As expected, the narrative today from some has been that crypto created contagion in the banking sector. In reality, it was more the banking sector creating contagion in crypto here. SVB collapse, for instance, was unrelated to crypto.
Silvergate and Signature probably more nuanced. Signature had about 20% crypto deposits I believe.
Yup. It’s especially hard to counter false narratives when so many people are primed to believe it and repeat it. Per Jonathan Swift, “Falsehood flies, and the Truth comes limping after it.”
It’s been really weird seeing people pushing a narrative that is *provably* untrue
Thanks for chiming in here Brian. Public opinion won’t be won in a day. Keep fighting the good fight!
The kind of info needed to be shown on people's feed, clear and concise, not some cryptic phrases filled with jargons. 🫶
Completely agree. Crypto is unfortunately an easy scapegoat for politicians looking to deflect public anger somewhere.
Tagging @unjumble for this to appear in today’s digest
Stark to see that become the narrative media wanted to push. Thanks to you and @dwr pushing back on the misnomer
Exactly! The USDC de-peg in particular was simply not a run on USDC and instead a run on the banks that custodied collateral. Somehow the narrative has flipped despite the reality. Over time the crypto industry will continue to validate itself despite the inaccuracies that shaped public sentiment and narratives.
Enjoyed the documentary, It reminded me of something I’d lost inside