Posted on 01/05/2023 5:00:38 AM PST by catnipman
Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday and said it would cut its workforce by 40%, or about 200 employees, as withdrawals surged following the collapse of industry major FTX.
Shares in the company, which lost roughly 88% of their value in 2022, were down 40% in premarket trading.
Total deposits from digital asset customers declined to $3.8 billion at the end of December 2022, compared with $11.9 billion at Sept. 30, 2022, the crypto-focused bank said in a preliminary earnings report.
To maintain liquidity, the bank sold $5.2 billion of debt securities at a loss of $718 million in the fourth quarter.
(Excerpt) Read more at finance.yahoo.com ...
The suckers are getting out.
And I thought US currency was funny money!
Imagine that. Imaginary money bought with real money is still imaginary. It takes a genius with multiple doctorates to understand this....
I would say, imaginary money bought with less imaginary money is doomed. Fiat money is anchored by size, custom, and inertia. Crypto lacks those qualities, and adds counterparty risk.
Imagine imaginary money
It’s easy if you try
No dollar bills to hold onto
Reserve currency on the fly
(Hey I’m copyrighting that - I think - at least the lyrics lol)
It would be more appropriately named "crapyto".
This always was a Ponzi scheme. This always was tulips.
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