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Bank Transfer (Patreon)

Published:
2023-03-10 18:42:07
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Content

Out of an abundance of caution, I moved FIAT out of my traditional bank into my brokerage account and some to Coinbase to flip into BTC for safety if the time comes.

I do not mean to cause any alarm, but risk happens fast. Silicon Valley Bank SVB is a case in point. SVB was second biggest US Bank Failure in History and it happened in less than 48 hours

I was in one of these names and I am not taking any risk. This is what Satoshi warned us about


Comments

Anonymous

Can you talk about this today? I use TDA for my main brokerage but have a mutual fund account thru my bank as well. I don’t need this extra stress 🙄

Anonymous

You predicted the Fed was breaking things James! JPow needs to subscribe to your channel!

Anonymous

Remember Wednesday SVB had no apparent problems, Friday it was closed.

Anonymous

@investanswers Your brokerage holds your funds in a bank. Is that any better?

Anonymous

May Bitcoin be our heavenly safe from here to eternity

Anonymous

People panicking and withdrawing their funds can be the self fulfilling prophecy that causes a bank run. (It's a Wonderful Life for crying out loud...) The FDIC took control of the situation as intended and all insured account holders should have access to their full assets by Monday. I've worked at the FDIC. Yes, it's a government organization with a lot of bureaucracy, but I experienced a LOT of very intelligent and competent people who do care and work very hard to provide the stability and confidence for our (USA) financial system to operate. They regularly game out Small/Medium/Massive bank runs and financial situations. Everyone needs to make their own decisions, but after working at the FDIC, I'm convinced that the absolutely safest place I can think of for my funds is at a FDIC insured bank. (Insurance limits: $250,000 per depositor, per insured bank, for each account ownership category)

Anonymous

1BTC =1BTC, that's all there's to say....

Anonymous
>>103779845

no doubt it works..still...in the event of an issue there would be a time-line process to access funds via FDIC - lots of alternatives would be put on hold until matters were settled : )

Anonymous

Thanks for the heads up James you’re amazing. I can’t speak for everyone here but for me even if my bank failed I’m well under the FDIC insurance limit so I have no fears either way lol.

Anonymous

It is my understanding that the significant portion of the assets held by Silicon Valley Bank are venture capitalist, money, and start up money, only a small amount of the portfolio are regular folks like you and I. The big banks like JP Morgan, Chase Bank of America I focus on consumers should be in better position. But again in the abundance of caution, if you have more than that FDIC insured amount it may be worth looking at your options. DYOR NFA

Anonymous

Is it because you worry FDIC won't assure amounts in your bank? Or be too complicated or beuraucratic to pay out? I can see logic keeping as BTC but less so stock exchange. Or are shares bought always guaranteed if the exchange fails?

Anonymous
>>103779845

@wanderin star - You are correct. Certainly something to keep in mind. Their goal is to have the bank open and operating with full access to insured funds (from the normal bank means - website, tellers, ATMs, etc.) within 1-2 business days. I personally think it's extraordinary that they can swoop in and get things stable and available that quickly. They know quick availability and a positive perception is paramount to assuaging the public when a bank fails.

rscx
>>103787959

Shares are SIPC insured (not sure what the max is). But cash in a brokerage should just have the same FDIC as any regular bank.

rscx
>>103776373

FDIC is FDIC insured, I suppose this way he doesn’t have to worry about doing the transfer if he wants to but shares on the cheap in the market falls

Anonymous

I sell online and one portal is Etsy. I just got a message from them saying my deposit (payment from Etsy for my sales) is delayed because they use SVB bank.

Anonymous

Mike Alfred © @mikealfred • 4h FDIC provides up to $250,000 of protection per bank account. SIPC provides up to $500,000 of protection for brokerage accounts. In addition, brokers like Schwab have additional coverage through Lloyd's that goes up to $150M