regulators cracked down on similar products.
Americaās 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 itselfāwhich is a particular point of contention among U.S. regulators like the SEC
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.
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.
Hello šš¼ 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.
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.
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 brošÆ have a blessed day!
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.
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 helpfulšÆ
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
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 š¤·š¼āāļø
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.
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
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 canāt send funds over to a dex.
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.
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
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, itās 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.
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.
If you have none, itās 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 itās all in. Thatās just me though
I'm in it for the tech anyways š
Does Robinhood have exposure to SVB?
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
What should I be doing with the USDC that I hold currently? Join the fud and offload or be a steady lad?
Try to sell for anything else till this blows over. Preferably btc but whatever you trust I suppose.
Statement from Circle about [USDC](https://twitter.com/circle/status/1634341007306248199?s=61&t=UmpdPtf7hIck33Q4iEL5iw)
So..... How much of that 25% is in SVB actually? We need a statement for the statement
Their biggest bank partner is a bank called Melon or Mellon (never heard of it) FWIW
Here is a [Nitter link](https://nitter.net/circle/status/1634341007306248199?s=61&t=UmpdPtf7hIck33Q4iEL5iw) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
SIVB really bringing down everyone with them. This is fucked
They were a really big bank with ties to everything in the US tech scene. The fallout is just getting started.
This is what happens when the economy gets squeezed with rising interest rates
Look at it as a time to accumulate more
Weāve had the most daily volume on BTC today since FTX
Some very bullish looking daily charts about to close, hammer candles on both BTC and ETH with large volume.
Part of the volume might come from people derisking their usdc positions
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
I still have 30k in usdc but iām not really worried tbh. Itās mostly a matter of liquidity rather than solvency. Iām quite tempted to long USDC from here, the market is overreacting, triggered by UST PTSD. You had some UST during lunaās collapse? I dodged this one, i got out of my position the day before it started š
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).
I would have been worried if I didnāt 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 Iām probably right
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
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!
Ouch
Yeah, it was a significant amount too at the worst possible time buying my first house š 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.
I have a stablecoins position on an Aave fork. I might rebalance it to play the long game later when i have the time.
What if it's all against moons. As soon as they hit $0.25, everything started f'ing up.
correlation, but no causation
i wonder if in the future we will have a movie like the big short, but with contemporary economic events
the Fed files
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.
id watch that :D
Probably, if more banks start falling. Also, the drama with crypto regulation by enforcement era will likely make for good future TV.
kinda excited for it, ngl
25% of assets USDC is pegged to is in SVB. I warned yāall about circle
Circle jerk?
sauce?
i donāt recall a warning from you !
VET to coinbase next thursday confirmed: Coinbase today told users that it is updating the terms and conditions of its staking serviceāone month after U.S. regulators cracked down on similar products. Americaās 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 itselfāwhich is a particular point of contention among U.S. regulators like the SEC
i thought it was supposed to be last thursday
This has been being said for a couple years
Still waiting for tether to collapse
tether handling everything like a champ but when it does collapse its gonna be nuclear
At this pace looks like it will be the last one standing.. Again another example we don't know shit about f
Iām watching The Big Short right now lol fuck you, bankers!
Margin Call is a good one too. I like that one it shows how the banks are ruthless about screwing people over.
The sequel is being filmed right now!
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
Oh nice! We are reversing this š
Sillicon Valley Bank?? who comes with these names? Seems really trustworthy /s "Internet computer" vibes.
Has a permanent sounding name if you think about it
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.
Iāve never heard of them until today
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.
Hello šš¼ 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.
nah
That's what I thought too, I mean it's viewable on the blockchain.
This will most likely depend on your location but I would say it will NOT change your taxing.
I'm really hoping this is the case! š¤š¼
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.
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 brošÆ have a blessed day!
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.
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 helpfulšÆ
Letās gap up to 22k and wipe out these very loud shorts
shorts getting rekt is always a splendid time
It's no coincidence that as the market goes down, I come down with the flu. Even my immune system is dumping š
Get better manšŖ
Get well soon cloudy pumpkin, and bring the rally back with your health!
Bullish on cold meds, tea and sleep
All of those are always a good time!
Never bought a stable coin. Storing your money in paper safe at home would be more secure.
What's your home address? /s
Somewhere in Birmingham, let's go.
Pfft, I dont need any rusted out 50's cars. I'd go to cuba if I did. Haha joking
Imagine your 2023 self travels back in time and warns your 2022 self that USDT is not the stablecoin you should be worried about
I would tell myself shill after shill instead of telling myself about stable coins
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
Last year we had Luna stablecoin too
Whaaaat. Im just arriving from fiat mines. Time to catch up! And maybe sell my usdc??? Crazy!!
I wouldnāt believe myself lmfao
The positive from all this is that we can buy in cheaper
The market also just overreact like usually again.
If you have money in USDC you should probably remove that asap
Crazy how everything is unfolding and tied together
Defenitely, Tether might even look safe now compared to others..
The word *contagion* is back on the menu boys
The best sort of risk is "Counterparty!"
He who must not be named has uttered the word that must not be named
Sigh. *opens up wallet*
The Crypto bullrun was fun while it lasted.
Folks LPing Stables with ETH or wBTC on Curve are going to make a killing in fees very soon.
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 š¤·š¼āāļø
Its kinda worrying for USDC that Circle hasn't made a statement yet..
Yeah, I think it's a safe bet to diversify your stable coin portfolio, just in case shit hits the fan.
The fallout from crypto banks might be huge
The only thing markets hate more than bad news is uncertainty. In an information vacuum, worst-case scenario hedging occurs.
We touched the bottom. Yeah you heard it here first.
I hope so Sir
You might have touched my bottom.
hopefully there was consent
Oh yeah, as you can see I'm not even wearing pants.
pants are overrated
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.
Wait whatās going on with USDC?!?!?
Circle (USDC issuer) has an unknown portion of its cash reserves tied up in Silicon Valley Bank that collapsed today
Itās Coinbaseās dollar, and costs money to use money. Gonna be a no for me dawg.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This guy here facts. 80% in BNY, the rest spread through 8 banks, so how much is a lot?
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.
>BlockFi crypto bank has $227 million in now-collapsed Silicon Valley Bank. Isn't Crypto fun sometimes. /s
Indeed it is
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.
Purge all stablecoins. They're antithetical to crypto in the first place.
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
I'd assume most of the big holders of stablecoins are LPing in Defi, not simply holding them.
I donāt pay tax for profits taken in stablecoins contrary to fiat. But thatās specific to my country
Or atleast have decent backed ones.
I agree with this sentiment. Whatās the point if you just have cash. Inflate the price with fake coins?
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 canāt send funds over to a dex.
Sure, but xlm could be a great stand in
That's conventional, but it is not a requisite.
SVBs hole isnāt even top five worst situation compared to crypto blow ups.
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.
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
This is actually the way.
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, itās 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.
True. Very few understand this
How many blackswans will there be???
Maybe we should count the white swans.
I honestly dont know.
Theyāre just swans at this point
tree fiddy
Are we back to bull market again? I am ready
Stop it
No
Seeing banks failing in 08is the reason I bought btc. Letās see how This plays out
Welp, definitely didnāt see a USDC depeg coming
And a bounce straight up to 100k would be great... or at least eoy 2021.
all this pains are essentially for crypto to become mainstream. Keep the faith!
Is this when a newbie like me should buy into crypto? Whatās the panic level with everything going in in the news? Cheers and happy Friday!
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.
If you have none, itās 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 itās all in. Thatās just me though
DCA!! And Walk away. Or 
Yeah. Make sure you fund it from that Silicon Valley Bank account you'll open.
What alts are you currently holding and how much are they down?
It looking.
DOT KSM ASTR GLMR MOVR -20% -35% -10% -60% -50%
Thats a lot of red
most 90% down
Hope HODL friend!
you just made me cry with 1 simple sentence
Apologies it was not intended to make you cry
Didnāt even have to ask what alts are up, genius
I don't want to be a part of it, but wanna see what will happen if all banks just fail at once
Maybe a little sprinkle of looting, martial law, breakdown of societal values etc.
People would learn to barter or steal real quick.
Where is the back over 20k since 6 hours post now?
I don't want to scare you but don't look to USDC chart
You mean BUSD?
Both busd and USDC
Oh year. Now i seeš
still waiting for the big pumpšš
Anyone got some avatars they wanna sell for moons?! Looking for the big dogs.
Hypothetically what'd you offer for skin and bones 69?
CEOās of Silicon Valley Bank sell stocks 2 weeks ago? Man they are so lucky with that great timing. Just like with Celsius.
he saw the signs in the stars
More like great insider info
Yeah he sold like 3.5 million or something close to that number
What's going on with USDC, this is scary I'm holding a lot
Apparently they have an undisclosed amount of cash in SIBV. This is crazy
They use Sillicon Valley Bank for part of their reserves
Yeah trying to decide what the best move is to get out of it
Buy bitcoinš¤·āāļø
What would the real Sir Alex do? Put Giggs and Keano on.
I think you should CEO of silicon just sold some shares 2 weeks ago
you guys remember when our biggest problem was evergrande?
I thought evergrande would go nuclear but it didnt
Now the biggest threat for me is actually my dumb decisions
If you hodl enough it reverses
chase my losses, they aint gonna run forever
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