Fast post about weekend FUD -

TL;DR this has more to do with Short-term US Treasuries than it does to do with USDC

Reminder that this ends on Monday when the big boys go back to work.

Started this morning with a good friend:

I always type fastest and clearest when I am helping a friend, even if its just to throw my opinion into the ring:

He's not the only one out there thinking this way. Likely the situation is overblown, monday someone will fix it (or sooner?)

https://twitter.com/Ashcryptoreal/status/1634459652300865536

Okay but this started with a bank run right? yes, what appears to be a coordinated 42Billion USD in withdraw request sinks a bank with way too many short term treasuries.

https://twitter.com/FedGuy12/status/1634360773555388416

There is a coordinated Hegelian push to treat this as 'capitalism = bad'. The logical deduction is easy.

https://twitter.com/EcoInstant/status/1634549388222636032

Whatever the case its FUD all weekend until market open on Monday.

The worst version of the calculation can be seen here:

https://twitter.com/gopal_bharvad/status/1634478887982845954

Even this is only right in the short term, and if they do 'go under', likely they will be a period of buying back usdc on the market that will make their books look a lot better. Target number of 0.9 or something, depends on how you feel about realizing:

Short term US treasuries are the problematic collateral

This says more about this 'crisis' than anything. We are late in the game now. It seems the US will use any means necessary to disrupt the escape hatch (that actually could save them).

PS. I usually wouldn't write another post but I was literally writing all this into discord and twitter. Now I can tweet about it hashtag hive. Cheers!

Freedom and Friendship