N2 Corner: Bitcoin’s Final Boss?
What an interesting couple of weeks in the banking and crypto world. Apparently, the geniuses running the banks don’t understand what duration risk is. But no need to worry; when the banks start blowing up, the money printer goes burr to bail them all out! This time, they are calling the money printer the Federal Deposit Insurance Corporation (FDIC). A new name, but we Bitcoiners at this point can see right through this. It’s plain old money printing to bail out a poorly managed and vulnerable banking system. Once again, by a new name.
And yet, before the bailout, they let the crypto-friendly banks go bust. We all know the speculations out there. Was this some master plan to knock out the crypto-friendly banks? Because as soon as the crypto banks went belly up, the FDIC came flying in to bail out the rest of the banking system. But the banks serving crypto companies were apparently not worth saving. I’m not one to spend a long time speculating on those things. To be honest, I just don’t think the bankers are competent enough to pull off that kind of “Chad” move.
What I do know is that Bitcoin is an opt-in system. No one can force you to use it or stop you from using it. We crypto OGs have been saying “the water is warmer over here” for years now. Maybe a few more folks who get scared by another bank run will join us on what now appears to be “the dark side of the financial world”. As for the team at Nitrobetting, we keep on rolling. Customer assets are and have always been, backed 1-to-1 with Bitcoin. That’s because we know how to do basic risk management: Match your assets to your liabilities. Be safe out there. I promise that new updates to the platform are coming soon.
Cheers, N2.0
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