So now Etsy can’t pay sellers due to SVB

So now I’m hearing Etsy is not paying sellers on their platform as all their money is tied up in SVB.

How long until we start hearing more stories of people not being paid and blame being laid on SVB (rightfully or wrongly) ?

As a retailer - I’d be PISSED - you charge me a premium for using your platform and then tell me you can’t pay me immediately because you put all your money in a bank at risk of default - all because he gave your executives a great deal on their personal banking.

Consumers don’t understand this is just another domino falling that’s ultimately going to hurt them more. Once again - we’ve gotten too far ahead of ourselves and once again someone took advantage and it’s going to cost everyone in both lost confidence and financially.

It might prompt wider acceptance of crypto - or it might be the first nail in its coffin. I’m sticking to physical metals for now I think - as well as a few big oil/energy stocks.

 

Well they should gotten their $250,000 guaranteed monies back by now. Unless Etsy then ran out of THAT money....

That is the problem with business using only only or a small number of bank accounts....

 

I think the bank investing in crypto is part of the cause. At least that's what happened to Signature bank. There are already too many nails in the crypto coffin for me to take it seriously.

 

Don’t worry. US and UK government bailing them out

 

I'm no expert, but I'm on a Slack channel for one of the apps I use. A ton of startup CEOs and other techie types are in there.

Suffice to say there was a *TON* of discussion and no small amount of butthurt last Thursday-Friday morning, about moving around of funds and the like. LOL

 

Likely - and yet somehow these economic “experts” can’t figure out how to stop inflation or what’s causing it….oh, your bank mismanaged all your money and lost it to some guy selling magic beans and money tree seeds…so sorry - well your in luck - we just got 8 new printing presses so old Uncle Sam will go ahead and print you up a fresh batch of 100s to replace that million you just lost - so your back to where you started with no loss - there, everything’s better now and no one got hurt.

At a point - there needs to be a risk to accompany the reward. When one is lacking - the resulting lack in balance never is a good thing for the participants in an economy. You take a risk - you need to be prepared to suffer a loss. It’s your stupidity if you failed to follow the most basic in asset allocation.

 

Agreed 100%. Even I know that if I save my son from the effects of all of his stupidity, he won't learn, and he'll try the same stupid stuff again because he KNOWS there's a safety net.

 

Chew on this for a minute.

https://finance.yahoo.com/news/fede...payment-service-fednow-in-july-210022218.html

 

Yup. No one went to jail over the 2008 fiasco and so we are repeating the same mistakes.

 

I did and really don't like the taste of it.

 

Stocking up more welding electrodes and crossbow bolts.

 

Exactly - in a world where the mastermind behind the “Fyre Festival” not only walks free but gets PAID 19 grand to give a speech on how he did it - we simply don’t learn from mistakes until someone beats us over the head it seems.

Funny - my grandfather grew up in the depression - graduated high school in ‘27. He NEVER would invest in anything he couldn’t get physically hold and use (tool, gun, dog or land) - the idea to him of spending hard earned money on non tangible things was laughable.

Of course when he passed - he left nothing behind but a farm full of stuff. There was no trust fund to speak of. My poor father had to work until 57 before retiring. Lucky me - I inherited the homestead and all that crap. One of the reasons I refuse to sell it (to the wife’s chagrin). If it was important enough for 2 men who had nothing until their late 40s to hold on to - I see no reason why a man who has more should sell it to pad the numbers on a sheet of paper. I’ll keep it as long as I can - then I’ll gift it to the local conservation group. The thought of someone else getting rich off it (myself or some developer) just doesn’t set right with me.