Bitcoin Dad Pod
Episode 67: Bad Week for Bankers
12 Mar • 57m
If you can shutdown your blockchain (https://www.coindesk.com/business/2023/03/09/hedera-turns-off-services-after-network-irregularities) when 'network irregularities' are detected...it's not a decentralized system
Lido, the centralized staking crypto as a service company, has a an unregistered security LDO that crashed on rumors of a Wells Notice (https://web3isgoinggreat.com/?id=lido-token-price-tanks-after-podcaster-spreads-inaccurate-rumor-of-wells-notice)
+ The US treasury has some thoughts on CBDCs (https://home.treasury.gov/news/press-releases/jy1314?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioscryptocurrency&stream=business#_ftnref4), and most have to do with projecting US financial power, not creating great money
Silvergate Bank, an important crypto banking institution, is winding down operations (https://archive.ph/3U6g6) after a bank run and regulatory pressure
Sillicon Valley Bank, a regional California bank that focuses on startup and tech company banking, has been closed by regulators (https://www.coindesk.com/policy/2023/03/10/silicon-valley-bank-shuttered-by-state-regulators/) due to 'solvency and liquidity concerns'
U.S. government takes control of Silicon Valley Bank (https://www.axios.com/2023/03/10/silicon-valley-bank-government-control-fdic)
Reports are circulating that Gemini, a New York based crypto exchange, might be losing their banking access (https://web3isgoinggreat.com/?id=gemini-reportedly-loses-banking-with-jpmorgan) from JP Morgan
The New York Attourney General, a public prosecutor who represents all residents of New York state, is suing KuCoin (https://www.coindesk.com/policy/2023/03/09/new-york-attorney-general-sues-crypto-exchange-kucoin-alleges-ether-is-a-security/) for offering unregistered securities
Etherium is argued to be a security (https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=XDXIUrIw3tVafxqwEqVfKw==) in this lawsuit (PDF Warning)
Erik Voorhees on Twitter (https://twitter.com/ErikVoorhees/status/1633946600891400193)
"So the state will attack BTC for using electricity, and ETH for being a security. Wise people in crypto will defend both, easily. The attack will fail on both counts, and the blocks will keep ticking... and on the horizon you can almost see fiat's arms flailing in desperation."
The energy attack on bitcoin (https://twitter.com/level39/status/1634219832085295112) is pretense, but ETH is still probably a security
Why is Arthur Hayes explaining synthetic dollars (https://blog.bitmex.com/dust-on-crust/) againhttps://h.docs.lol/bViitnHOQFmgjUaruEMUCQ#? Does it have to do with stablecoins achilles heel being banking?
Bitcoin Optech #241 covers new Core Lightning features (https://bitcoinops.org/en/newsletters/2023/03/08/) and the Bitcoin Inqisition (https://bitcoincore.reviews/bitcoin-inquisition-16) soft fork testnet project
Remember to get in touch firstname.lastname@example.org or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter
Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/)
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Sponsors and Acknowledgements
Music by Lesfm from Pixabay
Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
Can’t say I like the look of this. https://www.kitco.com/news/2023-03-16/FedNow-the-Federal-Reserve-s-alternative-to-blockchain-and-CBDCs-will-launch-in-July.html
I've seen several formerly reputable bitcoiners shill questionable projects over the years, Erik Voorhees, Roger Ver, Jeff Garzik, Chase Meyer, Vitalik Buterin, Winklevii bros, Lee bros.. a few *might* have been legitimately different visions, the overwhelming majority were, of course, centralized affinity scams. I've personally embraced the heuristic to teach new people to treat 100% of altcoins as scams, it's really the only way I can sleep at night.
Working at getting caught up after falling very far behind, and now I'm wondering why I let myself get so far behind. Always a wealth of knowledge!
Thanks for the summary of the US banking collapses. Too bad you recorded before the USG decided to take down signature bank as well. Quite exciting that regulators are willing to demolish the banking system in an attempt to kneecap crypto industry via their banking partners, but on the bright side: Bitcoin has clearly leveled up as we enter the "Then they fight you" stage and Silicon Valley gets to learn about counterparty risk (which Bitcoin doesn't have)
Erik is a really fascinating guy. His take is refreshing in that he always comes back to the first principles of Libertarianism. Super focused when he makes his arguments, doesn't feel arbitrary. Fyi, I believe it is THOR Chain that he is more interested in (not Avalanche).
can we get a selfhosted cross BDP episode going into a deep dive around hosting nodes and what not?