If you’ve been on Twitter recently or tried to log in to your Fidelity account, you know that many banking services are down. It looks like we all have one more reason to begin using smaller banks and investing in Bitcoin.
We are aware that some customers may be experiencing issues with our platforms. We are working urgently on resolving the issues. We apologize for the inconvenience and appreciate your being a customer.
— Fidelity Investments (@Fidelity) July 22, 2021
Of course, this is ringing alarm bells in many people’s heads. However, Fidelity has assured us that they are working on it. It’s important to note that the banks weren’t hacked, but an internet outage caused many services to glitch. There is a logical explanation for this, but first, we can observe what the people with the tinfoil hats say in this social media round-up about this internet outage.
Morgan Stanley down.
Bank of America down.
Bitcoin up. https://t.co/l3wjmoksw9
— CTO Larsson 💙💛 cto.eth (@ctoLarsson) July 22, 2021
I want to point out that this is not the first time, nor will it be the last, that an event such as this has caused panic. However, this Twitter user and many others say that Bitcoin is the solution to avoiding this kind of dumpster fire. What do you think? I think banking with smaller bankers might also do the trick.
Appears to be an internet infrastructure issue, not a banking specific issue. That seems positive. pic.twitter.com/AFfL5hzaBP
— Levi Keene (@LeviKeene) July 22, 2021
The above Twitter user reassures us that it’s an internet problem, not a banking problem, but if you ask me, that’s even more concerning. But hey, back to the tweets and the tinfoil hats I promised to discuss.
— Ape Sinatra (@ApeSinatra) July 22, 2021
71% of #AMC is being traded via darkpools. Inflow > outflow. SEC website is down. Fidelity’s site is down. We all know how many trillions of dollars are at stake here. This is not a coincidence…
— Cnaternicola (@Cnaternicola1) July 22, 2021
If you are not sure what the above Tweets are talking about, let me enlighten you. Recently over 70% of AMC was traded via dark pools.
Dark pools essentially allow you to trade privately without affecting the overall market until after the trade has gone through. Smaller investors typically benefit from the stock exchange being so transparent about future and current trades. Unfortunately, when people make large trades via dark pools, regular folk can’t see the warning. When people who are already upset about dark pooling try to log in to their trading account and find it is down, conspiracies are born, and hashtags begin to trend.
In actuality, It was a glitch in our internet infrastructure; however, dark pools are another topic for another day. Let me know if you would like to read a social media round-up about them! Also, let me know what you think by leaving a comment on any of our social media accounts. As always, stay safe, and I will see you next time.