Technology

It's hilarious in a way that Thiel, one of the billionaires who triggered a liquidity crisis that sunk SVB, is off proposing to fill the gap that he created. It's also entirely fitting with the conspiracy theory of the tech bro fascists wanting complete autonomy to setup electronic fiefdoms.

I don't really get how this would work though, in more practical terms -- as a lot of the crypto stuff is just antithetical to the banking industry. Like even the whole schpiel the crypto bros often go on about how you can send money quick from wallet to wallet, with the old "OMG we did it! How can banks be so stupid and slow!". It's largely due to regulation. Like anti-money laundering regulation, where countries don't want citizens funding things like foreign terrorist groups with untrackable/unblockable wallet to wallet money transfers, so they tell banks they gotta scrutinize every transaction quite a bit, under threat of hefty fines -- and where the govt can overtly tell banks to block payments to unfriendly countries (eg. Iran).

Meh, it's clear they won't care about the fundamentals at all, nor do they care to understand how the industry works. They'll likely use the bank to undercut existing players, while propping it up by manipulating the stock / piling in their billions. The regulation comment is a misdirect, alot like claims of wanting to be regulated were a misdirect back with FTX -- these guys are far more likely to aggressively lobby for / pay the republicans to dismantle regulations in their favour, changing the landscape to their personal benefit. After the competition starts crumbling / they start moving towards a monopoly, they'll either turn it into a regular bank in terms of service (but under their control of course), or they'll intentionally tank it to gobble up whatever reserve/insurance funds exist, shifting that wealth into the billionaire's pockets too, and leaving people with few options other than "under the mattress" for their savings. That'd make people almost entirely dependant on maintaining a regular working income, completing the tech bro fascist wet dream of having indentured slaves that can't push back against any of their bullshit.