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Silicon Valley Bank Collapses

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HuronKing:
Adding to what you said Tim - it's also sometimes the case that lack of risk management isn't a bug caused by some other external factor, but a feature for the rich to get richer as quickly as possible before the whole thing comes crashing down while they bail out with golden parachutes and often move on like locusts to the next company to rinse and repeat.

Enron was giving bonuses to executives moments before the whole thing went to hell:
http://www.cnn.com/2002/LAW/02/09/enron.bonuses/index.html#:~:text=The%20list%20of%20so%2Dcalled,to%20give%20them%20severance%20packages.

Enron is one of the rare cases where the perpetrators were punished, somewhat.

Remember Wells Fargo? Coincidentally it's just coming back in the news again.
https://apnews.com/article/wells-fargo-sales-scandal-carrie-tolstedt-guilty-013f744a811b741560b466a7b8e203dc


Marco:

--- Quote from: vad on March 17, 2023, 05:56:26 pm ---I wonder how this compares to resource wastage and environmental impact of gold mining.

--- End quote ---

It would be pretty disastrous to back a major currency with gold again too, yes.

Proof of Work Crypto and gold are negative sum games, proof of stake at least is only a zero sum game.

james_s:
At least gold is useful. It's a tangible substance, it is in limited supply, it has always had value and it will always have value because people want it. Not only because of scarcity but because it is such useful stuff. It's a good conductor of electricity, a superb reflector of IR radiation, and it is extremely resistant to oxidation and corrosion.

SiliconWizard:
Some countries have been buying large amounts of gold this past decade (hint: not western countries), while we have done everything to get rid of it.
I'm sure they did it just because they don't know what they are doing.
And my little finger is telling me that whoever is going to be better off in the coming decade is... not us.
Of course if things go really sour in that context, you can guess what's going to happen. It already has, in fact.

vad:

--- Quote from: james_s on March 17, 2023, 07:05:40 pm ---At least gold is useful. It's a tangible substance, it is in limited supply, it has always had value and it will always have value because people want it. Not only because of scarcity but because it is such useful stuff. It's a good conductor of electricity, a superb reflector of IR radiation, and it is extremely resistant to oxidation and corrosion.

--- End quote ---
Industrial gold demand is a tiny fraction of overall gold demand. Therefore scale of gold mining does not justify waste of resources and environmental damage.

Bitcoin is also in limited supply and in high demand.

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