The Daily Loop #68
3 quotes, 2 short form tweets, 1 long form read and 1 piece of advice from me. Consume 2 minutes of information to help you advance your knowledge in different fields.
The Daily Loop newsletter focuses on information that can be consumed in 2 minutes every day by linking to posts across the internet, formatted in a way that is easy for anyone to navigate. In a 3-2-1-1 design (quotes, short-form content, long-form content and advice).
The goal is for as many people to read this daily and inspire them to think differently about certain things. It will primarily be around topics and industries I am interested in such as: startups, ai, success, innovation, change, crypto, nfts, etc.
3 quotes
"Patience is not the ability to wait, but the ability to keep a good attitude while waiting."—Joyce Meyer
"Everything will be okay in the end. If it's not okay, it's not the end."—John Lennon
"Money is like love; it kills slowly and painfully the one who withholds it, and enlivens the other who turns it on his fellow man."—Kahlil Gibran
2 short tweets
1/
So USDC depegged today and is currently sitting at $0.92 due to the panic selling after they reported 3B+ of their funds is locked in Silicon Valley Bank.
2/
USDC has 11.4b split between 7 banks. Two were SVB and SI. BNY Mellon likely holds the majority of assets (it's safest, if they wanted yield they'd be in treasuries). If 20% is in SVB and haircut on SVB is 92% (aggressive) then backing of USDC is cut by 182m, which is easily… https://t.co/LDThgztBNY
For some more information on the Circle USDC situation.
1 long read
This is a meme post but regardless it explains the timeline of events quite well. Has been an insane year for those in Crypto.