Stablecoins Imploding

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In this video, I discuss the USD stablecoins USDC and DAI breaking their pegs to the US dollar, as the result of over 8% of Circle's USD reserves being trapped in Silicon Valley Bank (SVB), which failed yesterday.

USDC was already a centralized, captured coin that could be turned on or off at will by the parent company Circle. Now we can see that it is not even stable when it comes to its price.

Like everything in "DeFi Land," stablecoins are decentralized in name only ("DINO") and should not be trusted with your long-term savings, in my opinion.

All stablecoins are actually unstablecoins.

Bitcoin is my stablecoin.

Not investment advice! Consult a financial advisor.

"Always-on dollars" lol:
https://www.circle.com/en/usdc
https://www.theblock.co/linked/70850/centre-blacklist-usdc-address
https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets

Stablecoin Firm Circle Reveals $3.3 Billion Exposure to Silicon Valley Bank:
https://www.bloomberg.com/news/articles/2023-03-10/binance-tether-say-no-svb-exposure-while-circle-stays-mum

Coinbase, Binance Suspend USDC Conversions:
https://decrypt.co/123208/coinbase-binance-suspend-usdc-conversions-as-dollar-peg-wobbles

Equilibrium price of USDC is zero:
https://twitter.com/coryklippsten/status/1634455168732508160

MakerDAO Votes to Custody $1.6 Billion in USDC With Coinbase:
https://decrypt.co/112808/makerdao-custody-usdc-coinbase

Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve:
https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/#selection-45.226-45.381

Should Bitcoin Be Backed By Something?
https://www.youtube.com/watch?v=E6pGmGESjHw&ab_channel=TraderUniversity

USDC has depegged to 91 cents:
https://coinmarketcap.com/currencies/usd-coin/

DAI has depegged to 93 cents:
https://coinmarketcap.com/currencies/multi-collateral-dai/

DAI Depegs to Lifetime Lows:
https://www.coindesk.com/markets/2023/03/11/dai-depegs-as-stablecoin-rout-plagues-crypto/

BlockFi has $227m in Silicon Valley Bank:
https://twitter.com/LaurenSHirsch/status/1634315816106618880

People who want to privatize the profits and socialize the losses:
https://twitter.com/ddisparte/status/1634395755648630784

Bitcoin has no exposure to SVB:
https://twitter.com/DylanLeClair_/status/1634370140715327488

Bitcoin is my bank:
https://pbs.twimg.com/media/Fq5SruIWAAM1XNW?format=jpg&name=medium

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#stablecoin
#usdc
#bitcoin

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