Reddit Posts
First Republic Bank Run Scare Pumping Bitcoin Will Not Be the Last Bank Run Scare to Effect the Markets.
Try not to celebrate banking collapses: we've felt the same pain with CEXs
First Republic stock plummets nearly 50% as banking trouble deepens, Another bank run and bailout in the US? It’s shares are down 90% from a year ago and withdrawals of 100 billion of deposits over the last three months.
I am backing all my money into FRB because they are the only bank not to screw the stock holders! They have my respect and this is the dip people talk about later in life.
We may be shooting ourselves in the foot and hampering bitcoin adoption if we don't change course quickly
Mentions
“ACH is just used by the banks” - *EXACTLY*! I’m glad you’re understanding that now. But hey, you use what you want. You don’t mind your banks and credit / debit card fees going to the big banks that own Zelle, that’s you’re thing. More power too you, just don’t bitch and moan if they start charging higher fees to the banks that they process Zelle for who then pass the cost onto you. One more thing. The Federal Reserve *isn’t the federal government* while the Board of Governors are appointed by the president, they make up only a portion of the FOMC committee and the Presidents of the FRB districts make up the other portion (who are not appointed and in many cases have worked at their respective Districts for years if not decades.) It was created by Federal Reserve Act, is independent of the Executive branch and of Congress, which is why the president can’t force the FOMC to lower interest rates and why Congress doesn’t like the FOMC when they make difficult choices that benefits the economy to the detriment of certain constituents of the elected officials.
Also the true scam is written in plain sight here in the US. I'm wondering if the IMF makes other FRB-like orgs publish "we don't have actual money" on their respective website?
The amount of brain dead comments in here is annoying. The profits are mostly yield from the US government fuck wads… fake money on notepad? Really then how did they stay solvent during massive withdrawals? Oh yeah they def don’t know what tf they are doing but the US banks do… I much prefer SVB, FRB, signature… here’s a novel idea, you’re a bunch mouth breathing degens who don’t know shit so shut your stupid mouths.
> A Gallup poll conducted across the United States in April with at least a thousand respondents revealed that 48% of them said that they were concerned about their money in the bank, with almost 20% who indicated they were “very concerned.” > > It should be noted however that the poll was conducted after the collapse of Silicon Valley Bank and Signature Bank, but before First Republic Bank failed in late April. So the poll was conducted *before* the fall of FRB. Probably a bit more concern now! > Meanwhile, experts at the Hoover Institution think-tank postulate that if half of uninsured savers withdrew all of their cash, 186 American banks would be at “potential risk of impairment.” > > These banks have total assets of $300 billion but represent less than 5% of the estimated 4,135 FDIC (Federal Deposit Insurance Corporation) insured commercial banks in the United States. Doesn’t sound good.
On one side there is a bull run and a crisis on the other side, both sides are promising but after seeing the FRB and the SVB collapse why cant crypto face a crisis...
It’s interesting how this is being covered by the media. As soon as SVC and Signature went down, there were a bunch of tweets on a Friday claiming the FDIC had taken receivership of FRB. In hindsight, it seems they were pushed by people looking to short $FRC. And it totally worked. The news makes zero reference to how it lazily reported this at the time, after doing no fact checking. (Would be awkward though, right? “We believed a tweet from some guy and ran it as news. Oopsie!”) It was largely because it was a short that the $30B rescue attempt happened so quickly. There was no actual rotten core at the bank. Everyone moved everything over $250k out anyway (my Wise statement from the last few months looks insane) and now here we are. Point being, the bank was fine and was failed. It didn’t fail. I’ll be interested to see how the SEC handles the fallout because, you know, it should! It was such a simple and affective strategy. Look for private banks like those that failed, short them and lie to the media making the lies come true when people panic. I feel bad for the people at FRB. It’s such a good bank, and has helped me navigate some difficult times over the years. The staff there are truly top tier across the board. I hope JP Morgan sees the value in the brand and level of service and just keeps it as “Posh Chase”.
Exactly. The only way to run an FRB banking system on fiat currency is to, in effect, nationalize the entire system (even if they don't call it that). I think this is where we are headed.
tldr; On May 1, U.S. regulators seized and sold First Republic Bank (FRB) and its assets to JPMorgan in what has now become the largest bank failure since 2008. FRB is the fifth bank to fail in less than two months, following on from Silvergate, Silicon Valley Bank, Signature Bank, and Credit Suisse. Despite the rising […] The post Bitcoin rises amidst string of bank failures: is this the start of a new financial era? appeared first on CryptoSlate. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
FRB is a failing bank which affects the price of crypto. All the posts the mentioned it on Friday were not disabled so why is mine? This is breaking news that we’ve already seen affecting the price of Bitcoin yesterday. Please re-enable my post.
They mean the same one FRB
Looks like bitcoin is going into the bull market, I was reading an article which said that it will go to 1Mill, I dunno if its correct or not but seemingly i think another bull market is comming and potentially can save FRB
> banks NEVER learn A lot of people seem to miss the point that a responsible bank with high reserves will always get outcompeted by a less-responsible bank. That's the entire issue with FRB: the goal of profit-seeking stands in direct opposition to the goal of responsible custody.
Read what a Receivership is. This may actually help FRB.
"A receivership is a court-appointed tool that can assist creditors in recovering funds in default and can help troubled companies avoid bankruptcy." This isn't an FDIC take-over, as implied, but creditors are using FDIC to recover their investment. It may prevent FRB from entering bankruptcy, but far too early to tell.
Someone tell the SEC about this because they were too busy attacking the US crypto industry and DeFis to see what was going on at FRB.
So you’re saying I should cash out the $50 bond that my grandmother purchased for me from FRB when I was 10?
All I saw between getting home and settled was something about FRB and I just assumed another bank collapsed and btc responded accordingly lol.
Right at the beginning when I heard about it. First it requires 10 years or more research to understand the truth behind today's monetary system, simply because all the books and professors just teach you wrong knowledge. And then with bitcoin you can issue your own money and understand how it works, much simpler than banker's FRB scams, then you know the market competition will eventually make bitcoin stands out
right now it would be extremely difficult to eliminate the central bank as they control all transaction settlements except cash. crypto offers the opportunity to break free of the current monetary system and facilitate p2p settlement outside of the FRB system. if the FRB ontains control of crypto and incorporates it into the current monetary system it will take another Satoshi event to mount another challenge to that system.
the FRB is not a government agency. it has a congressional mandate but operates independently of the government. The 12 regional FRB banks are private. you are not giving control of your money to the government but to a private bank managed by the government. is that a distinction with no difference, i dont know. theoretically the FRB can act outside of government control.
You don’t need to believe me. You don’t need to believe the FRB who publicly explains how the business model is hot garbage. We are all lying to you. You are right and we are wrong. Have a nice day! 💋
Playing devil’s advocate, the FRB was pretty clear about why they rejected Custodia’s application.
Caitlyn Long tried to setup a 100% fully reserved bank called Custodia. When she applied to get an account with the Federal Reserve Bank (FRB) for Custodia, she got denied; however, traditional fractional reserve banks have accounts with the FRB. Weird (but, it doesn’t surprise me at all). She is currently filing a lawsuit since her company Custodia has a clean application and it’s a much more sound bank since it’s fully backed 100% vice fractions. She cannot give out details now for legal reasons, but the truth is coming out when it can. Given her character and experience, I believe that the traditional archaic system has something against Custodia and Caitlyn Long (who is a Bitcoiner).
tldr; Peter St Onge joins me to talk about whether the world is really dedollarising. What kind of timeframe are we talking about here? We also talk through some recent developments from an Austrian economics perspective. Did the market really ‘choose’ FRB? How Bitcoin is really what most people think of as money? *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Except it's completely innacurate because FRB has not collapsed, and Deutsche is nowhere near collapsing...
Private companies can be tax exempt for many reasons. Look at the deal the “private” company called “The United States Postal Service” has. It’s the only company that has a deal to monopolize the mail box delivery points and in return, they are governed by congress, non profit, and tax exempt. Oh my point is the Postmaster general made almost 700k in bonuses last year. Anyone can say they are NON Profit tax exempt and still be crooked. I’m backing FRB because when the shit hit the fan they stood by their product. I’m not backing them because they are generous and fair. I. Backing them because they stood by me and they want to make me and them money!
Its more likely FRB debts are just closer to maturity and better hedged so shoring them up with some deposits isnt that risky. The banks aren't failing because they don't have the money, they are failing because they don't have enough liquidity / access to that money because its tied up in other things.
Majority of SVB customers were business owners (start ups, small business, etc). Not seizing it would guarantee collapse of payrolls for millions. Majority of FRB customers are rich consumers, hence why not seizing it immediately doesn't risk the economy. SVB also had a much riskier business model. FRB had $70B of liquidity available ($60B of which was available before JPM stepped in). It has nothing to do with crypto. It has everything to do with potential economy risk mitigation.
FRB down 20%. Haven't checked others, but probably more of the same. This isn't over in a long shot.
yeah FRB looks next on the hit list.
Fucking bear market was supposed to last another 10 months dag nabbit. Thanks SVB, FRB and CS for messing up the accumulation zone :(
Is this banking crisis just a game of musical chairs? First republic is in trouble. Uninsured depositors are worrying and starting to pull funds. They decide to open accounts at or wire to larger banks that are probably safer or too big to fail. Yesterday said larger banks wire those funds back to FRB as uninsured deposits to support the bank.
Fun fact if you had inverses Jim Cramers bets on SBV, FRB, and SB you’d be a millionaire right now