As VCs begged for a bailout, they wailed about how much society needs them, raising the question: Does it really?
markets. These projects and others generated billions for investors who got in on an early fundraising round, but they also degraded the quality of life for people across the world.To put it more plainly, for the past 10 years venture capitalists have had near-perfect laboratory conditions to create a lot of money and make the world a much better place.
Watching people delight in the collapse of a bank that’s been vital to the greatest wealth generation engine this country has had for the last 2 decades is really disheartening to see.March 11, 2023You would be hard pressed to find another parasite that has so thoroughly wrecked the body and environment of its host, all while trying to convince the host that it is deserving of praise and further accommodation.
As it happened, there was another Silicon Valley bank collapse last week: Silvergate, the preferred bank of crypto and itself a darling of venture capital. When few other banks would touch the sector, Silvergate not only held funds for crypto exchanges and traders, but also settled trades through a payments network called Silvergate Exchange Network. But as one Bloomberg columnist
, deposits at Silvergate are better understood as debts owed to traders and exchanges—a volatile source of funding that would dry up the second the payments network saw less utility, which happened when crypto market conditions worsened.Over the years crypto did see a growing need to settle trades and hold cash. A huge pickup in
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