The SVB failure will help BTC alot. - page 2.

Hispo

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Some people may realize it, but I do not expect them to be many.
People are too accustomed to trust, after all, to the point they cannot trust themselves anymore with their own money. Nonetheless, the more citizens realize the centralized system has big points of failure, the better and more will see the advantages of Bitcoin and altcoins.

I would also like to point out how ironic it is that those who called Bitcoin a scam and a ponzi back in the day would have rather to have their saving in Silicon Valley Bank than buying satoshis. Tongue

STT

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They wont realize, they will be scared blindly and finance will take a hit. The apprehension generally hurts all speculative assets which includes BTC. Long term perhaps you have a point there but its a slow turn for people to get the difference from one asset to another. At present people dont see us as safe.

Dr.Bitcoin_Strange

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Despite the issue with SVB, I cannot agree that Bitcoin is more stable than fiat because Bitcoin can have massive volatility in just a few days or hours; the changes could be +$500 or -$800. But fiat doesn't get easily chocked by volatility; what only happens is that inflation reduces the value of fiat currency.

Banks must not fail to make people realize they can transfer their money through Bitcoin; after all, people have a choice whether to use cryptocurrency transactions or not. I can agree that every digital USDC or USDT online is 100% backed by cash, but Bitcoin is not backed by any asset because it's decentralized and not controlled by any organization.

Nwada001

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This will only make people realize they should not put trust in any centralized system but should be in charge of their own assets' security. To some point, this incident will put fear in all financial system customers, and most will run to crypto, which is why most will turn their house safe to the bank.

Quote from: jubalix on March 12, 2023, 05:34:23 PM

Fiat does not look so "stable" vs btc when fiat can effectively go to zero overnight, becuase your bank failed.

I don't necessarily think fiat can go to zero no matter how down the economy of that country is, unless the country is no longer in existence. If not, there will definitely be a value added to every fiat; its value will only reduce but it can't turn to zero.

jubalix

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Becuase people will realise you can't do a run on BTC as it is provably 100% backed. As more banks fail, if they do, the people in the queues and thier freinds and the media are going to realise you can always transfer your BTC.

Fiat does not look so "stable" vs btc when fiat can effectively go to zero overnight, becuase your bank failed.

Topic: The SVB failure will help BTC alot. - page 2. (Read 220 times)