Yesterday night I had written about what is going on in the banking system. There are calls of more corruption with government and Federal Reserve entities attacking specific banks that facilitate crypto to fiat off and on ramps.
We can see this specifically with Silvergate and Signature bank. What raises eyebrows is not only the Lehman Brother's Joseph gentile who was involved in 2008 market meltdown, but who now worked for Silvergate. It's almost amazing how his past results didn't get him kicked out of the banking system. Either incompetence or an inside 'job', either way another one bites the dust. Mission accomplished!
Silvergate of course was supposedly 'regulated', but of course had no choice but to buy T-Bills at lower rates only to have higher rates roll them into insolvency. Of course this could never have been forseen by such plebs without a bankers salary.
Not only did the Federal Reserve create these conditions, but they also created the environment to create inflation for the average person. This is a game which swallows and consolidates. There is no other way in a debt ponzi. The collapse of lower rung entities and retail is absolutely the game.
Whatever that will be left will be corralled into new MEGA BANKS. Of course the Federal Reserve recognizes the ponzi, and has a backup plan in place before all of this collapses. Mark my words, this is a controlled demolition of this bullshit system. The evidence is now being shown in black and white with the formation of mega-banks which have swallowed chosen 'crypto-banks'. Once the 'smaller' culled banks and their depositors run to the Mega banks, you can now have a perfect on and off ramp for the #CBDC system. Remember the mega-banks are swallowing the retail deposits who are running away, but also swallowing the cheap assets the 'smaller' banks have. For all of you marxists who believe this is late stage capitalism, you are as well lying. This is not free-market capitalism.
@cryptowendyo Has so neatly pointed this out as Signature bank was not under duress, but it was targeted regardless. There is a concerted effort to destroy the on-and-off ramps for crypto and consolidate them into mega-banks. This will make it very easy to create new Federal Reserve CBDC wallets for Mega bank customers. Once the CBDC is in place, on-and-off ramps for crypto will easily be tracked and taxed. This also makes it easy to confiscate even in self custody. Sure you may know your seed phrase, but if the government knows what you have do not think you are safe. Anonymity used to be a thing. Whatever evil controls in our life have been set forth, a new digital form of slavery is coming. This makes the case for cash to crypto, or cash to gold. There isn't much time left before all cash is eliminated.
A new black market will come into play. Those of us in the crypto sphere and even gold/silver sphere should have strong networks to stave off the digital slave system. Even if you have cash and gold you will eventually need to use an on and off ramp to transact in local currency. Peer to peer exchanges will still be a thing. This is what people like us will have to figure out, and turn towards in order to give privacy back to ourselves.