এরেবর ব্যাঙ্ক কেন বিটকোইনের তরলতা খাচ্ছে?

The Dragon’s Hoard

আমি it-কে Erebor boli—সমস্তইতইতইতইতইতইতইতইতইতইতইতইतइतइतइतइतइ। পুরানো myth—Smaug-এর gold hoarding—আর fantasy nay. It’s real. Erebor Bank OCC-এ charter pao: no deposits insured, no Fed backstop, no cross-bank liquidity window. Pure stablecoin reserves—USDC backing—and encrypted collateral on-chain. No mortgages. No credit creation. No deposit multiplier magic. One dollar = one dollar—no炼金术 here. Just math.

The SVB Echo

SVB died because $189B tech cash lend kore long-term Treasuries te rate rise–asset-liability mismatch on steroids. Erebor shikhe e lesson? Nope. It learned the other lesson: save capital, halt lending, deposit only what you can verify, nobody gets leverage, take nothing off-chain unless fully backed. That’s not conservatism—it’s survivalism.

The Chainfall Scenario

Now imagine: you hold \(500M USDC (T-Bills backed). your loan book? \)1B ETH/BTC at 65% LTV—with daily volatility over 15%。 once crypto crashes 30%, your collateral evaporates overnight—holders race to withdraw USDC because… wait—is this pegged? you don’t have FDIC to calm them。 you don’t have a lender of last resort。 your balance sheet er ekta button: ‘Withdraw’ does it work? yes—if lucky enough to be first out before oracle calls ‘depeg’। This isn’t banking। it’s chess with death spiral accelerator। The dragon doesn’t breathe fire—it breathes volatility। The mountain doesn’t burn down—it just becomes empty। And when all gold is gone? The dwarves finally wake up—and they’re all engineers now।