/biz/ - Business & Finance

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Anonymous Wed Mar 15 12:13:57 2023 No.54131827 [Reply] [Original]

SVB just proved that the traditional institutions aren't the real place to be for billionaires. Banks are down 10% on the day as the dominos start to fall. The fact that a few banks are still around doesn't mean they are safe. I'll soon be hitting nine zeros, but where will I keep my funds then? Is this the reason why Biz leaders kept saying 'Crypto is the future'?

>>	Anonymous Wed Mar 15 12:19:06 2023 No.54131904 >>54131827 they just made deposit insurance unlimited, which basically made it 100x more geared toward higher deposits, billions, millions, thousands... all the same now. digits, equally worthless

>>	Anonymous Wed Mar 15 12:48:42 2023 No.54132367 >>54131827 >SVB just proved that the traditional institutions aren't the real place to be for billionaires. SvB is the first first and the last bank to bit the dust.

>>	Anonymous Wed Mar 15 12:50:06 2023 No.54132396 >>54131827 asts

>>	Anonymous Wed Mar 15 12:54:42 2023 No.54132469 >>54131827 FTx LUNA Celsius now more than any bank fall you can imagine. If you consider crypto, focus on DeFi.

>>	Anonymous Wed Mar 15 12:56:10 2023 No.54132492 File: 7 KB, 250x250, 1656397004955s.jpg [View same] [iqdb] [saucenao] [google] >>54132396 >asts

Anonymous Wed Mar 15 13:00:48 2023 No.54132574

>>54131827
Its shill thread #72729273 about how bitcoin will magically go up during a financial meltdown. The market went up with the stockmarket by using the same fake liquidity and now u guys want the market to go up regardless kek. Literally have ur cake a eat it too. Eat shit faggot

Anonymous Wed Mar 15 13:10:47 2023 No.54132765

>>54131827
>SVB just proved that the traditional institutions
>SVB
>a traditional institution
From the front page of their website:
>We partner with the most innovative founders, executives and investors to help them adapt to and navigate the ever-changing innovation economy.
You interpret that as a "traditional financial institution"? What the fuck are you smoking? I want some.

>>	Anonymous Wed Mar 15 14:18:16 2023 No.54134240 >>54131827 DeFi is the future, and the earlier that banks start using decentralized solutions, the better things will get.

>>	Anonymous Wed Mar 15 14:55:21 2023 No.54135078 >>54131827 Cardano founder wants to propose a decentralized bank

Anonymous Wed Mar 15 15:11:37 2023 No.54135428

>>54131827
>SVB just proved that the traditional institutions aren't the real place to be for billionaires.
Just proved? Who's this faggot that didn't realize all these while that tradFi institutions have been known to be shit? Defi is where the big boys are pitching their tents now and you better tell your billionaire uncles and aunties to not get left behind.

Anonymous Wed Mar 15 15:16:42 2023 No.54135549

>>54135078
How are they coming along with their plans for a decentralized stable coin? I think they should try to wrap that up before venturing into something else.
FYI Defi doesn't need a bank; isn't that why it's decentralized in the first place?

>>54134240
>DeFi is the future,
Not gonna lie that it's risk free but it keeps you fully in control and if something bad happens, you know it's solely based om your decision and not because some faggot greedy CEO decided to buy the casino with your funds.

>>	Anonymous Wed Mar 15 15:17:34 2023 No.54135575 >>54131827 Real estate

>>	Anonymous Wed Mar 15 15:20:10 2023 No.54135634 File: 4 KB, 174x130, Untitledfd.jpg [View same] [iqdb] [saucenao] [google] >>54135078 This will be nice, but for now, I think it will be better for banks to adopt decentralized solutions from projects like SpoolFi, beefyfinance, and others

>>	Anonymous Wed Mar 15 15:56:32 2023 No.54136348 >>54132469 All these projects operated like banks, and that's what caused their downfall. Many of those still operating like that will fall

>>	Anonymous Wed Mar 15 16:02:00 2023 No.54136467 >>54134240 There aren't many projects that offersinstitutional DeFi solutions,in fact, only a few do.

>>	Anonymous Wed Mar 15 16:26:49 2023 No.54137064 >>54131827 >Crypto is the future' Can't you see the irony in this? Are you oblivious to the tons of atrocities going on in the space? Or you are blind to the several hacks we have seen.

>>	Anonymous Wed Mar 15 16:52:25 2023 No.54137702 >>54132469 Do some research before spilling shit, which of the above is as big as the 2008 financial market crash.

>>	Anonymous Wed Mar 15 16:56:44 2023 No.54137792 >>54135078 How do you know?

>>	Anonymous Wed Mar 15 16:59:24 2023 No.54137863 >>54131827 lol https://www.informationliberation.com/?id=63639

Anonymous Wed Mar 15 18:01:47 2023 No.54139404

>>54131827
>The fact that a few banks are still around doesn't mean they are safe.
The banks still left are definitely not few but 1 thing is striking; banks and other tradFi institutions have been around for a very long time but with little/no improvement of their services in terms of earnings for their users but Defi, even though relatively a new comer in the financial scene, has been able to open up a new door of numerous earning opportunities for users and it gets better by the day. It was an easy pick for me.Kek

Anonymous Wed Mar 15 18:07:12 2023 No.54139532

>>54136348
So CEFI = Downfall. Only retards think otherwise though.

>>54136467
So far, I've only come across one institutional grade Defi protocol, SpoolFI. I think they recently launched on Arbitrum and that's how I got to know about them. We need more like this because there'll be an upsurge of tradfi onboarding on Defi pretty soon.

Anonymous Wed Mar 15 18:09:16 2023 No.54139581
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>>54135549
I'll prefer having a decentralized stablecoin instead of keeping 50% of my pf in USDC and USDT which is staked on SpoolFi.
Though I'm diversifying, I still want something better

Anonymous Wed Mar 15 18:11:30 2023 No.54139629
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>>54131904
You're just jealous that we found an infinite money glitch and now we'll buy anything we want with it. There's no limit to what we can do now. No one can fail at anything ever until the end of time.

>>	Anonymous Wed Mar 15 18:14:42 2023 No.54139708 >>54135428 What's the proof that Defi is the new safe haven for investors? >>54135575 That's an investment for future generations

>>	Anonymous Wed Mar 15 18:22:28 2023 No.54139898 >>54136467 Defi is the whole idea of cryptocurrency. Self-custody of funds and to keep off the need for middlemen.

>>	Anonymous Wed Mar 15 18:25:33 2023 No.54139960 >>54132469 And yet LUNC is on its way to $0.50. But in all honesty why did you list that horseshit, I don't know of anybody who is actually deep into crypto that bought into that? Do you?

Anonymous Wed Mar 15 18:26:00 2023 No.54139970
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>>54139708
It is more reliable when you can join yield farming if you don't want your funds to be idle. I personally use Spoolfi though. Aave and Compound are also good ways to put your money to use.

>>	Anonymous Wed Mar 15 18:26:16 2023 No.54139979 >>54139581 Although I haven't used it, I hear LUSD is fully decentralized; would you want to suggest its adoption to the Spool DAO? Maybe it gets adopted and you just might have all that you want in 1 place.

>>	Anonymous Wed Mar 15 18:27:06 2023 No.54139996 >>54132367 your retarded if you believe that

Anonymous Wed Mar 15 18:30:54 2023 No.54140096

>>54139708
- Self custody
- Non-custodial platforms that wouldn't "take" your funds before you can leverage on their services.
- Ability to choose what protocols you want your assets to interact with.
- Ability to choose your desired APRs based on your risk tolerance.
The list can go on and on tbvh.

>>	Anonymous Wed Mar 15 18:32:11 2023 No.54140137 >>54139996 More are on the way. He should watch out. His bank is next.

>>	Anonymous Wed Mar 15 18:32:21 2023 No.54140139 >>54131827 The only thing of value is land, food, gold and virgins

Anonymous Wed Mar 15 18:32:57 2023 No.54140164

>>54131827
The value of fiat funny money like USD is based entirely on this banking system that we can see is nothing more than smoke and mirrors.

If rich people were wise they would put a large stake of their wealth into Bitcoin where there is complete transparency and no risk of meltdown.

Assets like gold, real estate, equities are vulnerable to manipulation from the government and banking system as well.

Bitcoin is just so obvious when you weigh it against everything else. As a store of value free from the manipulation of banks, governments, Jews, etc. it has no equal.

It will take a while for rich people to figure this out though. Most still see it as a scam.

Anonymous Wed Mar 15 18:34:22 2023 No.54140206
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>>54134240
Signature Bank was doing precisely that and the kikes in government shut them down.

They never "failed" as is being reported. They were just shut down.

>>	Anonymous Wed Mar 15 18:34:33 2023 No.54140213 >>54135078 The last time we had a decentralized bank, we know how it turned out, pretty sure any sane person will pass.

>>	Anonymous Wed Mar 15 18:35:30 2023 No.54140234 >>54131827 >where will I keep my funds then? you get bitcoin and you put it in your wallet. boom you are your own bank now.

>>	Anonymous Wed Mar 15 18:35:59 2023 No.54140248 >>54140164 The bank is only a medium of exploit. They fucking trade with your money and when they get fucked up they close up and their customers bear the losses.

>>	Anonymous Wed Mar 15 18:39:31 2023 No.54140341 >>54140234 Keep them in your Defi wallets, engage in yield farming or let some good aggregator routes your funds for ya.

>>	Anonymous Wed Mar 15 18:40:06 2023 No.54140356 >>54139532 I know that it's one of the good ones on the Arbitrum chain, especially seeing that it has a good risk management system

>>	Anonymous Wed Mar 15 18:40:54 2023 No.54140371 >>54140206 They were shut down because they fucked themselves by buying too many bonds

Anonymous Wed Mar 15 18:43:34 2023 No.54140419

>>54140248
Exactly. When you own Bitcoin in a Bitcoin wallet, you have complete ownership of that Bitcoin. It's yours. Nobody can touch it. Nobody can use it to gamble. Nobody can take it, lose it, and tell you it's still there. The government can't take it from you if they decide you have been naughty. A bank can't take it. Unless you're an idiot it can't be hacked.

When you have Bitcoin in a wallet, it is truly yours on a level that can't be said for basically anything else. You own it as much as you own your own thoughts.

Yeah, the price goes up and down. What happens when the government seizes your assets or the bank shuts you down? You lose everything. They can't do that with Bitcoin. Your net worth might fluctuate but it's completely secure. It's not going to zero if you get fucked over by the system.

Why this doesn't appeal to more rich people is beyond me.

I know a guy who literally lost everything in a lawsuit. Millions of dollars down the drain. Stolen from the government. He had to completely start over. Even though this happened to him he still has no interest in Bitcoin or crypto.

>>	Anonymous Wed Mar 15 18:45:21 2023 No.54140455 >>54140371 That was Silicon Valley Bank. Signature Bank was completely solvent. The government just shut them down when customers starter to panic and withdraw.

>>	Anonymous Wed Mar 15 18:46:55 2023 No.54140484 >>54140419 You are on your own with BTC. It is better to lose all by yourself than know your bank sank your funds.

Anonymous Wed Mar 15 18:48:42 2023 No.54140516
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>>54140096
Why would anyone see all these features on DeFi projects like Beefyfinance, SpoolFi and others and they will still decide to keep their money on exchanges like Binance, Coinbase and others.
Isn't that just crazy

Anonymous Wed Mar 15 18:50:05 2023 No.54140544

>>54131827
>SVB just proved that the traditional institutions aren't the real place to be for billionaires.
SVB wasn't a traditional institution, and it was for tech startups and businesses only. They gamed the regulations by maintaining that they were a Category IV bank to get around having to meet LCR and other regulations/requirements and they fucked up in the end.

A traditional institution is a fortress bank like JP Morgan.

Also no billionaire would be braindead enough to have his wealth sitting in a bank losing value. Billionaires and Millionaires for that matter almost always have their wealth tied up in assets and investments. It's literally idiotic to keep cash on hand beyond what you need for payments. Your banks checking/savings account interest rate is like 100x less than inflation.

Anonymous Wed Mar 15 18:50:31 2023 No.54140553

>>54140484
If you aren't an idiot then you will never lose your Bitcoin. People lose their Bitcoin when they don't write down their keys and store them in a safe physical location. They get hacked when they keep their keys somewhere accessible from the internet. Better yet, memorize your keys, or memorize part of your key and keep the rest written down in multiple secure places.

It isn't difficult.

>>	Anonymous Wed Mar 15 18:54:05 2023 No.54140623 >>54131827 literally gold, silver and copper. Crypto is a psyop designed to draw you away from precious metals, once you all accept bitcoin, they will have other bitcoins and shitcoins to fracture your market.

>>	Anonymous Wed Mar 15 18:55:49 2023 No.54140660 >>54140553 hahaha Just a regular guy. How do you handle volatility? I prefer holding stables in my wallet and putting it to use. I've been using an aggregator for farming. Combines yearnfiance, curve, and other farms

>>	Anonymous Wed Mar 15 18:57:48 2023 No.54140701 >>54137064 What hacks? Centralized exchanges like FTX? Or the unaudited contracts written by do kwons cronies?

>>	Anonymous Wed Mar 15 19:03:21 2023 No.54140824 >>54140516 WAGMI isn't for all, it's for those doing the right thing. I also have my stablecoins on those yield aggregators

>>	Anonymous Wed Mar 15 19:04:57 2023 No.54140870 >>54134240 proof?

Anonymous Wed Mar 15 19:08:16 2023 No.54140949
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>>54140824
Leech protocol should not be left out when talking about Spool, they are coming behind. They are following the same procedure and are on Arbitrum .

>>	Anonymous Wed Mar 15 19:11:10 2023 No.54141012 >>54140206 Government don't want us to be free, and that's why they are doing everything possible to prevent mass adoption of DeFi

>>	Anonymous Wed Mar 15 19:16:21 2023 No.54141112 >>54140341 I've got my money on several yield protocols through a smart vault because I prefer to diversify.

>>	Anonymous Wed Mar 15 19:17:14 2023 No.54141127 >>54140206 >They never "failed" as is being reported. They were just shut down. I wonder to why the government decided to shut it down, if they were solvent as everyone claim then I don't see any logic behind what the government did.

>>	Anonymous Wed Mar 15 19:19:07 2023 No.54141169 >>54139581 >I still want something better So does everyone else. Protip of the day: buy BTC now, before the capital flight truly begins. Gold is fine too, but man once dollars, euros, stocks, banks are all suspect the party is really on.

>>	Anonymous Wed Mar 15 19:32:00 2023 No.54141407 >>54140356 I wasn't too exposed to Euler's hack because of SpoolFi risk management system, so for sure I know that risk management is very important

>>	Anonymous Wed Mar 15 19:32:47 2023 No.54141427 >>54141112 I only know of the Spool smart vault. I also know anyone can create and even earn from it.

>>	Anonymous Wed Mar 15 19:40:42 2023 No.54141581 >>54141012 The moment the masses are free, the government loses their power and I believe they don't want to risk that.

>>	Anonymous Wed Mar 15 19:50:52 2023 No.54141766 >>54140455 incorrect, it was similarly overexposed to treasury bonds, they just shut it down before bank run went into full swing.

>>	Anonymous Wed Mar 15 20:05:53 2023 No.54142042 just create a bank for billionaires bro it's that easy

>>	Anonymous Wed Mar 15 20:11:28 2023 No.54142139 >>54141427 It means it is customizable then. That is a great feature then

>>	Anonymous Wed Mar 15 20:45:42 2023 No.54142794 >>54140356 The recent Euler hack was a litmus test for its risk management strategies and it proved the point that risk diversification is the way to go; some users had only about 6% of their assets affected as a result of the hack.

>>	Anonymous Wed Mar 15 20:49:23 2023 No.54142846 Credit Suisse is fine

>>	Anonymous Wed Mar 15 20:50:57 2023 No.54142869 >>54142794 A lot of money was lost. I feel for them.

>>	Anonymous Wed Mar 15 20:51:44 2023 No.54142881 >>54140623 >literally gold, silver and copper. These are the dumbest of assets jeets can throw their funds into. Aren't you aware that you can use crypto assets as store of value or earn yield on some like stablecoins? Gold never add value in decades.

Anonymous Wed Mar 15 20:57:48 2023 No.54142988

>>54140701
Hacks or not, crypto is still the future; there is no sector that doesn't come with its own risks; it's the ability to circumvent these risks that would keep you going. I prefer to be in charge of choosing my risk tolerance than allow a central entity choose the risk levels for the whole population and that's the more reason why I would keep being an advocate for Defi. Even in Defi, there are platforms that are decentralized from top to bottom and some that still have elements of centrality. It's your duty to seek for these ideal platforms and leverage on them.

>>	Anonymous Wed Mar 15 20:59:42 2023 No.54143022 File: 31 KB, 600x406, 205.jpg [View same] [iqdb] [saucenao] [google] >>54131827 >Is this the reason why Biz leaders kept saying 'Crypto is the future'?

>>	Anonymous Wed Mar 15 21:01:41 2023 No.54143059 >>54142846 Kek... -10% fine. I'm done with banks. All my funds are directly into USDT for yields. Im done with Svb, silvergate and credit suisse.

>>	Anonymous Wed Mar 15 21:07:43 2023 No.54143168 >>54141427 The autonomy and risk management especially the diversification model inherent in the protocol made it exceptional.

>>	Anonymous Wed Mar 15 21:13:12 2023 No.54143269 >>54143059 Good decision. Do you trust stables? USD and USDC

>>	Anonymous Wed Mar 15 21:15:24 2023 No.54143307 >>54143269 Well, USDC got its peg back. You should have trusted the system.

>>	Anonymous Wed Mar 15 21:15:25 2023 No.54143308 >>54140234 Keep your funds in stablecoins to earn interest on yield protocols via SpoolFi or other aggregators.... Be your Bank...

>>	Anonymous Wed Mar 15 21:21:50 2023 No.54143415 >>54143308 I heard this project also works with Arbitrum. Arbittrum is adopting all the cool stuff.

>>	Anonymous Wed Mar 15 21:30:50 2023 No.54143569 >>54143308 fuck defi, scam tokens and yield farm scam. fucking pathetic. I'm a PoW maxi

>>	Anonymous Wed Mar 15 21:57:34 2023 No.54144042 >>54143569 How do you maximize it then? >POW

>>	Anonymous Wed Mar 15 22:00:34 2023 No.54144109 >>54132469 At least you got self custody with crypto

>>	Anonymous Wed Mar 15 22:01:42 2023 No.54144123 >>54134240 DiDs will definitely help that happen

>>	Anonymous Wed Mar 15 22:02:45 2023 No.54144143 >>54135078 It's a better solution as long as I can self custody my funds.

Anonymous Wed Mar 15 22:03:47 2023 No.54144162

>>54135549
>Not gonna lie that it's risk free but it keeps you fully in control and if something bad happens, you know it's solely based om your decision and not because some faggot greedy CEO decided to buy the casino with your funds.
It's crazy how the SBV could just fuck things up, centralized finance will always be shit.

Anonymous Wed Mar 15 22:04:47 2023 No.54144181

Put all cash into 28-day US T bills and just keep your cash with a mega bank like JPM. Honestly letting a 7+ figure sum sit idle for one day is fucking retarded and I can’t believe so many companies let their funds sit with a bank vs buying 28 day US T bills on treasury direct.

>>	Anonymous Wed Mar 15 22:05:42 2023 No.54144201 >>54140516 Only pajeets still use cefi

>>	Anonymous Wed Mar 15 22:09:08 2023 No.54144263 >>54144201 Plain truth. What Defi tool do you use the most?

>>	Anonymous Wed Mar 15 22:19:54 2023 No.54144428 >>54144263 Spoolfi. I get to access Arbitrum yield and use the best strategies by creating or joining a smart vault.

>>	Anonymous Wed Mar 15 22:43:17 2023 No.54144803 >>54131827 Fuck the banks. End of discussion. We are done here.

>>	Anonymous Wed Mar 15 23:42:23 2023 No.54145633 >>54144181 If you are implying that JPM is to big to fail then you are probably living in a bubble cause we can all see what's happening with Credit Suisse, which implies that Banks are fucked.

>>	Anonymous Wed Mar 15 23:44:58 2023 No.54145662 >>54145633 Credit Sussie has been a laughing stock for years now. They got the short end of the stock from the whole Bill Hwang Archegos Capital debacle. Other banks had little to no exposure and are doing fine.

>>	Anonymous Wed Mar 15 23:47:30 2023 No.54145687 >>54131827 yes (bitcoin only)

>>	Anonymous Wed Mar 15 23:50:05 2023 No.54145722 >>54131827 >9 zeros Just become your own bank

>>	Anonymous Wed Mar 15 23:57:10 2023 No.54145819 >>54143269 >Do you trust stables? USD and USDC Yes, I trust stables. It's the banks i don't trust which is why I would rather have my assets in DeFi than put them in the bank.

>>	Anonymous Thu Mar 16 00:01:32 2023 No.54145883 >>54132469 You're right bizfag, Defi and self-custody of assets are the way to go, and I switched this year by moving my assets of CEXs to non-custodial wallets like Sylo and Exodus

>>	Anonymous Thu Mar 16 00:03:38 2023 No.54145908 >>54143059 Repositioned my portfolio lately moved most of it into Spool smart vault.

>>	Anonymous Thu Mar 16 00:15:10 2023 No.54146054 >>54145819 >I would rather have my assets in DeFi than put them in the bank It's better than hoping to get your cash out every time some bank collapses

>>	Anonymous Thu Mar 16 02:02:06 2023 No.54147548 >>54131904 No, what they did was destroy any consumer confidence in the banking institution to anyone with an iq above 60

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