skysight-inc/HackerNews huggingface dataset:
During the last couple years, SVB got a ton of deposits, and they didn't have matching loan demand. So they invested the money in bonds. Unfortunately they make a bet that interest rates would stay low, and bought longer duration (~10 year) bonds.

Interest rates have gone up, so the bonds they bought have lost value. They tried this week to fix that by selling part of the portfolio and raising capital, but did it in a ham-handed way and triggered a bank run.
> If you had more than $250k in SVB yesterday you probably just took a huge haircut.

You may not lose money. The money isn’t gone yet. The restructuring may save the money. There’s a playbook for this sort of thing.
If people have to be reassured to begin with, it's already over. Money only exists because people keep believing it does. As soon as they stop believing it's gone.
Best thing that happened for my wife and my marriage was the flooring people doing a shitty job before we moved into my house. She shrugs off every scuff I put in the floor with "it's crappy anyways"
Good question and to me it seems the answer can only be yes.
I really appreciate the author's quest for better Clojure tooling. But I don't like their advocacy for "one code format to rule them all". Imposing single uniform code formatting standards is a common refrain from tidy software engineers -- but it is a little too tidy -- and invites criticism. My favorite response comes from a Meat Beat Manifesto song, https://www.youtube.com/watch?v=1PPuRuKVc6k, where toward the end you can clearly hear a relevant sample a few emphatic times: "Make them dance the same dance". I tend not to enjoy goosestepping myself, and prefer to choose to move in a way that feels more natural and personal.
In a fractional reserve people can't all win
By the government. Because government insurance is designed to protect individual accounts as that provides the greatest ratio of impacted voters/exposure.

Could be some of these companies have other types of insurance against this, but for a lot of small startups this is way down the list of things you'd get private insurance for.
That amount of confidence on the fact that the music would never stop is... I dunno, I don't get any good adjectives. I can't understand it.

It's not even the case that they did it for the returns, because the returns were negative. Is it a regulation thing that forced banks to overinvest in long-term bounds?
Our last Miele dishwasher lasted for 11 years. The current one has been going for 10. We are a household of 6 and often set the dishwasher off 2 or 3 times a day so we are probably hard users.

As for our Miele washing machine - it is still going after almost 30 years! The main bearing is going so it is VERY LOUD and unfortunately not economic to fix. The Meile tech I asked said the failure mode would be leaking water so I said we'd wait for that. Still doing OK 2 years later :-)
Can Induction Ranges Replace Gas Ones?
I had a rental with a really nice Bosch dishwasher and it was truly impressive. Absolutely silent (literally almost couldn't tell it was working) and very well made. Made me a Bosch appliance convert for life.
Yes, but the OP comment conflated assets (cash and securities as you mention) with FDIC insurance which only concerns liabilities due to depositors who qualify for FDIC insurance.
Hold on, what happens if someone raised money from them for an incorporation?

They have to pay backbas usual, right?
"Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959."

At least its toll free...
Where can one find a list of companies that have primary banking through SVB?
I'm copy/pasting a commend I made elsewhere, but I'm not sure this is the case.

> I worked at a startup that took in over $100m in investment, and I was curious so I asked the cofounder how they protected that. According to him the money was divided up into chunks smaller than $249k, pushed off to a custom entity made just for the purpose, and then invested in bonds or CDs on a rotating basis.

Basically if you have a ton of money having it sit in a bank account is one of the worst things you could do with it, so most people who bring in a lot mostly just keep operational expenses in their bank account while leaving the rest of the money in other financial instruments.
To be fair one might need to compare the number of lives saved via lab virus research versus the number of lives lost via lab virus leaks.

Either way viruses are going to continue to jump from animals to people.
Sounds like standard procedure.
> I think this is Google's first hit when one searches this, but I do not believe this is correct.

So, I think the person you are responding to is trying to explain the distinction between a bailment and a loan.

Let's pretend that someone had a safety deposit box with $1B at SVB. They'd get to keep the full amount, because that is a bailment. The money never becomes the bank's.

In contract, if someone deposited $1B at SVB, then the actual money becomes the property of SVB. And the depositor then is a creditor to SVB - they have an unsecured load to SVB of that amount. But after SVB gets taken over by the feds, they have to stand in line with the other creditors and get what they get. They aren't guaranteed to be made whole.
A Swedish white collar pension fund (Alecta) was the 4th largest owner of SVB. It's been big news over here today. I think I have some pension savings there.

Their investment in SVB represented 0.6-0.7% of their total fund. I assume that the FDIC takeover means it's a total loss.

Was this a manufactured bank run?

https://www.bloomberg.com/news/articles/2023-03-10/why-svb-w...
Most of the time, no. Probably because as "standard" as sizes of appliances are- they also are not.

So the last thing you want a potential buyer worrying about is (1) looking at an empty appliance slot or (2) knowing the appliances are going and worrying if they can find something to perfectly fit in the same spot.

I mean also, because appliances usually stay.. it's kind of a problem for no one. Often times someone is selling a house to build a new one, they don't want to bring old appliances in a new build. Or if you are buying a pre-existing house, that will generally have the appliances etc.
> I love the DreamHost company and glad you found the support you needed.

The author didn't find the support he needed. It appears he is desperately in need of support and DreamHost is on the verge of terminating his account and won't let him log in to make a payment.
Only 3% of accounts were under 250k. An account of $251k isn't part of the 3% figure, but is almost totally insured.
No, it was x3. The physical displays on the early “plus” phones were slightly smaller than the actual rendered resolution, so that was downscaled slightly.
INT_MAX is assuming every variable is using a 32 bit integer which is not always the case. In my experience with flight control systems controls systems were focused on using the smallest variable necessary for a given variable. We had many variables that were only 8 or 16 bits. The processing overhead wasn't really the driving factor for smaller variables it was typically interface bandwidth which can be very limited while maintaining required safety margins on aircraft.

We had a pretty massive ICD that defined every message going in between sub systems down to the bit level which is what was necessary to avoid unit confusion when dealing with system creates by sub contractors and such. Your example of velocity is pretty common thing that you would have to reference the ICD for. Is this velocity signal in KM/h or m/s, as well as MPH, fps, and Mach number.

Sure you could say all velocities need to be in m/s, but then if all your control laws for higher speeds which have been fined tuned through 10s of years of work utilize Mach Number in the calculations is it safer to update all the controls laws or just do a conversion?
Well, they were 38$ this morning, but yeah, probably going to approach zero
That makes it even funnier, though. At least to the rest of us.
> praised rather than criticized

It's fine (and arguably good) to do both.
I think I'm going to start asking potential employers where they do their banking.
Are there any public companies that bank with SVB? Startups that went public in recent times?
TradingJoe offers commission-free trading on options and stocks for UK and EU customers. They just launched a waitlist!
And yet, what if you had an entire internet of ungreek like that and spent the equivalent of many human lifetimes reading through it? You would encode your own meaning, just like a large language model does internally. Your encoded meaning might not be quite right in the end, but as the saying goes, all models are wrong, but some are useful.
Yes. If the cops submitted a thousand data requests and 999 of them came back with nothing, but one of them prevented someone from gunning down people, then they are were justifiable requests. Anyone wanting to argue about cops overreaching and breaking rules should point to a situation where the cops didn't find anything horrible.
We do not. This is always one of those things that blows minds when one side of the pond hears how things work on the other side.
Not notebooks but my Dad never let us kids use his guitars because they were too nice. So we never learned guitar. I picked it up later in life and now leave them out for my kids to mess with. Sure, they'll be out of tune and the pick will go missing, but I feel it's more important that they get used as much as possible for everyone. No point in leaving stuff stored away.
Not quite, the uninsured money will be partially paid out depending on how the books look (since the FDIC has to liquidate the bank), however a chunk of the money can be in limbo for now via receivership certificate that tracks the amount you have claim to.

From the PR

>The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds

This is a 100% standard FDIC statement and not unique to SVB btw.

https://www.investopedia.com/terms/a/advance-dividend.asp#:~....
For comparison, Bear Stearns had $350b in assets in 2006 (and much less when they crashed in 2008).

SVB had $210b in assets yesterday.
Zoo lion transmits Covid to its keepers
We can learn from history. The invention of the printing press comes to mind.

But yea, it's hard to pass good practice on to future generations when the current ones don't have a clue what they are doing.
What stock holders? Market cap was 2.5 billion pre-market, a small fraction of the 175b of deposits (as of Dec 31, 2022).
...per ownership category, of which their are, I think 14, and sometimes the insured party isn’t the depositor (e.g., “Employee Benefit Plans” are a category, and the plan participants are treated as the insured party for calculations in that category—and since its a separate category, it doesn't effect any single or joint accounts those participants happen to have at the same institution.)
Not entirely correct. There is still a "bad bank" which is the SVB entity (and will be wound up in bankruptcy), and the "new bank" which has all of the insured deposits.
- easy referencing the type of another struct's field. As in `function parseInput(input: SomeType['someField']) { }`

- it's ability to infer types in general

- parsing. given a route string like `/users/:userId` TypeScript can force you to always pass `{ userId: 1234 }` when actually building the route without having to declare the interface anywhere

- conditional types
Or 301 Moved Permanently. Or 406 Not Acceptable. Or 410 Gone. Or 417 Expectation Failed. Or 429 Too Many Requests.

So many fitting status codes to chose between I don't know what to do!
> I was oversimplifying so much that I felt uncomfortable about it because I feel like some aspects of my answer are just borderline wrong

Hmmm... true true. Simplifications are likely to miss the nuances involved.
So let's say you work at a startup that has all their cash at SVB. Are you basically without a job now?
Previous was max shift of 9 hours and max overtime of 75 hours per three months. Now it is 12 hour shifts with 145 hours of overtime per three months.

So yeah, this comes at 5x12 shifts.
I assumed they were talking about (specifically) fake dual exhausts, where the second pipe is not actually connected to anything.
My finance-foo is quite weak, what does advance dividend mean in this context?
The FDIC calls them failed banks by definition. If they step in, you failed. They have a failed bank list and Sivb is going on it.
Some do, some don't.

Many appliances are effectively built-in to the kitchen (sometimes ovens, stoves), or may not fit in the new house.

It's agreed upon by the seller and buyer.
Absolutely not. They're built into the house. Cabinets are literally constructed around them to fit seamlessly.

I know it's common in certain other countries to take your appliances with you, even for rentals. It makes moving so much harder, I've never understood it.

To me, a home not coming with a refrigerator or washing machine makes as much sense as it not coming with a toilet or shower.
Possibly forever, if the assets aren't there. A senior claim on $0 is still worth $0. There may be sufficient assets to pay back depositors, but we don't really know at this point.
Everybody should learn a little self defense before attending protests. PI provides some good guides. https://privacyinternational.org/long-read/5012/guide-survei...
The issue is in trust. Banking's value proposition is trust. The bank is trusted to hold deposits and to process withdraws. Adding insurance just changes the trusted entity. FDIC insurance exists to increase trust for individual deposits.

1. FDIC insurance only covers $250k. FDIC insurance is mostly to reduce personal risk, so individuals feel comfortable keeping their own money in the bank. This is key to the banking industry because individuals are much more likely to horde physical currency than businesses are.

2. Who would insure the bank for unlimited deposits? If it's a non-governmental organization how would depositors know the insurance company is good for it? If it's a governmental organization then the taxpayer would essentially be a codified safety net for corporate risk taking. The insurance is more political palpable (and affordable) if it's seen as protecting individuals from bad banking practice then if it's seen as a bailout.

3. Banks ideally are the safe organization to hold cash. A bank failing is seen as a failure not only for the individual bank, but for the set of regulations that banks must follow. One bank failing reduces trust in all other banks, so it's in the industry's best interest to accept regulations that prevent bank failures.
Cuts an every other monthly task from 40 hours to 4 hours. Still need to give it general points that are relevant.

She manages 80 students.

Alternate would be school hire a lot more staff.
Did you mean 500 thousand people? The total US population is about 330 million.
common wisdom held that it made it easier for investors to get you money -- especially from the usual sand hill road folks..
The Case Against Moral Sta­tus for AIs
I would not, but I also have never owned any super fancy appliances worth more than $2k.

Also, most appliance sellers include free disposal of old appliances, so the new homeowner does not have to worry about that.
They will be getting something but probably close to pennies on the dollar. Depends on how it gets repackaged and sold.
The issue isn't a lack of strength if your wrists, it's over-use of of your wrist.

All you can really do is read up on ergonomics and make sure your setup follows best practices - ones backed by actual research. As SCdF said, take frequent breaks. Pay attention to your wrist and hands when they feel sore.

A couple of things that have worked for me:

1. Switch using your mouse to your non-dominant hand throughout the day. It sucks at first but you will get good pretty quick

2. Use the mouse as little as possible. For web browsing specifically there are good browser plugins that make keyboard nav pretty easy

3. I had a lot of success using an Xbox controller plugged into a computer as a mouse. One joystick to move the cursor, one for scrolling, buttons to emulate mouse clicks. This was good for something like web browsing where I wasn't typing a lot. Or reading documents. It felt a lot more ergonomic than a mouse, kept my wrists at a better angle, and for the most part only used my thumbs and not my wrist.
I guess it depends on what you mean by “delete facebook” then doesn’t it.

Deleting an app is deleting an app. Deleting your account with a company is something different. You could keep the app installed on your phone, but delete your account.
Don't forget "fighting hate speech". If one doesn't support "fighting hate speech", that person is obviously an alt-right neo-Nazi.

I'm not hopeful either. For the first time in literally millennia, we've enjoyed a few golden decades of almost entirely uncontrolled communication. And now a lot of us are (unknowingly) begging for that to be taken away.
https://open.spotify.com/track/6j1D7df1BqtulVza3iIL6c?si=EuQ...
402 Payment Required
To clarify: If all smartphones were basically just an encyclopedia, instant messenging and music device I think they would be much better for people. Currently, most time on a smartphone is spent engaging with the attention economy, which I think is where most of the real poison lies.

I think even if you got rid of the attention economy though, smartphones would still have negative consequences. A smartphone will help you kill some time, even if you're just browsing wikipedia. I think sometimes it's good to be bored, it can spur you into doing something new. Now we don't get bored, we get placated.
Self signed identity is meaningless, especially online
That's pretty normal for confidence based stuff like this. There isn't really a point in regulators/insurers releasing a "well we're about half confident" message. So it flips from full confidence to zero confidence. Bit jarring but the sharp transition is not unexpected.
FDIC insurance is to protect consumers and small businesses. I think of it as the same concept as accredited investors, once you have a certain amount of money, you get the freedom to dive into the shark pool and responsibility to manage that risk yourself. SVB was a high yield (4.5%!) bank. That comes with some risk.
Everyone who can read a balance sheet could figure out there was a lot of trouble after the announcement of the sold securities for a significant loss. The VCs telling portfolio companies to ride it out may have been looking for bagholders to ensure that they can get their own money out.
All those hours perusing for the perfect notebook on JetPens - it's stupid how much I covet writing instruments. I too use a lot of legal pads, no cover, always flushed with the writing surface, tear off for a new beginning. I always thought, cynically perhaps, that those awesome looking BuJos were made to be Instagramable and not for the use of the writer himself. I will add something in the same philosophical vein as "use cheap notebooks". I was once obsessed with getting the right "planning system" in place for my Get-Things-Done lists, one calendar, one brainstorming notebook, grooming and curation schedule, and the proper icons and markers. Once I accepted that there could be many places for my To-Do list, many places for my priorities-of-the-day, multiple lists in my life, it was easier to get things done. I don't live in one place: the office, the car, my home office, my phone, my workshop - it's fine to duplicate lists and items, the important thing is to have one in front of me when I'm executing on a project. Once I "allowed" myself to have an imperfect planning system, things can get done, instead of me going back for the 5th time tweak the meta-work planning.
And what is the cost of the bailout, oh sage?

> As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits

I have a hard time believing they lost 20% of their assets in the last 70 days. The shortfall, if any, should be minor.
You're getting downvoted because people are upset, but this is a real problem that could have been avoided. We'll come out of it stronger, but its going to hurt.
This is exactly what makes Bitcoin a fantastic store of value. Bitcoin supersedes gold because compared to gold, it has no other use.

If Bitcoin would be used as a store of value instead of gold, gold can be used for other material purposes for a lower price. The same goes for real estate. A house does not have to be an investment asset or store of value. If (institutional) investors would use Bitcoin instead of housing, it could make housing affordable again. Or at least result in more fair/realistic housing market instead of the propped up market from the last few years.

Compared to gold and real estate, Bitcoin is a scarce asset that can easily be divided into small pieces. It has a liquid market and can be exchanged 24/7 anywhere in the world.
SVB is one of the banks Stripe uses for its Atlas program.
The biggest joke has to be all the "analysts" who chimed in with neutral or buy ratings as recently as yesterday.

I wonder what, if any, consequences fall their way other than the obvious professional embarrassment of a missed call.
The semantics of this are very cumbersome.

The deposit itself is not a liability. The deposit account is. There are many ways to get money into a DDA. The bank will never give you your original paper currency back.
After having various Bosch machines - 4 years ago we got Miele clothes washer and separate drier - with wifi et al.

For all the good engineering put into them... I was at a loss at official way to stack two of them. Which is to buy official "add-on" that goes in between the washer (suggested to be at the bottom) and drier (suggested to be above). Attaching that add-on means drilling/screwing into top plate of the machine that's below, with kit including small (superglue size) silicone to seal those new holes.
* Amount less than $250k
* "Deposit Account" => not a "fancy investment interest account"

Details: https://www.fdic.gov/resources/deposit-insurance/

Not Covered: https://www.fdic.gov/resources/deposit-insurance/financial-p...
If someone's preferred language/framework/environment doesn't have a good debugger, or if they simply don't know how to set it up, some percentage of them will start insisting that they don't even want one anyway.

This is the basic Sour Grapes concept.
I used to like writing on compositional notebooks under a professional setting. Now as an avid fountain user, I don’t mind paying a little extra $$ for better paper. Better paper won’t snag the nib of a fountain pen and facilitates quicker drying of the ink
I suspect all depositors will be made whole. The bank had a liquidity crisis; it had reserves in excess of its liabilities.

Every bank borrows short term (you can walk up and withdraw your money at any time) but lends long (e.g. mortgages, though SVB writes few of those). The recent management grabbed some very long federal bonds; as rates have risen the resale value of those long term assets (paying a lower interest rate) fell. They can't unwind that position and cover all possible demands.

FDIC will transfer the accounts to another bank, guaranteeing the 250K at least (I believe SVBs own liquid assets could cover that) and may use its own asset base to cover the balance, siezing SVB's other assets and stuffing them into FDIC's piggy bank. It's not like those government bonds won't pay out...eventually.
If you bail him out of jail, he'll bail out your bank, and then he'll bail out of the country.
Is BTC really that volatile or does the USD have its own volatility we should also factor in? Considering how every currency has been massively devalued over the past 3 years, and considering BTC is less volatile than the S&P 500, I'd say the USD itself contributes significantly to the perceived volatility.