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This time for Bitcoin and Cryptos as Slivergate Turns Wooden

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It was a red session this morning. This is not an easy game for the hodlers! With FTX, and now Silvergate, the United States governments must step up and help the citizens of the world: “Silvergate Capital is reportedly shutting down operations and liquidating its Signature Bank following its inability to process transactions and the underlying bank run as a result of a boycott by top Crypto Exchanges— Coinbase, Kraken, Binance, among others. On March 9, 2023, Silvergate Capital announced that it would wind down the business and liquidate Silvergate Bank.”

The crypto meltdown isn’t over: Silvergate Capital says it’s liquidating its bank and shutting down. The crypto firm cited “recent industry and regulatory developments” for the move, which comes days after it delayed filing its annual report in order to determine the “viability” of its business. Once Silvergate announced its future was in doubt, other major crypto firms, including Coinbase and Galaxy Digital, quickly severed ties. Silvergate was also hit hard by FTX’s collapse, since FTX was both a client and a backer of the bank. (LinkedIn News)

I lost $1,400 today . I received Bitcoin payment from a startup board in London (I delivered an expert opinion on microelectronics for mining) and was distracted that I did not cash out as I do (if you pay me in BTC, I cash out upon settlement, no hodling here), and waking up, the money has dropped. How do you get money and within days, it loses this type of value  . My strategy has been: pay this teacher, and the teacher cashes out to USD immediately.

This is indeed a new world; shine ya eyes people.

Silvergate is Shutting Down Operations and Voluntarily Liquidating Signature Bank

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Silvergate Capital is reportedly shutting down operations and liquidating its Signature Bank following its inability to process transactions and the underlying bank run as a result of a boycott by top Crypto Exchanges— Coinbase, Kraken, Binance, among others. On March 9, 2023, Silvergate Capital announced that it would wind down the business and liquidate Silvergate Bank.

Silvergate is one of the two major digital banking giants in the United States, with $11 billion in assets. The drama ended quickly, Silvergate decided to liquidate the banking business, and the capital behind it was hindered by the US regulatory environment which did not help.

Silvergate Capital promised to repay all deposits in full, while still considering how best to resolve claims and preserve its assets Residual value, including its know-how (acquired Diem technology) and tax assets. This is the first US bank to fail since 2020.

The collapse in the stock price of crypto bank Silvergate marks the decline of yet another industry giant since the FTX debacle. Crypto watchers hoping it can’t get any worse may have one market trend on their side.

”Bankruptcy and fraud enforcement – people tend to see those potentially as bottom signs,” a hedge fund manager and short seller Alan Lane noted. The fund investor has been watching market developments, but does not have any positions in crypto names.

“On one hand, from a classic perspective, this is a time when you’re looking at what and how to buy,” the hedge fund manager said. And yet, on the other hand: “If I’m an American, I would not want any crypto exposure that has any nexus in the US.”

The investor is referring to the US regulatory crackdown, which has mounted in recent weeks with Securities and Exchange Commission Chair, Gary Gensler slapping actions on Kraken Exchange and Paxos, issuer of Binance stablecoin— BUSD, fears are spreading that such watchdog moves are only the beginning.

Silvergate: Crypto Bank Accounts for 50% of USD Deposits and Withdrawals Liquidity. The bankrupt liquidation of this bank is a devastating blow to the liquidity of the currency circle. Lack of liquidity will lead to a large number of sharp rises and falls. To put it bluntly, the money in the currency circle is flowing out of the banker. It is easier to pull and smash the market, and good liquidity is the basis of a bull market.

Senator Elizabeth Warren wrote on microblogging platform Twitter that; “As the bank of choice for crypto, Silvergate Bank’s failure is disappointing, but predictable. I warned of Silvergate’s risky, if not illegal, activity—and identified severe due diligence failures. Now, customers must be made whole and regulators should step up against crypto risk.”

Silvergate was an EXTREMELY illiquid bank going by its balance sheet. Probably the worst illiquid bank in the United States. Other crypto friendly banks are not nearly as illiquid. If they face a run, they likely will not be able to honor withdrawals. Do you know where your exchange banks?

Sen. Sherrod Brown on Silvergate’s failure:

Silvergate is closing because of general bad financial management; crypto and US treasuries exposure, which both decreased in 2022. Crypto exposure plus better financial management would have prevented this. But now it’s an example of “toxic crypto” narrative, ignoring other stuff.

The issue with Silvergate isn’t that they dealt in crypto, it was taking on risks that banks should not be taking on, specifically lending out of customer assets and playing around on leverage without customer’s permission.

Crypto and particularly blockchain had little to do with FTX’s fall. It was significantly the result of straight-up fraud—can happen in any industry. Governments should institute a workable framework or make use of the existing Digital Asset laws we already have so the financial sector doesn’t create another SBF conman as a result of lack of oversight enforcement.

Yugalabs Announced the return of Voyager Second Trip on the OthersideMeta

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The world leading NFT brand Bored Apes Yacht Club [BAYC], has announced the return of Voyager second trip on the OthersideMeta starting from 25th of March, 2023. The second trip will bring Voyagers into Otherside for an interactive gaming experience led by Yugalabs first ever Otherside Team Captains.

Details on Team Captains will be shared at a later date. Otherdeed holders will also have the opportunity to invite a guest into the 2nd Trip. Otherdeed holders will have priority access. Guest passes are not guaranteed entry.

Voyager’s second trip will expand the playable region list from First Trip, allowing more Voyagers from around the globe to participate in the event. Everybody is invited to watch along on Yugalabs official livestream.

Interestingly Yugalabs made a whooping sum of 735 BTC ($16.5M) off their Ordinals collection— TwelveFold. However, the Ordinals team criticized Yuga Labs for setting a bad precedent for Bitcoin NFT auctions, because all bidding funds were required to be transferred to the Yuga address, which violated the principle of self-custody. Earlier Vitalik Buterin also issued criticism of Yuga Labs.

Ordinally wrote; Trustless offers based on PSBT work like a charm. No escrow needed. Has been used successfully for the Dutch auction model. Have not thought it through, but it should be possible to build a similar auction model to what Yuga is doing here; needs work for sure.

However, Openordex.org offers trustless implementation, apparently this needs a little bit more work to be usable by normies. People have No idea What a PSBT is and How to sign it.

The Yugalabs TwelveFold auction was wild. The low bid was just over $50K, which feels about right. The max bid was wacky; roughly $160K. As I understand it, the bids are final (they don’t return the difference), meaning the top bidder is paying $100,000 more for their Ordinal, Steve NFTBark noted.

Consequently, those who bid in the auction but did not win a place in the top 288 will see their Bitcoin returned to their receiving wallet address. Crucially, however, any bids made with a custodial wallet that’s owned by a third party, like those from exchanges popular Coinbase, Binance, and others, won’t be able to receive refunds. Yuga also recommends that bidders don’t hold any other Bitcoin in their receiving address to avoid mixing up their inscribed satoshi with others and accidentally sending it out of their wallets.

Crypto-Friendly Silvergate Bank Announces Plan to Wind Down Operations And Liquidate

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Silvergate bank, a bank that mostly deals in crypto transactions has recently announced plans to wind down operations and liquidate, in accordance with the applicable regulatory processes.

The company said in a statement, “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind-down of Bank operations and a voluntary liquidation of the Bank is the best path forward”.

This move is coming days after the bank disclosed that it was faced with a financial crisis, and believes that shutting down its operation is the best path forward. Its liquidation plan includes full repayment of all deposits.

In addition, Silvergate Bank decided to discontinue the Silvergate Exchange Network (SEN), which it announced on March 3, 2023, on its public website. All other deposit-related services remain operational as the Company works through the wind-down process. Customers will be notified should there be any further changes.

Crypto firms such as Galaxy Digital and Coinbase did not hesitate to cut ties with Silvergate last week after the bank warned that it was unsure whether it could continue its business operations. Silvergate has served as one of the two main banks for crypto companies, along with New York-based Signature Bank. Bankrupt crypto exchange FTX was a major Silvergate customer.

At the time of FTX’s collapse last year, Silvergate via a statement reassured investors and regulators that its exposure to the digital assets exchange was limited to only deposits. Meanwhile, Silvergate’s deposits plummeted nearly 70% in the fourth quarter of 2022 as investors expressed concerns.

When the bank announced its preliminary fourth-quarter results, investors discovered that things were far worse than feared. Deposits at the bank had plummeted, and the stock fell another 43%. In January this year, the company announced plans to lay off 40% of its workforce to account for the economic realities facing the business and industry today.

Regarded as one of the leading providers of innovative financial infrastructure solutions and services for the growing digital asset industry, the company’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its customer-centric suite of payments, lending, and funding solutions serving an expanding class of digital asset companies and investors around the world.

Its earliest product was the Silvergate Exchange Network (SEN), which allows cryptocurrency exchanges like Coinbase, Binance, and the now-bankrupt FTX to transfer U.S. dollars between one another quickly and efficiently.

The bank is reported to have enjoyed massive growth as the price of Bitcoin exploded to over $65,000 in 2021. From 2019 to 2021, Silvergate’s total deposits mushroomed from $1.8 billion to $14.3 billion. Analysts disclose that the shutdown of Silvergate operations will deal a big blow to how money moves in and out of the crypto industry.

Top Tips to Win at Blackjack

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We have come up with a list of some useful play strategies and tricks! Try applying these tips and tricks while playing Blackjack next time.

If you are a newbie on Betway casino Zambia, these tips could help you.

1.     When you come across a hard 11, double down!

This might be a blackjack basic layout, but even the pros sometimes forget the basics. So, whenever you hold a hard 11, you can double down on any upcard and win more!

2. Split those Aces and 8s

It does not matter what the upcard is. Just split aces and 8s. Many players do not split their 8s when the upcards are 9, 10, or Ace. But you should simply split the 8s, as you will lose less money.

The logic is that you should split the 8s against 9, 10, or an Ace rather than hitting with a hard 16. In any case, split Aces can be a cool move as it gets you profits. And splitting 8s can trim down your losses and gain you some wins!

3. Do not split 5s or 10s

A pair of fives is a hard 10. And it is always wiser to take one or more cards draw to 10 rather than split the pair and play 2-hands. Meanwhile, splitting a pair of 10s is never a smart move, and keeping that 20 together is a winning play in any situation.

4. If the upcard is 2 or 3, hit it with a hard 12

Most of the players will back out and stand their 12 for fear of being bust. But if the dealer’s face-up card is a 2 or 3, you should make this move. You will end up losing money in the long run if you stand or hit. But you will lose less if you hit, and this is totally worth the risk of getting bust.

5. When the upcard is 9,10, or Ace, hit it with Ace (for soft 18)

In Blackjack, most of the players believe that if the hand totals 18, they have won. And this is where most of them go wrong as they stand on soft 18 (A-7), especially when the upcard is strong.

The truth is when you hold an A-7 against strong upcards like 9, 10, or Ace, and you are weak whether you stand or hit.

But if you hit A-7 against these upcards and draw a small card like 2 or 3, you might get a pat hand higher than 18. And if you manage to draw any of the ten-valued, the hand remains unharmed. It is always better to hit A-7 and aim to get soft 19, 20, 21, or hard 17 to 21.

6. If the dealer’s upcard is nine or less, double down on 10

This is more of a blackjack basic strategy that you should know. When the upcard is 9 or less than 9, if you happen to be holding two-card 10, then go ahead and double down!

7. When the dealer’s upcard is 5 or 6, always double down

You are more likely to win if you double down a soft 13 to a soft 18 when the upcard is 5 or 6. This is one of the best strategies that you can apply, even if you are a novice.

8. If the upcard is 7, and you have a pair of 9s, stand!

Many players split their cards when they get a 9 or less. But a 7 on dealer’s upcard baffles players, and they are not sure what their move should be. In such situations, the best thing would be to always stand instead of splitting. Standing will gain you a little more money than splitting.

The dealer may likely have 10 in the hole as there are four times more ten-value card/s in the deck. So, if the deal maker’s upcard is 7, he might have a pat 17. Meanwhile, you have two 9s, which add up to 18. This is enough to beat the dealer’s potential 17. Hence, standing in this situation is smarter.

What shouldn’t you do when playing Blackjack?

Do not let the insurance bet lure you. The blackjack perfect basic strategy that any pro gambler will tell you is never to fall for the insurance bet. This is usually offered to players when the deal maker is an Ace.

Even when you are holding a good like 20 or 19, do not go for the insurance bet. The payoff for an insurance bet is lesser than the chance that the dealer might have a blackjack.