Discover and read the best of Twitter Threads about #thewheelofdoom
Most recents (2)
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ELI5: Why did #SilvergateBank / $SI just implode?
I realize some people may be wondering WTF just happened so here's the unannotated short version...
The story begins when $SI, a small regional bank, decided to go full crypto.
ELI5: Why did #SilvergateBank / $SI just implode?
I realize some people may be wondering WTF just happened so here's the unannotated short version...
The story begins when $SI, a small regional bank, decided to go full crypto.
🧵2/Ω
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
A bunch of crypto companies used $SI to hold user deposits, stablecoin backing, etc - $USD cash. As it got more crypto customers it grew - $SI went from being a small bank to a medium bank, holding IIRC ~$15 billion in customer deposits.
🧵3/Ω
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
Since it had all this cash around $SI execs decided to invest it in a very safe asset: US Treasury bills. Basically they loaned the government of the United States money in exchange for interest plus guarantee of getting it back in N years.
🧵1/Ω
It should surprise no one that @Bullish, an offshore exchange backed by the #EOS scammers at Block.One, uses $SI for banking.
It should surprise no one that @Bullish, an offshore exchange backed by the #EOS scammers at Block.One, uses $SI for banking.
🧵2/Ω
Nor would it surprise anyone to know that as of Nov. 24th a little over 1/6th of $SI (16.73%) was owned by #B1 CEO #BrendanBlumer and @B1 itself.
b1.com/press/b1-acqui…
Nor would it surprise anyone to know that as of Nov. 24th a little over 1/6th of $SI (16.73%) was owned by #B1 CEO #BrendanBlumer and @B1 itself.
b1.com/press/b1-acqui…
