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SVB Collapses, USDC Depegs, What next?!

🚀 Dear SelfKey Astronauts,  You may have heard about the collapse of Silicon Valley Bank 📉❗, as well as the impact it had on USDC’s value recently. But let us briefly analyze the financial disaster which comes with our assets still being under the governance of centralized systems, such as banks.
16 Mar 2023
SelfKey

SelfKey Newsletter - March 17th 2023 - Week 11

🚀 Dear SelfKey Astronauts, 

You may have heard about the collapse of Silicon Valley Bank 📉❗, as well as the impact it had on USDC’s value recently. But let us briefly analyze the financial disaster which comes with our assets still being under the governance of centralized systems, such as banks.

  • As we have stressed recently, centralized systems are convenient, but their security measures are quite weak. 
  • Being part of a centralized system means we cannot oppose the rules and regulations of the system, even if certain decisions are to our detriment. 
  • This can lead not only to financial risks, but also the risk of our private data being leaked as well.

Decentralized systems come with their own challenges, but they provide a myriad of benefits::

  • Full Transparency.
  • Democratic Decision-making.
  • Self-Sovereignty.

✔️The collapse of such a powerful bank is even more of a reason for us to be properly informed about the risks of depending on centralized systems. These failures in centralized systems are Good for SelfKey.

⚡The SelfKey DAO Whitepaper can teach you more about the benefits of decentralized systems!⚡

🙌 In other great news, SelfKey was listed in the AI Crypto Category on Coinmarketcap and Cryptoslate!

✔️Additionally, Coinmarketcap’s article highlights SelfKey’s innovative method for individuals to safely operate in the digital world, using our cutting-edge technology.

✔️Last, but not least! Cryptoslate featured SelfKey’s AI and ZK-Based solutions for safer digital verification.

This week’s article focuses on:

💎 SelfKey DAO: Revolutionizing Web3 Interactions

SelfKey aims to create a powerful ecosystem for its members to interact safely with one another. Users’ individuality is highly important to us, it is at the center of our ideals and goals when we think about the future of SelfKey DAO and its members. 

Learn more about DAOs, Individuality, our KEY and SELF tokens, and get a glimpse of our NFTs!

The previous week’s article presents:

🤖 Using AI to our advantage

As society reaches new technological peaks every year, we are more or less forced to keep up with it. With computer-based verification being the new trend, we have to learn to adapt to the latest methods of identifying ourselves. 

AI-Powered Proof of Individuality can be our salvation in the struggle between humanity, AI, and those who use technology for malicious purposes.

Crypto News

📰 Crypto Now Braced For A Massive Fed Bombshell After Silicon Valley Bank Meltdown Caused Bitcoin, Ethereum And USDC Price Chaos

Cryptocurrency market became volatile after USDC lost peg to USD, but rebounded after the US government protected Silicon Valley Bank deposits, which had failed. Silvergate Bank’s failure also contributed to 10% of the loss, wiping out $100bn. Circle's USDC stablecoin recovered, but depositor concerns remain as FDIC insurance only covers up to $250,000.

Read more 

Quote of the week

"It takes as much energy to wish as it does to plan." - Eleanor Roosevelt

Thank you for reading our weekly newsletter!

Stay tuned for more information on SelfKey's development towards a better future for all.

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The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!
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Note: Purchasing SelfKey, a Self Sovereign Identity Token (known as “KEY”), should not be considered an investment, and it should not be purchased for speculative reasons. The KEY token does not give its holder any right to profits, and it does not represent any ownership interest. It confers no ability to vote or manage. KEY is a digital asset that has value and utility solely within the SelfKey Ecosystem for the exchange of goods or services available in that ecosystem.

This communication is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any digital asset, nor does it constitute an offer to provide investment advisory or other services. No reference to any specific digital asset constitutes a recommendation to buy, sell or hold such digital asset. Nothing in this report shall be considered a solicitation or offer to buy or sell any digital asset, security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.

This document contains statements relating to future events. These statements are based on current expectations. However, there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this document. Any views expressed in this newsletter were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.

To the best of our knowledge, the information contained herein is accurate as of the date stated; however, the accuracy and completeness of the information are not guaranteed, and we disclaim any duty to update the information should circumstances change. You should not rely upon the information without conducting your own validation.

LOCK Tokens have no monetary value and are not ascribed any price or conversion ratio by the LOCK DAO, the operators of the POI Credential system. LOCK Tokens do not confer any right to participate in any profits or revenues, and they do not represent any type of ownership interest. They are digital assets that have utility solely within the POI Credential system.

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