I think, from time to time about the golden age of con men. Like from the 1870s to the 1940s, when people like The Keystone Kid and Ben Marks ran big store cons that took in $50,000. And then ran wire cons in the 20s and 30s that took in 100s of thousands of dollars.
And then I look at crypto today and the legions of con men sending messages saying "Please deposit to this account instead of our SVB account, I swear I am who I say I am." And I realize... Now is the golden age of con men.
The difference between a bank failure and a crypto project failure is that when a regulated bank fails, you aren’t able to get your money back right now.
When a crypto project fails, you aren’t getting your money back.
A lot of SVB hot takes think banks are like crypto schemes.