Post ATVL2VCR8YSj25FzHM by Varpie@mastodon.online
 (DIR) More posts by Varpie@mastodon.online
 (DIR) Post #ATUN5T3HaGDXzUYahM by web3isgreat@indieweb.social
       2023-03-10T23:30:04Z
       
       0 likes, 1 repeats
       
       Silicon Valley Bank collapse causes crypto contagion concernsMarch 10, 2023https://web3isgoinggreat.com/?id=silicon-valley-bank-collapse-causes-crypto-contagion-concerns
       
 (DIR) Post #ATUN5V1aFY2y6nmGKO by web3isgreat@indieweb.social
       2023-03-10T23:56:28Z
       
       1 likes, 0 repeats
       
       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
       
 (DIR) Post #ATUN5XeeTGUCGY4UV6 by web3isgreat@indieweb.social
       2023-03-11T00:12:57Z
       
       0 likes, 0 repeats
       
       https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-depegs-from-1-circle-says-operations-are-normal/
       
 (DIR) Post #ATVL2VCR8YSj25FzHM by Varpie@mastodon.online
       2023-03-11T08:56:31Z
       
       0 likes, 0 repeats
       
       @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.
       
 (DIR) Post #ATVL2W1U4lINaP8kqW by clacke@libranet.de
       2023-03-11T11:23:47Z
       
       1 likes, 0 repeats
       
       @Varpie @web3isgreat Yes, the most used stablecoins are centrally issued scrip with fiat backing, Tether and Circle.
       
 (DIR) Post #ATVLAmdSC9tBQQqJ72 by web3isgreat@indieweb.social
       2023-03-11T03:42:08Z
       
       1 likes, 0 repeats
       
       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
       
 (DIR) Post #ATVLDsgGAwDV2jdG8u by Cloudhunter@peoplemaking.games
       2023-03-10T23:36:29Z
       
       1 likes, 0 repeats
       
       @web3isgreat The alliteration... *chefs kiss*
       
 (DIR) Post #ATVLGjNxBvkB5DQdgO by Lind@chitter.xyz
       2023-03-11T03:45:10Z
       
       1 likes, 0 repeats
       
       @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..