Yes in the USA In Texas, a regional bank. They said bitcoin was too risky and they didn't want me as a customer since I bought it. April 2024 when they closed my acts.

Most everything is already digital. CCs and banks and payment processors have massive control over your money.

If you have ever used stable coins you'll realize how insanely antiquated our current system is. All the fear porn surrounding it is likely from banks and legacy systems who can't figure out how to be competitive in The new blockchain world.

apologies for the dumb question, but exactly what do you mean by a global bail in? if you could elaborate slightly

I'm assuming you mean we will be issuing a massive amount of treasuries to back all these stablecoins, thus creating an even more alarming rate of debt...at more than likely higher rates over time as the debt level goes from $37T to God knows what...and most likely, causing our brilliant leaders in Congress to spend 2,3,4x of a drunken sailor...

but I still don't understand the ending result or the blow-up...I'm sure our govt. will find another way to trick the system and kick the can down the road to our grandchildren...they are brilliant at defrauding the American population while grifting to set their families up for multiple generations...and I see no reason why it doesn't keep going...and SPX hits 20,000 like Tom Lee predicts in a few years

To issuer a stable coin the issuer must back the stable coin 1:1 cash and cash equivalent. The cash equivalent is short term is debt. 3 month treasury notes.

The majority of stable coin usage is outside the US. If the usage continues and is exponential then the supply of stable coins will go up. When that happens all that liquidity entering into stable coins is used to purchase US debt.

And so it will be a global bail in. Global liquidity will flow into US treasury notes.

Will the is government take the new demand as an opportunity to increase debt or pay off the debt? TBD.

Yes, everything is already digital, but I don't have banks telling me I can only spend up to $100 today like China does and can because the government has direct access to their wallets.

I realize the veneer of control we think we have on our money under the current arrangement, but I will also push back on this ongoing sentiment of "yeah, but it's already.....".

It's not until it is. There is zero reason to just accept continued incrementalism simply because we are already almost there. We need all of the fire breaks that we can get however limited they may be.

Why would your bank even know you had BTC? I'm confused on that. Are you saying you were asking them if you could store or transact BTC with them and preemptively killed your accounts for inquiring?

I'm not sure you understand stable coins. Have you ever used them?

Because they saw I made transfers to Coinbase… called me and asked me what I bought. I told them then the next week got a letter in the mail closing my account.

Yukon Cornelius said:

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I'm not sure you understand stable coins. Have you ever used them?

Because they saw I made transfers to Coinbase… called me and asked me what I bought. I told them then the next week got a letter in the mail closing my account.

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Yes, I DCA BTC.

I didn't think about the obvious transfer scenario here.

That's kind of wild they did that. Never heard of a bank doing it.

Yukon Cornelius said:

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To issuer a stable coin the issuer must back the stable coin 1:1 cash and cash equivalent. The cash equivalent is short term is debt. 3 month treasury notes.

The majority of stable coin usage is outside the US. If the usage continues and is exponential then the supply of stable coins will go up. When that happens all that liquidity entering into stable coins is used to purchase US debt.

And so it will be a global bail in. Global liquidity will flow into US treasury notes.

Will the is government take the new demand as an opportunity to increase debt or pay off the debt? TBD.

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Good explanation. Just strange that the USD is down 11% this year with the expected demand based on the legislation (including anticipated because it seemed everyone saw it coming).

YouBet said:

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Yukon Cornelius said:

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I'm not sure you understand stable coins. Have you ever used them?

Because they saw I made transfers to Coinbase… called me and asked me what I bought. I told them then the next week got a letter in the mail closing my account.

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Yes, I DCA BTC.

I didn't think about the obvious transfer scenario here.

That's kind of wild they did that. Never heard of a bank doing it.

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Never heard of that either.

Yukon Cornelius said:

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Because they saw I made transfers to Coinbase… called me and asked me what I bought. I told them then the next week got a letter in the mail closing my account.

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Seems a bit farfetched. Like to see that letter, with personal information redacted, of course.

Over 35 years, with thousands of clients, most of them having multiple bank accounts at small, medium, and large institutions, no one ever mentioned a bank calling them and asking what they were buying with their own money.

It's true. It's a generic letter saying account is being closed. So even I posted it it won't prove to you as to why it got closed. Nor do I really care about proving it.