Bank run at Boston Personal Bank, lately acquired by Silicon Valley Financial institution. If it can be not bitcoin in self custody, you never personal it
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Comments (26)
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
Proof-of-work has the nice property that it can be relayed through untrusted middlemen. We don’t have to worry about a chain of custody of communication. It doesn’t matter who tells you a longest chain, the proof-of-work speaks for itself. The proof-of-work chain is the solution to the synchronisation problem, and to knowing what the globally shared view is without having to trust anyone.”
— Satoshi Nakamoto
I did not think Western economies would ever have a bank run after the lessons from the Great Depression. It’s astounding to see that it’s still possible despite what we now know about risk management.
Damn to get acquired and then go down like that
Conveniently it happened on a Friday.
These peoples money is FDIC insured. The FDIC has said all depositors with under $250k on deposit will have full access to their funds by end of Monday. L
I just hope people start waking up before it’s too late, this is the beginning of something bad.. real bad…
Feels like when voyager almost sold to FTX
Oof. Makes me wanna diversify my bank.
They got some weird looking banks in Boston!
Banks are a sham!!
In all fairness, it looks like a bank walk.
No your keys, Nacho Cheese
Boy, my node sure seems a lot safer than the bank these days.
Yikes.
FDIC insurance only works if a few banks fail. If too many fail FDIC will not have enough funds to cover it all.
Holy smokes another scam
We should be documenting these news headlines on the bitcoin blockchain
You love to see a bunch of rich people in line to find out they lost all of their fiat.
Self custody: Is that where you arrest yourself after a hard night of drinking?
And if your single you have to take matters into your own hands.
If there are banks left that accept it, and the exchanges keep dropping like flies. It’s not going to hold much value either.
🔥🔥🔥
not big enough to not fail
Wow. I’m sure some people lost some 💴
Getting people to question the fact they might need to question anything is the hardest, that’s probably a very expensive photograph of people learning the hard way. Seems to apply to lots nowadays
Looks like the Wellesley branch
they see me rolllin, they hatinggggggggg