08Mar
We are being ring-fenced by big banks. The Fed even put out a memo telling the banks “We’re not saying not to do biz w/ crypto, but um…don’t do biz w/ crypto.” Silvergate is on life support. We’re in the “they fight you” stage, and you take the most flak when over the target. #ringfenced #big #banks #Fed #put #memo #telling #banks #biz #crypto #um…dont #biz #crypto #Silvergate #life #support #fight #stage #flak #target
We are remaining ring-fenced by significant banks. The Fed even set out a memo telling the banking institutions “We are not declaring not to do biz w/ crypto, but um…you should not do biz w/ crypto.” Silvergate is on existence assist. We are in the “they battle you” phase, and you get the most flak when about the focus on.
Comments (4)
There is Bitcoin, called “Bitcoin.” Bitcoin is a legitimate and superior form of money.
Then there are *alt coin **scams*** called “cryptocurrency,” “crypto,” and so forth.
See: https://www.youtube.com/watch?v=TIkqBZnrKJM
Lyn Alden:
https://youtu.be/b-dwxD484_Q
Nick:
https://youtu.be/ic1ITcwnozY?t=858
“Bitcoin, Not Crypto” (10:30):
https://youtu.be/8xs2MkvnFDE
Folks, the problems that the central banks will lay before us, will be challenging ones. In addition to the Fed’s memo, recently we’ve seen:
– Sen. Elizabeth Warren sent her trademark accusatory letter to Binance, demanding their financials and internal controls over money laundering procedures, among other things.
– Silvergate likely going down, leaving very few traditional banks for CEXes to do business with. You can feel the shutting off of the on/off-ramps.
– Constant barrage of SEC attacks on various crypto such as stablecoins, and of course Bitcoin gets lumped in by association.
– The aggressive research and development of a CBDC, which clearly is the Fed’s response to Bitcoin. Which hopefully will fail and is a hill to die on in terms of the fight for liberty.
– The sheer number of banks turning away from crypto related companies, alphabet-soup federal agencies going after crypto related companies, and attacks from the media, are clearly coordinated. These things don’t happen by accident.
We’re in for a long, tough fight, guys. I don’t see them letting up with it.
This seems coordinated. Looking at the selling pressure that happens suddenly in large volume during the two draw down periods from 25k, and the OP list above, I’m personally concluding that the bottom is not in. Rather we will see further fud/“regulatory” attacks over the next 3-6months bottoming around 13-15k at which point the whales would have sold off most of their positions and then institutional buyers and governments will start aggressively accumulating. I think it will rapidly turn into a meteoric bull market on schedule with the previous halving behavior. I think most retail will continue to be scared away with the threats and media coverage.
They can do as they please. Any sufficiently decentralised network cannot be stopped, the horse has bolted.