March 2023 - cypherpunks@lists.ogf.org

Bank Stocks Plummet as Bank Runs in the U.S. Gain Momentum at Federally-Insured, Non-Traditional Banks
by Gunnar Larson 10 Mar '23

10 Mar '23

https://wallstreetonparade.com/2023/03/bank-stocks-plummet-as-bank-runs-in-… By Pam Martens and Russ Martens: March 10, 2023 ~ Frightened Wall Street TraderIf you keep a diary or news journal, be sure to write down March 9, 2023 as the day that a full-blown bank run began at non-traditional banks in the U.S. Bank depositors were already nervous after federally-insured Silvergate Bank (ticker SI) announced on Wednesday evening that it was closing and liquidating. Its publicly-traded stock had already lost over 90 percent of its market value over the prior 12 months at that point. Silvergate had made the fatal decision several years ago to become the go-to bank for crypto companies, including scandalized Sam Bankman-Fried’s collapsed house of frauds, FTX and Alameda Research. As details of its questionable activities related to Bankman-Fried’s enterprises emerged, 68 percent of its deposits related to crypto companies took flight in just the last quarter of 2022. After Silvergate confirmed in an SEC filing on March 1 that an investigation of its conduct was underway at the U.S. Department of Justice, and that it had doubts about its ability to continue as a going concern, its fate was sealed. Now, for the second time in less than two weeks, depositors are panicking over the fate of another federally-insured bank. This time it’s Silicon Valley Bank (ticker for holding company is SIVB) which, like Silvergate Bank, had become a go-to bank for a special niche customer. Instead of crypto, its niche was venture capital outfits and private equity firms. Silicon Valley Bank is not a small bank. According to its regulatory filings, as of December 31 it held $161.4 billion in domestic deposits and $13.9 billion in foreign deposits. The bank panicked investors and depositors alike on Wednesday when it said it would issue $2.25 billion more in stock (thus diluting other stockholders) and that it had taken a $1.8 billion loss on substantially all of its available-for-sale bonds. The stock price reacted by plummeting yesterday, closing down 60.41 percent in one trading session. In premarket trading this morning, the shares were down another 40 percent at one point. As for the potential for a continuance of a depositor run this morning, the bank is likely feeling the pain from the following paragraph that appeared in the Wall Street Journal last night: “Garry Tan, president of the startup incubator Y Combinator, posted this internal message to founders in the program: ‘We have no specific knowledge of what’s happening at SVB. But anytime you hear problems of solvency in any bank, and it can be deemed credible, you should take it seriously and prioritize the interests of your startup by not exposing yourself to more than $250K of exposure there. As always, your startup dies when you run out of money for whatever reason.’ ” The figure, $250,000, refers to the amount of federal deposit insurance per depositor, per insured bank. Unfortunately, the bank panic spread quickly yesterday to other banks – both large and small. PacWest Bancorp (ticker PACW) lost 25.45 percent of its market value by the closing bell yesterday while First Republic Bank (ticker FRC) fell by 16.51 percent. Mega banks on Wall Street were also not immune to the fallout: Bank of America (ticker BAC) lost 6.20 percent while the largest bank in the U.S., JPMorgan Chase (ticker JPM) – which is also battling lawsuits and escalating press about its ties to deceased child sex trafficker Jeffrey Epstein – fell by 5.41 percent. The Federal Deposit Insurance Corporation (FDIC), whose Deposit Insurance Fund (DIF), has to make good on deposits at insured U.S. banks in the event of a bank failure, noted in February that unrealized losses at U.S. banks for bond holdings totaled $620 billion at the end of the fourth quarter of last year. When interest rates rise, as they have dramatically over the past year, the current market value of bonds issued at lower locked-in interest rates fall. That is typically not a problem for banks – unless there is a stampede by depositors to get their money out of the bank and the bank is forced to sell the bonds at a loss to raise liquidity.

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The Replacement Killers
by professor rat 10 Mar '23

10 Mar '23

The CROK was ticking https://cointelegraph.com/news/cbdcs-threaten-our-future-so-it-s-time-to-ta… Mnemonic for CBDC’s " CROK " as in " Crock of shit " or " Short for CROOK "? Nice to work " BS " in there somehow. Reposts not nationalist cunts easily displaced by stableboys

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John Gilmore's activism - so tepid it barely qualifies as liberal
by professor rat 10 Mar '23

10 Mar '23

An outspoken civil libertarian, Gilmore has sued the Federal Aviation Administration, the United States Department of Justice, and others. He was the plaintiff in the prominent case Gilmore v. Gonzales, challenging secret travel-restriction laws, https://en.wikipedia.org/wiki/John_Gilmore_(activist) Reposts not dark plots to drive the point home to all sawn-off, c-punk Caesar's

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ERIC Hughes as Benedict Arnold
by professor rat 10 Mar '23

10 Mar '23

Since ' The Cypherpunk Manifesto ' is now 30 I'll say a few things about its author. 1) Tim ' Mongo ' May often felt the need to interpret gasbag Hughes ' cypherpunks write code ' tagline in its widest possible sense. Numerous examples scattered throughout the archives. TL/DR cypherpunks DON'T have to write computer code! 2) Cypherpunks might be grateful for Hughes (co?) invention of anonymized remailers - but no good deed ever goes unpunished around here. 3 ) In late 2001 timewaster Eric Hughes became a disgrace to all humanity https://marc.info/?l=cypherpunks&m=100033706011457&w=2 Reposts not one-hit-wonders

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[log][personal][crazy] strange thing
by Undescribed Horrific Abuse, One Victim & Survivor of Many 10 Mar '23

10 Mar '23

uh so i was trying to find trauma therapy, which is vv confusing for me i found a site arc17.org on phone but it wouldn't show anything so i went to desktop and the site didn't exist, nor show up in web searches then i websearched for their phone number, and it showed up, and loaded so most likely i just mistyped it the first few times. but if it really does show putting me in a censorship box, it would be really helpful for me to consciously realize that. i'd make better decisions. it may be at the end of this flat_tree desktop stream on arweave: {"ditem": ["qoWxwCjR4JK1sFXxe8tnrGuAIhdCAz767lLogaD3KXE"], "min_block": [1132516, "J008ZO2T3s8QRA7t3lcQ8ZZXfroSvNyR-07uozg0wW6ljhY9eoPc2pfWlrefUk35"], "api_timestamp": 1678286021609} dunno why i couldn't visit https://www.arc17.org/ but i can now i suppose. the normal explanation is that a traumatically programmed part of me mistyped the url and hid this from me.

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An appeal to snitches and journalists for their own safety!
by professor rat 09 Mar '23

09 Mar '23

Anarchist haters say the darnedest things so regularly you can set your watch by them https://anarchistnews.org/content/atlanta-few-more-words-against-rats#comme… Reposts not bigger stitch-ups than the Bayeux tapestry

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How Sgt Shultz Kulturkampf trashes once-great universities
by professor rat 09 Mar '23

09 Mar '23

There was money – and lots of it – for organizations that were willing to take the culture war to America’s universities, creating an entire political economy https://crookedtimber.org/2023/03/06/conservatives-on-campus/ Many outside organizations encourage students on the right to plan events specifically designed to incite outrage among their left-leaning peers. Once outrage is successfully sparked, and progressive students demand that administrators do something in response, the front line of conservative politics shifts to protecting the speech rights of reactionaries and provocateurs.

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Ghost traveler's in the sky
by professor rat 09 Mar '23

09 Mar '23

Statist individual rights driver travels to that great netstate in the cloud. So sad when any minarchist dies. Anyway . . . https://www.news.com.au/technology/motoring/salt-lake-city-motorist-shot-de… ♪ . . . Yippee ki-ay - yippee ki-oh - ghost riders in the sky . . . ♪

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New York's Friendliest Republican in Town
by professor rat 09 Mar '23

09 Mar '23

Republican's in the US could demonstrate friendliness to democracy by calling for the scrapping of the undemocratic US republic. You know - the one that has seen two POTUS's selected after LOSING the popular vote. And where their Senate contains unrepresentative swill. And where their Congress contains gerrymandered districts ( Rotten Burroughs ) Garbage in - garbage out. And where their Supreme Court was recently stacked thanks to the patent lack of democracy in this shithole republic. BREAKING - Rep. Darin LaHood, R-Ill, who is chairing the working group for HPSCI trying to get 702 reauthorized, says that he was the congressman whose name was used in FBI queries of the 702 database without sufficient limiters. Doesn’t say what was going on. TL/DR anyone supposedly into crypto-anarchy looking towards US, LOL-GOP, Qanon fascist imbecile republicans for help is like a Turkey voting for Xmas.

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US Govt Rep Issa says that "anarchy, overthrow of govt" is outside free speech
by professor rat 09 Mar '23

09 Mar '23

Ultra vires - outside the constitutional law. Good to get a consensus on this before some numbskull tries to sell a netstate as cryptoanarchy. Former SCOTUS Judge Louis Brandeis once said of the US Govt that its is ' the great the omnipotent teacher ' BTW it is a liberal notion to defend the free speech of known fascists - Nazi's, Marxist-Communists, ' Nazbols ', Islamofascists, etc Anarchists are under no such obligation. " Fascism is not to be debated - it is to be smashed " - B. Durruti

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