OTCPK:KRCLF - Post by User
Post by
MaterialsManon Mar 05, 2023 1:45pm
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Post# 35320048
Falling dominoes
Falling dominoesThere seem to be a lot of opinions being revealed lately about the status of the dollar and its prospects. The one concensus from what I can tell is that even if it caves, it will take a long time. When Bitcoin went crazy, I was skeptical but dipped a toe and made a little money. Even though it corrected, I felt that it looked as if Crypto was here to stay. With FTX, the dominoes started falling. The next biggie is Silvergate Capital. When bitcoin was at its height SI stock was over 200. It is having major problems due to involvement with FTX. The stock is now at about five dollars. Kind of reminds me of 2000 A.D.
Silvergate, which probably should have been called cryptogate, is an FDIC insured bank. There is a run on the bank as depositors can't take out their money fast enough. The bank has filed with the FDC regarding its ability to continue as a going concern. Since the FDIC bail out would not occur before the banks demise another Federal Fund, dedicated to providing housing for the underpriveledged, is being tapped to provide billions in advances to stave off imminent collapse. The crypto industry cannot distance itself fast enough.
Is this the beginning of the end as crypto prices are falling below what seems to have been resistance levels.
If this can all happen in the proverbial blink of an eye, what is to say that the demise of fiat currency
including the dollar can't happen quickly as well. Got Gold?
Some of this info was garnered from an article on 321gold, and paraphrased.