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   web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:27:43 JST web3 is going just great

   Silicon Valley Bank collapse causes crypto contagion concerns

   March 10, 2023
   https://web3isgoinggreat.com/?id=silicon-valley-bank-collapse-causes-crypto-contagion-concerns

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     Dirk Hohndel (dirkhh@hachyderm.io)'s status on Sunday, 12-Mar-2023 00:27:48 JST Dirk Hohndel

     in reply to

     @web3isgreat very related... https://www.theblock.co/post/218943/blockfi-has-227-million-in-uninsured-funds-in-silicon-valley-bank

     clacke likes this.
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     Aaron Mills :heart_trans: (cloudhunter@peoplemaking.games)'s status on Sunday, 12-Mar-2023 00:27:55 JST Aaron Mills :heart_trans:

     in reply to

     @web3isgreat The alliteration... *chefs kiss*

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     web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:27:57 JST web3 is going just great

     in reply to

     Some in crypto have been tearing their hair out that Circle has not yet released a statement about the portion of cash reserves kept at SVB.

     Circle finally just released the most non-statement statement, which needless to say has not reassured folks: https://nitter.net/circle/status/1634341007306248199

     clacke likes this.
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     Jared Counts (jwcounts@mastodon.social)'s status on Sunday, 12-Mar-2023 00:28:14 JST Jared Counts

     in reply to

     @web3isgreat I heard an advertisement for Circle on the Vergecast earlier today, and thought “USDC stablecoin? I wonder how long until I hear they’re in trouble?”

     Apparently less than 4 hours, when I read this

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     web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:28:17 JST web3 is going just great

     in reply to

     Per Circle: $3.3 billion, or about one third of USDC's $9.88 billion cash reserves, are with Silicon Valley Bank. https://nitter.net/circle/status/1634391505988206592

     clacke likes this.
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     Lin_ (lind@chitter.xyz)'s status on Sunday, 12-Mar-2023 00:28:41 JST Lin_

     in reply to

     @web3isgreat ....
     That number made me realize this might legitimatly be the first ever crypto-related scandal to get a bailout from the government, if indirectly..

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     web3 is going just great (web3isgreat@indieweb.social)'s status on Sunday, 12-Mar-2023 00:28:44 JST web3 is going just great

     in reply to

     https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-depegs-from-1-circle-says-operations-are-normal/

     clacke likes this.
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     wasabi brain (virtualinanity@toot.community)'s status on Sunday, 12-Mar-2023 00:28:51 JST wasabi brain

     in reply to

     @web3isgreat btc spiking which makes sense once you realize it’s the whales are trying to exit their fake dollars now that fiat off-ramp is getting closed

     clacke likes this.
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     clacke (clacke@libranet.de)'s status on Sunday, 12-Mar-2023 00:30:09 JST clacke

     in reply to

     • ?
     @Varpie @web3isgreat Yes, the most used stablecoins are centrally issued scrip with fiat backing, Tether and Circle.
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     ? (varpie@mastodon.online)'s status on Sunday, 12-Mar-2023 00:30:13 JST ?

     in reply to

     @web3isgreat Hold on, the stablecoin is pegged thanks to the assets being hold by a single company? That should have been the first red flag, so much for decentralization.