skysight-inc/HackerNews huggingface dataset:
Most banks don't experience runs. If they did, there is a federal agency to ensure that customers don't lose their money. That gives depositors sufficient reason to think that they don't need to have a run on the bank.

There are limits to that insurance, and apparently SVB in particular had a lot of people exceed that limit (due to a large concentration of very wealthy people in Silicon Valley). So when a loss of confidence happened, there was a run, and the bank failed. The federal agency is going to ensure that depositors don't lose their money... at least, the first $250,000 of it. Anybody with more than that may be at a loss.

I'm not sure there's really anything more to do than that. There may be a need to review the marketing of SVB to ensure that depositors understood what they were getting into. There may need to be a review of the rules of what things called "banks" are allowed to invest in.

But the overall proposition of banking seems sound. They owe more than they have on hand, but that's a reasonable thing to do. It accelerates the economy overall, by letting individuals and companies make investments faster than they could if the available money were constrained by keeping it locked up.
The timing correlates.
There's a $40 billion hole in their balance sheet...
KitchenAid is basically just overpriced Whirlpool now.
It depends. Are these PAYGO prices or reserved instance prices? There is a HUGE difference. If these are PAYGO prices, the cost would probably be about the same to have your infra reserved in AWS WITH the added flexibility. This is why not just ANYONE should be able to spin up infrastructure in cloud providers. You should hire someone who knows what they're even doing.
93% of deposits are uninsured according to a recent regulatory filing. So, I doubt it will be “all depositors” that would be made whole.

https://twitter.com/business/status/1634211584657571843?s=20
Management at the now FDIC-controlled bank will estimate the value of SVB’s assets, such as loans and bonds, and give depositors a fraction of that value to be paid in advance of the sale of those assets. They do this to prevent the collapse of all those companies who were SVB clients, which would be bad for the economy.
For some context, it seems that this is the first bank failure since some time (Oct 2020) [0]

[0] https://www.fdic.gov/resources/resolutions/bank-failures/fai...
Appliances wear out and need replaced and lots of property owners don’t regularly remodel, so there is a pretty big market for, and ready supply of, things like refrigerators that fit older houses. In a brick-and-mortar showroom, they won't be in the most prominent locations, but they also will often be fairly well priced for what they are because its a large and price-sensitive market segment.
True, I am just glad it isn't SVB.
I have friends that work in game dev and over the years they have shared some "amazing" screenshots of blueprints on our discord server.

I've seen a lot of people in business point to it as something to uphold - that if we were writing software correctly, it would be capable of that.

But it still requires fairly technical people, they can still create abominations, and oftentimes they're used as prototypes for designers until the programming team can come in and write something that is actually maintainable and performant.
> The question was "what can be done to combat misinformation" and my response was "education"

No, the topic was that whether the thesis that technologies like ChatGPT enable misinformation is a reason to keep the technology unfree.

And in response to that topic it was me, not you, who introduced education. You then just added a loaded question designed to hint at a preexisting government.

edit: I can't add further comments anymore due to HN limits, but notice how the person responding to me is changing the topic after I pointed out that they are misrepresenting the earlier discussion.

They wrote:

> The question was "what can be done to combat misinformation" and my response was "education"

But they weren't able to point at the comment where 1) this question supposedly emerged and 2) their response supposedly brought up education as a solution.
Have you never seen an adult addict? Because social media is addiction, nothing else.
9 times out of 10 bankruptcy is a cashflow mismatch - this is going to be quite painful for a lot of things.
All banks run on exchanging short term liabilities for long-term assets. No bank is big enough that it can survive a large enough run.

The whole point of capitalization stress-tests is to determine that banks can withstand a certain amount of withdrawals.

It of course is going to be much much more likely on a bank that only has 3% FDIC - I have no desire to "run" on my bank because I am below the $250k limit, and even if the accounts were frozen for a week it wouldn't be that worrisome.

But if I were a startup with $100m at SVP, I would have been freaking out earlier this week.
The really exciting part is the next step — providing this for regular navigation across pages. This way you can have the fancy look of single-page JS apps without the heft and complexity of actual single-page JS apps.
There is a very large difference between FTX and SVB. The people behind FTX will probably go to jail because they committed crimes and effectively stole money. SVB mismanaged interest rate risk and ended up on the wrong side of interest rate hikes. They had similar results of people quickly trying to pull all their money out, but it's not "exactly an FTX situation".
What forces you to stick to the suboptimal "defaults"?
That's false equivalence. Smartphones are much closer to an innate/biological shift than a cultural one.
I'm a debugger lover and Visual Studio's is pretty great but GDB is also awesome. However, when debugging embedded systems with a good trace probe it's another whole world, using on-chip trace capabilities and being able to break on things like register or peripheral access makes it even more exciting. And expensive, unfortunately, since it's such a niche thing.
In most businesses you don't pick a minimum qualified applicant if there are superior applicants you could choose instead. Nepotism is just another way by which someone who isn't the most accomplished or best fit could be hired either because the order was given to select the candidate or out of fear that HR will come down on you for not being diverse enough.

What I'm saying is that when someone is hired into a position it's not always obvious to them that it was because they were the best candidate and not just HR's demographic of the quarter. This can lead to unwarranted self-doubt (which over time can morph into self-sabotage: "I wasn't really good enough anyway"). I've had off-the-record conversations with team members on this topic over the years and in once case I was unable to communicate to her what everyone else could see plainly: she was the best contributor on the team but she still thought she was unworthy and should leave. It's heartbreaking to see this happen to someone.
They were proactive in incubators and allowed new companies to open accounts and make large deposits right away, when many mainstream banks wouldn’t or were too slow. I’m guessing plenty of startups stuck with them through inertia at least.
Those mortgage backed securities will get you every time
Yes but many people want their money today, not in 10 years.
I think some products are better designed to wear gracefully than others. The old iPods with the reflective back are a good example. Those things looked nice for about 5 minutes unless you immediately put them in a case.

Conversely, newer Apple products seem to wear out very gracefully. A 4 or 5 year old iPhone may look used, but it doesn't look horrifyingly ugly unless the owner seriously abused it.
So they did exactly the same thing that FTX did - gambled with clients' money and lost.
I worry about all the valley based companies that held their payroll and operating expenses with SVB. It's going to take awhile (potentially years) to deal with FDIC an clawing back what's left of funds. I.E. what about huge infrastructure related companies like Gusto, Brex, Xero? This is very concerning.
Right.

Whereas for pixels there are over 16 million.

How many more than 250k is that?

Over 16 million.
Uppercasing a string can change its length
Agreed. Lots of people here in the comments are making assumptions about a system they don't understand. Depositors with > $250k aren't necessarily going to "take a haircut," for the reason you mentioned, plus a few others. Additionally:

1. Any financial advisor who recommended to these startups that they should keep >250k in a regular bank account should be fired. It's totally possible (and regularly done) to spread out cash among several financial institutions to protect against this very issue.

2. Any regular account with two or more signers (very typical for a business account) is insured up to 500k.

3. If spreading out your 6- or 7-figure assets to multiple institutions is too much of a burden, literally every business bank has special accounts or add-on features that either raise the FDIC default limit of 250k, or supplement it with external insurance. Again, if any startup's financial handlers didn't recommend this: fire them because they entirely failed to do their job.
Why didn’t they just use https://en.m.wikipedia.org/wiki/Certificate_of_Deposit_Accou...? I haven’t used it I just read about it in a Taleb book but it seems like it would be much easier than creating all the accounts yourself and you can interact with just one bank account instead.
I think the asset figure did not include unrealized losses on bonds that they intended to hold to maturity as banks are not required to deduct those from their total assets. As deposits flowed out of the bank, they sold some assets and realized those losses.

The FT reported a couple weeks ago that they had an unrealized loss of $15B in bonds: https://www.ft.com/content/0387e331-61b4-4848-9e50-04775b4c3...

I think we'll have a much better idea of the shortfall, if any, over the weekend as the FDIC tallies up the remaining assets and deposits.
> Debuggers need to do more things

It's true that coming up with an interface for an abstract debugger is harder, but it's not impossible. Microsoft created Debug Adapter Protocol (https://microsoft.github.io/debug-adapter-protocol/), which is conceptually similar to LSP. It's not perfect, but covers most basic operations pretty well, while leaving to the debugger to deal with the implementation details.
Spent a lot of my childhood getting stickers from the book ordering program, putting the sheets of them in a box, and never doing anything with them again.

Most of them were ruined during my adulthood when my basement flooded.

Now when I get a sticker, I throw it on something even if it's not the perfect destination for that sticker.
From an FDIC guide [1] I found:

"advance dividend: A payment made to an uninsured depositor after a bank or thrift failure. The amount of the advance dividend represents the FDIC’s conservative estimate of the ultimate value of the receivership. Cash dividends equivalent to the board-approved advance dividend percentage (of total outstanding deposit claims) are paid to uninsured depositors, thereby giving them an immediate return of a portion of their uninsured deposit. Sometimes when it is projected that all depositor claims will be paid in full an advance dividend will be provided to unsecured creditors."

[1] https://www.fdic.gov/bank/historical/reshandbook/glossary.pd...
Most of it can be done by the c# debugger, especially in the laid versions of visual studio.
> Sure you could say all velocities need to be in m/s, but 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?

Mach Number is a dimensionless ratio; I don't understand what that could have to do with velocity units? (Any units used in its calculation have cancelled-out by that point)
Must scroll down for the most interesting bit matching the title.
Or maybe she was just a narcissist on a power trip trying to feel offended and exploit the new political paradigm of female supremacy.
Looks like the FDIC coverage limit was raised to $250,000 in 2008 and made permanent in 2010, before that it was $100,000 since 1980.

https://americandeposits.com/history-and-timeline-of-changes...

Plugging that into any online inflation calculator, $1 in 2010 is $1.33 in 2023. So FDIC insurance should really cover $333,000, and people could lose $83,000 or more due to coverage not being raised.

This is one of 1000 examples of how deregulation and defunding government programs often backfires on the people calling for it. It's almost like the people who casually deal in hundreds of thousands of dollars don't know the value of the dollar, because they got that money by skimming it from their employees.
Damn near the entire customer base of Silicon Valley Bank withdrew their money yesterday (Thursday), forcing SIVB to sell those 10-year notes.
When enqueuing an execution, you get back a unique ID referencing it. We will make that clearer in our documentation, thanks.
SVB isn't Lehman Brothers.
Will those assets still be worth $210B as the days tick by? I'm not a macro financial analyst, but I have to imagine trying to liquidate $210B of bonds, stocks, etc. will cause at least some of that value to fall – that's a big number.
I've used both extensively for many years. All things considered, feature-wise they are about equal.

A massive feature I always mention is Gdevelop has noob friendly export options which are limited to a few a day unless you pay, but you simply export and it works. With Construct you need outside SDK and the skills to use them, such as Cordova or Android Studio for example. Gdevelop has this too and you can do unlimited exports for free. However, as far as I know Construct seems to have better console support like for Xbox. Nintendo Switch doesn't allow HTML5 games so it supports neither natively.

Comparing them is pretty nitpicky and depends on what you value. There are a just a few things Construct does better and I could elaborate if you'd like. To keep things brief: It handles variables in a better way, the expressions are slightly more noob friendly, the effects library is better, and the event sheet is more responsive, and better multiplayer. Gdevelop generally does everything else not listed equally or better. Gdevelop also has built in documentation and asset store. Gdevelop has rapidly deployed fixes to all other critiques I had of the engine. Even if I wanted massive features, the team implemented them as if they were reading my mind. Gdevelop relies on community support and it has it with it's open-source nature.

This may seem more overly critical of Gdevelop than I intended. Right now and for the future I wouldn't use any other "code free" engine. Like many others I've mostly moved on from Construct onto Gdevelop. But I don't have loyalty to any engine so I'm going to be honest when comparing them. About equal I'd say.
Try selling socialism to Americans...that's why.
> Attention span is out the window. Prying away devices is like pulling a toy from a toddler, often with the accompanying screams and wails

Its not just the children though - adults are the same.
An interesting tidbit from the Bloomberg live thread[0]:

>The FDIC prefers to close a bank over the weekend, shutting it down on Friday and reopening Monday, Steven Kelly, senior research associate at the Yale Program on Financial Stability, told me.

>“The midday takeover suggests the bank couldn’t responsibly operate until the end of the day,” Kelly said.

[0]https://www.bloomberg.com/news/live-blog/2023-03-10/the-fall...
“I don’t know why [Thomas Massie] isn’t more famous”
So that’s how flag waving nationalism and Brexit came to be tried.
How many of companies will loose access to liquidity and face bankruptcy next?
How to Polis
I don’t know the finer details, but if they are proportionately paid more this is definitely a big step in the right direction for women workers.

In general, women participation in workforce is outright abysmal in India. Hopefully this will be on of the many small steps towards addressing that.
My reading is that the long term book value of those assets is bigger than the deposits. And now that the deposits are withdrawn, SVB ahs to liquidate thise assets at current market value, which is (maybe?) lower than deposits. So, at the least, it looks like a strange risk management approach on behalf of SVB. And those clients that kept most of their money at this one, single bank.
> likely be made whole or close to whole

I've seen several versions of this sentiment here. What are people basing it on? I don't know much at all about the situation.
what imho. counts most in software-development ... efficient communication on all levels which is the means to an advanced understanding of the problem(s) to be solved.

for me, in a nutshell, software is the comprehension of the problem(s) at hand expressed in code.
well they got a finger in the dam leak at least. The question is, is it the only leak or are other cracks going to appear with more leaks?
I could never ever be able to own a new car, I always buy 5+ years for this reason.
From the FDIC release there will be an advance payment on uninsured assets within the next week.

My guess is they take a week to look through the books, determine an absolute floor for the value of assets, and use that floor to proportionately pay out uninsured depositors.

So, some additional funds will be available soon. We don't yet know how much.

The rest will probably be locked up while the process plays out. I've heard different timelines for that.
Conceptually, an Operator is intended to embody the knowledge and processes of a human operator for a given functionality. Extending the Kubernetes API might be an implementation detail but it’s entirely optional to extend it. Most Operators do extend it in practice, however.
Yeah it's not perfect, but it often works well enough. Just another benefit of isolating code into stateless stuff.

One use case I have is for instance debugging a bug that's hard to trigger. When it finally happens and my breakpoint is hit, I can edit the code, hot swap it live, drop the current frame and then make it call my updated function again as if the original call never happened.
Scotland was big, at one point, on using sea-power. Their idea was more about using the rising/falling/tidal energy to generate electricity via motion:

https://en.wikipedia.org/wiki/Pelamis_Wave_Energy_Converter
I took it a step further by starting on sheets of paper, second draft goes into a notebook, then the three draft gets typed on the computer. This really helped me not be afraid to write crap since I will toss the paper if it is bad. And the iterative draft process really forces me to pick out what ideas are best.
U.S. Economy Added 311,000 Jobs in February, Unemployment Rate Ticks Up to 3.6%
Sure, pre-seed. Seed is usually $2m-5m these days, and received all at once (mostly) as compared to VCs which do capital calls.
Definitely don't regret it because I'm more interested in the engineering problems around ML rather than research and I don't want to spend that long working on ML anyway. It gets boring after a few years.

If you want to do research, and want to work somewhere prestigious, and plan to do it for a long time, then doing a PhD makes a lot of sense.
I bet you could buy a portable AM radio that would support a Bluetooth connection to the car.
Your basic Jurassic Park story where corporate robots will keep acting like they are in control of what they have built, till the very end.
That's wild. I wonder if it's good news for neobanks like Mercury and Brex who will see an influx of new customers, or on the contrary, startups will seek old, boring, safe banks instead of niche boutiques with lots of exposure to industry risk.
Early repayment of some percentage of the uninsured deposits, prior to full liquidation and/or acquisition. Depositors have first access to funds either way.
I have mostly found the people who dismissed debuggers tended to be more Unix/Linux people, probably because raw gdb is such a huge pain to use. Windows developers and Visual Studio developers where the debugging experience is so easy, tend to sing the praises of debuggers. I wonder if it a bit of sour grape for the Unix/Linux crowd?
Depends what functionality you think "a time-traveling debugger" must provide, Smalltalk implementations usually provide something like this:

https://cuis-smalltalk.github.io/TheCuisBook/The-Debugger.ht...
Yes, russia. And they don't even hide the threats: https://twitter.com/PMSimferopol/status/1634111915596173312
In fairness, it wasn't the risk-taking that did them in... it was the fact that they went all-in on 10-yr bonds at low interest rates and didn't adequately account for duration risk.
Depends on how that electricity is being generated. If it's clean then it might be a good trade-off. If it's dirty then we're probably worse-off.
I put lot of blame for the current situation on the shortsightedness of turn of the century internet activists (cryptoanarchists and hackers and whatnot) who were extremely vocally rejecting any sort of government involvement on the internet
Thank you, good question!

We want to enable developers working on a side project to build apps faster and new startups to have a faster time to market by avoiding spending time on infrastructure and building custom layers of API and dashboard.

We also want to help bigger companies to take back control of their custom background jobs stack and to be able to ship new features or sub-products quickly.
Again for growing companies, we provide Custom Pricing which comes with degressive pricing with custom concurrency to support, for example, high throughput needs.
I'm not sure you can count it as income if it gets seized as part of prosecution.
Fixes what? An insolvent bank got was taken over by a national authority, all of the deposits were insured, account holders don’t even notice anything happened unless they’re following the news, the banking system doesn’t even skip a beat.

This sounds like everything went according to the highly regulated plan.
I think you need to hear better comedians. The best ones are funny and accurate.
Civilization is fast becoming a casino. Housing is increasingly expensive, most offers are some money-for-dopamine deal. Social media is a never ending row of slot machines. We keep betting small chunks of attention that we will have a mythical pay-off (fame, love, glory), and most just waste away pressing the buttons and looking at the colors change for ever.
Alternatively, create a business that wraps Twitter's public data/API and sell access to your API starting at $99/month. A sort of.... API arbitrage?
Bridge loans, DES, convertible notes, etc..., I'm sure their were loan "products" for startups similar to helocs (likely what put them in the hole). The appetite for crypto/fintech startups was huge during the pandemic and likely pressured them to get creative on products and overleveraged. It's all unwinding now.

Unfortunately, harder now for startups, mind that all those startup dreams from laid off FANG staff just got their rug pulled.
The Wall Street Journal has never been "liberal media", but since 2007 it has been owned by Rupert Murdoch.

Its news coverage has always had that conservative tendency associated with the financial industry, but was (and mostly remains) a fairly reliable news source.

Its opinion pages have become increasingly psychotic, like the rest of Murdoch's empire, pushing delusional right-wing fantasies.

Many other "mainstream news sources" have indeed contorted themselves into surreal positions to avoid accusations of "liberal bias". It's possible that's what happened to the Denver Post.

But this is just partisan propaganda, being bolstered by having its name attached to a newspaper with a good but rapidly tarnishing reputation.