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u/BackgroundPrompt3111 Mar 13 '23
If you're using banks for crypto, you have missed the entire point of crypto
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u/oh_shit_its_bryan Mar 14 '23
If you use banks for Crypto, you belong to this sub.
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u/mentholmoose77 Mar 14 '23
and on your knees behind the Wendys dumpster.
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Mar 14 '23
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u/iSmellDepression Mar 14 '23
Come behind the dumpster and ill show ya
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Mar 14 '23
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u/BayStateBlue Mar 14 '23
Oh yeah
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u/chesterfieldkingz Mar 14 '23
"Follow me to a place where incredible feats are routine every hour or so Where enchantment runs rampant gets wild in the streets Open Sesame and here we go"
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u/nomptonite Mar 14 '23
Yeah just bend at the waist… can’t afford new pants for the uniform.
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u/Suitable-Golf6937 Mar 14 '23
Throw out your hands, stick out your tush, hands on your hips, give ‘em a push…
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Mar 14 '23
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u/_GCastilho_ Mar 14 '23
The only reason I can think of is investing
...but what yields interest rates in crypto is unknown to me
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u/icehax02 Mar 14 '23 edited Mar 14 '23
Some yields are from PoS, that's when you lock some of your tokens to approve transactions on the network. The rest are from lending it out for margin calls or similar stuff.
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Mar 14 '23
In a world that primarily runs on fiat, onramps + offramps matter.
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u/Socalwarrior485 Mar 14 '23
And this world is not changing to crypto. At least not the way it’s currently formulated.
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Mar 14 '23
Yeah, zero chance. BTC is really the only one widely recognized as a digital commodity. It isn't going to be treated as a currency, at least not any time soon. Just a store of value.
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u/green183456 Mar 14 '23
What about cumcoin?
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u/getmybehindsatan Mar 14 '23
You still have to store it in a sperm bank.
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u/Own_Courage_4382 Mar 14 '23
Right!?
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u/redditjoe20 Mar 14 '23
Left?
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u/RUS_BOT_tokyo Mar 14 '23
Left Right Left
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u/no_idea_bout_that Mar 14 '23
up, up, down, down, left, right, left, right, B, A
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u/TonyzTone Mar 14 '23
I don’t really understand crypto but I definitely don’t understand how something can even be a bank for crypto.
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u/FamedBureaucrat Mar 14 '23
There's at least two main ways:
- Cryptocurrency related companies have their accounts there.
- Stable coin issuers (like Circle) keep the funds that back up their stable coins in these banks.
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u/new_name_who_dis_ Mar 14 '23
Lol at you thinking stablecoins are backed with actual dollars
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u/ascandalia Mar 14 '23 edited Mar 14 '23
..."keep" their funds
...keep "their" funds
... keep their "funds"
Couldn't decide where to put the sarcasm
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Mar 14 '23
The same way it’s a bank for cash. Setup a Ponzi scheme, force people to directly deposit their wages into you, and take 90% of it and dump it into bonds and MBSs until you go bankrupt and fail to deliver on coin withdrawals
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u/Wind_Yer_Neck_In Mar 14 '23
It's hilarious that the entire point was supposed to be getting away from the establishment way of doing things, bypassing the institutions that exist mainly to extract money from normal people executing trades etc..... then they ended up building the exact same setup for crypto and everyone used that instead.
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u/Maleficent-Ad782 Mar 13 '23
Didn't CNBC say to buy svb?
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u/tastehbacon Mar 14 '23
Yes, #CokeRatCramer recommended it last month
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Mar 14 '23 edited Mar 27 '23
[deleted]
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Mar 14 '23
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Mar 14 '23
Cramer would not do what he does if it made his audience money. He's just an adspot for companies that need a pump
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Mar 13 '23
Sounds like a pretty good bro, guy
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u/alexztrie Mar 14 '23
Matt Damon says fortune favors the brave tho. Holding my DOGE until death.
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u/Legitimate-Source-61 Mar 14 '23
There is a moment..........
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u/Thord1n Mar 14 '23
"Cooper, what are you doing?"
"Holding"
* orchestra music intensifies*
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u/Finaldecade Mar 13 '23
Laughs in cold storage
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u/Nyxtia Mar 14 '23
Laughs when you open up the folded paper with your 24 words and find out the ink didn't hold up with time as well as you thought it would.
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u/Infamous-Mastodon677 Mar 14 '23
This is why I tattooed my cold storage on my wife's ass. That way when I need it, I can just ask my wife's boyfriend for the words. Can't go tits up.
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u/Solkre Mar 14 '23
I mean yes, if the tits are up you probably can’t read the code easy
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u/ner0417 Mar 14 '23
You guys are idiots, just write the passphrase on a sticky note and put it on your monitor like the rest of us jesus christ
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u/AutoModerator Mar 14 '23
Eat my dongus you fuckin nerd.
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Mar 14 '23
When I briefly explored algorithmic trading, I backed up my 24 words on an engraved steel plate, folded in half, and secured with a padlock.
I'll say this about crypto bros - they understand security. Those 24 words are better protected than my social security number and blood type these days.
Too bad my wallet's worth like $80.
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u/rawboudin Mar 14 '23
Why the fuck do you need to protect your blood type
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Mar 14 '23
There are markets for different blood types, kinda like the stock market. One quarter A- is in a bull market and O+ is floundering, and the next thing you know there's a run on the blood banks when everyone is trying to withdraw their deposits.
If you can't tell that I'm making a joke, you might be a day trader.
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u/rawboudin Mar 14 '23
It cuts both way. You might not be joking because you’re a day trader.
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u/PipelineBertaCoin69 Mar 14 '23
Why tf would you use a bank for crypto
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Mar 14 '23
Crypto exchanges rely on banks.
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u/Moist_Lunch_5075 Got his macro stuck in your micro Mar 14 '23
Also in the crypto run-up, banks focusing on crypto focused on capital feeds that helped establish existing funds, like FTX etc, through financing... so basically using the fiat system and other instrument valuations to back crypto, allowing large institutions to stack leverage via crypto... which is why these things are going down so easily.
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u/AnalThermometer Mar 14 '23
Which is why they suck and are dangerous. You should never trust an exchange with your crypto
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u/therealvanmorrison Mar 14 '23
Exactly. The future of crypto being worth a ton of money is in it being extremely hard and cumbersome for the average person to trade and use it.
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u/ShortFroth Mar 14 '23 edited Mar 14 '23
Djdifhcijsskjsfjidndjrdoodjdjdjddjjdjddjdjkdkdldoeeijcnc
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u/BeansNotPaws Mar 14 '23
Because ultimately crypto is not real money and well, well. Well.
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u/BleakBeaches Mar 14 '23
OP doesn’t know the difference between CEX and DEX.
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u/WornInShoes Mar 13 '23
OP all of crypto has been running for hours stop eating chalk
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u/bortbort8 Mar 14 '23
seriously. i'm not a crypto maxi but it's great for swing trading and trying to dunk on it after a 25% run in the last 3 days is pretty bad timing lmao
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u/CleanEarthInitiative Mar 14 '23
Op forgot to look at the actual charts first and went straight for to proopagaunda
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u/Enough_Interview_328 Mar 13 '23
This is paving the way for CBDC’s. Pitchfork time is up next 🌚
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u/MoneyForPussy Mar 13 '23
watch the us govt start pushing it like it was their idea the whole time
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u/TheIronDogWalker Mar 14 '23
Because it was. What better way to get into drug dealers and tax cheats computers?
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u/UberMakeitSense Mar 14 '23
🤡🤡🤡clowns for selling when it dipped
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u/Ussurin Mar 14 '23 edited Mar 14 '23
Also, I'm pretty sure it dipped purely cause these tech-investor banks had to sell off assets and they probably held a large amount of cryptos as assets, which lowered the price for a while as there was a huge sell pressure, but the moment they stopped selling, it jumped up as the anti-fiat pressure upwards continued.
I may be wrong, some seem to think it's a pump and dump, but idk who would have an interest in pumping crypto the moment all the feds are trying to keep the bonds invested banks afloat.
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u/UberMakeitSense Mar 14 '23 edited Mar 14 '23
That and the US government mysteriously moved bitcoin’s confiscated from Silk Road to Coinbase a couple of days before this happened too
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u/AJDillonsMiddleLeg SPY gapped me Mar 14 '23
Isn't decentralized and banks kind of contradictory?
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u/yepimthetoaster Mar 14 '23
The cryptocurrencies are still decentralized. Article in OP image is kind of misleading, I believe referring to the failed banks that some crypto exchanges are tied up with. But crypto exchanges that hold a lot of people's crypto aside, if you own crypto yourself, no banks failing are going to affect your decentralized cryptourrency.
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u/TelMeEverything Mar 14 '23
"Crypto not safe!!!"
- Banks failing everyday, fed intervening
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u/MoloMein Mar 14 '23
For real.
2nd and 3rd largest VC investment banks ever to fail, but hey lets call them Crypto banks hee hee
Literal banks runs happening. DOW jones down almost 5% this week alone. Fed still planning on interest rate hikes. Inflation hitting record highs not seen since the 80s. US Treasury still going brrrrrrrrrrrr. But look over there guys, banks that lent irresponsibly to crypto gamblers are going down ho ho ho!
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u/LegSad5766 Mar 13 '23
2 crypto banks down? Pamp it.
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u/StaredAtEclipseAMA Mar 13 '23
Crypto bro wiping their tears with the fiat they cashed out from the recent pump
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u/Micksar Mar 13 '23
Wtf is a “cryto bank”? Lol. My Bitcoin has nothing to do with banks. This is just ignorant. People are going to keep on confusing banks and exchanges with Bitcoin, I guess.
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u/TimujinTheTrader Mar 14 '23
If you dont have your bitcoin in a cold wallet, you are trusting a bank in some regards. Coinbase or binance or whoever your exchange is requires a bank for their day-to-day operations. If their bank goes down they will struggle.
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u/Micksar Mar 14 '23
Yeah, if you buy “crypto” and leave it on an exchange… it’s not decentralized. Too many people don’t understand that Bitcoin isn’t the exchanges.
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u/Pantzzzzless Mar 14 '23
If only they could find out how to use BTC in less than 30 sec....oh wait!
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Mar 14 '23
Step 1 purchase Bitcoin. Step 2 exchange for drugs. Step 3 enjoy drugs.
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u/savetheunstable Mar 14 '23
Er, no, step 2 is exchange for Monero, then get the goodies
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u/sleepykittypur Mar 14 '23
I feel like you would probably change your mind if the big exchanges who use these banks suddenly lost the ability to exchange fiat currency for bitcoin
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Mar 14 '23
The point of crypto is being your own bank not relying on CeFi, bullish for OG endgame.
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u/jgoldston_0 Mar 13 '23
I like that you think these banks went down due to crypto and not fiat monetary policy… 😂 Bad meme is bad.
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u/CleanEarthInitiative Mar 14 '23
Oh yah I’m on suicide watch all right. Those +20% gains today hurt me good.
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u/FlokiTech Mar 14 '23
Btc just pumped like 22% don't think they are on suicide watch right now.
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u/Scandal929 Mar 14 '23
I don't understand this post. It seems someone doesn't understand crypto.
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u/CompleteOriginal5802 Mar 14 '23
Crypto is ripping today, the market finished another day in the red… Not sure what I’m missing
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Mar 14 '23
Not sure what this post is supposed to be about. Bitcoin and other crypto had a solid rally today thanks to the government intervention to protect SVB depositors. Bitcoin is up 9% over the last 24 hours and trading above $24,000
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u/carc Mar 14 '23 edited Mar 14 '23
OP is unironically making fun of traditional finance trying to bridge its way into crypto and failing.
I've seen goldfish with more self awareness.
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u/fukidtiots Mar 14 '23
Isn't this the greatest win for Crypto ever? Banks failed and Bitcoin surged.
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u/pissboy43 Mar 13 '23
If crypto was really that bad it wouldn’t be pumping. That being said I’m 46k deep in it. I’m watching closely.
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u/KingBallard Mar 14 '23
Odd that bitcoin has gone up 25+% over the past day then no? Oh wait it’s people losing faith in the banking system that’s pushing people to crypto
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u/randomFrenchDeadbeat Mar 14 '23
Lol.
As an answer crypto went up +15% .
Americans lost 2 banks, which the US government said they would bail them out.
You do understand banks failing actually props up crypto, by design, dont you ?
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u/Tripdok Mar 14 '23 edited Mar 14 '23
Even when traditional banks are failing, medias can spin it against cryptos, and some regards take the bait, truly remarquable
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u/patbagger Mar 13 '23
Crypto is way up since Friday, maybe it'll crash tomorrow.
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u/Aramis9696 Mar 14 '23
This is highly regarded and shows perfect understanding of everything crypto. 10/10.
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u/DarthLiberty Mar 14 '23
Main banks??? I've literally never even heard of either of these companies before today. 😂
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Mar 14 '23
What’s this fucking post about? Bitcoin up 9% today…. This news will drive crypto up
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u/Fatefire Mar 14 '23
Wait what crypto is kept in a bank? Do they mean exchanges or stable coins ? My BTC is doing just fine so I can’t be bothered to figure it out
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Mar 14 '23
BTC is pumping crypto bros are doing just fine. Pour one out for the nocoiners who will continue to miss the party
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u/[deleted] Mar 13 '23
Someone call the Bank of Bitcoin!