skysight-inc/HackerNews huggingface dataset:
> The point is the idea that they are hurting their bottom line by overhiring, but the whole thing works out because it prevents their competition from hiring is completely nonsensical, when you're alleging that they are all doing it. If they are all hurting themselves by overhiring, they can't be deriving any benefit from keeping the talent away from your competition.

Is there a reason why you think FAANG only competes against each other and no one else? FAANG colluding to prevent other companies from getting access to tech talent is exactly something they would do even tho they are "competing" against each other. OpenAI for example is now seen a direct competitor against Alphabet and its cash cow.
This is absolutely not how the stock market works. Market cap is not based on book value.
And here we are debating if the AI is good enough
Except that's what the Fed is trying to correct. Inflation is caused when the money supply in an economy grows at faster rate than the economy's ability to produce goods and services.
Cut to a scene of fifty angry unpaid devs banding together to file their claim and then standing in the Atherton driveway of their VC and figuring out who gets his art collection, who gets the wine and how much, who gets his watches...
Maybe, but as far as I can tell using the ML specific hardware requires CoreML and CoreML's data formats.

But I also can't tell where the vector (or matrix?) extensions end and the apple "neural" engine begins so shrug? :D
Lehman was a symptom of a larger problem associated with mortgage backed securities, not a cause of the problem.
it's to justify a takeover.
Yeah but they will get some money for them. Plus there might be some other options. The FDIC is going to try whatever they can, and it's only been a day.

In the meantime, impacted account holders can get their IOUs and borrow money to make payroll.
The create money by loaning out many times the amount of deposits they have.
That's true. But also, it seems absurd to me that people care enough about fonts to pay money for them. To me, there are only 5 fonts in the world:

* any Serif font (Times, etc, they all look the same except for 1-pixel differences)

* any Sans serif font (Arial, Helvetica, it's all the same thing)

* Serif monospaced (Courier)

* Sans serif monospaced (Consolas etc)

* Silly unreadable fonts like Papyrus. Sure, technically, there are lots of these, and they do look different, but there's no reason to use one of these, unless you just want to make your site difficult to read.
Someone put an extra comma in a CSV file and payroll was delayed for about 20k US employees who did not get paid timely. They covered any overdraft fees.

I would’ve been in tears if I was the dev but you have to pick yourself up and move on. If a single dev could’ve done this there’s a problem with the process and organization.
Can definitely relate here. I've been accused of "mansplaining" and aggressive communication more than once, when I am only intending to communicate clearly and directly the same way I always do with everyone all the time. Clear communication isn't an insult. The tendency that some people have for unnecessary and unfounded offense is utterly obnoxious.
With all the noise from the FDIC seizure it’s hard to find fundamentals right now of SVB (I’m on mobile at the moment which is rough to search for SEC filings from). How big are they?

How significant is exposure outside of startups and tech companies?
> Hold-to-maturity assets are not required to mark to market, for example.

This is irrelevant in a scenario where every client wants to withdraw their money, because the only way SVB can fulfill that is by selling their HTM assets at the current market price, which will be at a heft discount compared to where they bought them.
The last thing Saudi Arabia should have is nuclear technology. Their energy needs are covered. They've been lobbying quietly for access to such tech and MBS has made statements about obtaining nukes. An ambitious, cruel tyrant in a detente with Iran is not going to change those aims.
Yet another javascript attempt to use it for something it was never meant to do? Can we come up with a better way and languages to finally fix the node issues and use the appropriate tech for this purpose?
When Peter Thiel yesterday said to get out it probably made things worse by having to sell assets at worse prices. People got spooked.
That's exactly what's happening but many depositors need to be "made whole" faster than the liquidation would allow because they need to make payroll in literally a few days time.
Sure, but loaning out deposits creates money, does it not?

Most of that loaned out money is getting deposited into another bank account. And that deposited loan will (minus a percentage kept in reserve) get loaned out again. And so on, etc. I might be missing something important, though.
LOL. In Australia, an inter-bank ACH transfer was typically complete within the hour, worst case. Usually within minutes. Without fees. In 2002.
Yes but the depositors of SVB are almost all corporations (mostly tech startups), that can ethically be left to die, whereas individuals have rent to pay and families to feed. I can see where this sentiment comes from if their income taxes are being used to bail out corporations.

At the same time the flip side of this is that many of those startups aren't profitable and in the absence of a FDIC bailout, those startups' employees (who are typically not paid that well to begin with) may not get their next paycheck and thus it still is directly impacting individuals and families.
In C and Python (which inherited it from C, I believe)

for(int k = 0; k != N; ++k) { dowork(k); }, similar in Python

ranges are [0...N). If I want just a sum, and would like to split work among multiple CPUs, I could write

s = sum(0...N)
or
s = sum(0...N/2) + sum(N/2...N)
or
s = sum(0...N/3) + sum(N/3...5N/7) + sum(5N/7...N)

and it will work beautifully. Ranges are decomposable and composable with any number(s) splitting original range.

[0...N/2) + [N/2...N) = [0...N)

When I first looked at Julia, I was ... unhappy. They didn't get simple ranges composability right. You could do it, sure, but it looks so ... unnnatural.
OP here. Tried to add that but HN has a limit to the length of the title and couldn't fit it.
The article headline is clickbait. They're immediately doing payouts through JP Morgan Chase now; the only delay is because some payouts were in flight when they got stuck in SVB, so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous), the new payouts will take a few days to arrive via JP Morgan Chase.
Can you elaborate this. Is it possible for a regular bank to lend money it does not have?
It didn’t seem probable at the time, but the taxpayer did pretty well with all the bailouts in 2008.
Oh, did they? I hadn't seen that yet.
This is materially false. The issue was with their MBS holdings in their HTM book. Treasuries are so liquid institutions never hold them like that. MBS are not.
If we don't help depositors then bank runs at other banks are more likely. That hurts everyone, including yourself if the contagion gets really bad.

If helping depositors also ends up helping the bankers, we still have to do it.

In cases like this, people need to set aside moral outrage and look at what will actually happen.
> delayed

If the money was sitting in an account at SVB, which it was, it’s at risk.
Sure, as long as you trust the government to accurately distinguish wolves from sheep and only shoot the wolves. Human history shows that governments have a very poor track record of doing this, and get worse at it the more power they are given.
Dollars are bank notes “promises to repay”. It used to be many different bank issues notes payable in gold, now it’s one bank - the Fed, and it’s no longer gold.

It doesnt matter if the US dollars is held outside the US. The dollar represents a promise by the fed to pay, and thus is a liability to the fed.

Of course the fed has the power to create and destroy dollars.
That's a bold statement and not in line with FDIC actions for previous bank failures.
I don't know, you seem to be the expert. You tell me. :)
The article is talking about a bailout of depositors, not investors.

Not letting the bank fail is a form of bankruptcy in a way. The owners lose most or all of the value of their ownership, but the bank is sold to new owners so it can continue to run.
Until it isn't.
yep, part of the problem
Isn't the requirement already accounting for change in market value of "assets" in the quarterly balance sheet?
If they offer a blind proxy solution they can market it as Boxxy
It is (was) a bank in Silicon Valley that primarily served businesses in the tech sector. What's weird about that?
And it was. The prediction was that covid supply/demand constraints would resolve when covid problems clear themselves.

Unless, of course, you are expecting the Fed to predict the war in ukraine, the energy crisis, etc.

And in any case, people who take the Fed's predictions at face value, and base their financial positions on it, can only blame themselves when the Feds do something contrary (as they are always entitled to). These predictions aren't promises.
It plain makes more sense to generate the power as close to use as possible
Layoffs?! Whaaa?!

This take is absurd! I agree your fund being frozen is not ideal for any companies, but this cannot automatically mean layoffs.

You could easily find a line of credit. You could furlough employees. I am sure there are other levers you could use to bypass laws and I am sure the laws account for issues like this.

What happens when say for example, there is a massive outage at the company that handles your payroll or the bank that holds your money? The answer cannot be to shut down the shop and fold.
Parent is quoting the name of the graph in the article from The Economist showing the value going from it's peak to nothing, no need to downvote him.
Lol you think the read it now?

I spoke to reps before building this, this is an improvement. I’m (1) validating it’s from people in district (see the example) and (2) bolding what their opinion is and on what policy

The two points above allowing quick review & counting. Which is really all they do anyway.

Spam today is worse, organizations make copies of letters and send them in from all over the country to various reps. It’s even worse.

Now rather than copying they can generate, edit, then validate. Presumably, the intern reading this might get more specific reasons
They're allowed to borrow from the federal reserve which is allowed to lend an infinite amount.
Good grief. Simplifying this to “they took on tons of deposits and felt the need to make risky unchartered investments to retain their existing level of returns” is just so stupidly greedy. JFC, I think here of a ship with a heavy keel; only for the captain to order cargo many multiples the weight of the keel to sit above deck.

Why can’t so many folks who are doing well enough just act with basic common sense and integrity these days?
Turn up your music so you can't hear it? :)
I am naive in this area. But what I don't really understand is.. why are all of these start ups using Silicon Valley Bank? It's a relatively small regional bank, that happens to have a ton of cash. Why aren't start ups using Bank of America, Wells Fargo, etc. It's odd to me that >90% of a sector uses this one regional bank.
I'm not arguing about FDIC insurance. Anyone who deposited beyond what was insured knew the risk they were taking.
> should be criminally charged

For what crime?

If someone unintentionally but ineptly writes code that crashes Amazon on Black Friday, did they commit a crime?
The LLaMA 13B and 30B models that Facebook leaked a few days ago have already been successfully spun up on home-grade GPUs using 8-bit and 4-bit quantization, and they work surprisingly well:

https://rentry.org/llama-tard-v2

30B is not quite as good as ChatGPT yet, but that's mainly a function of fine-tuning quality prompts, and the model is comparable in principle. There are already scripts for fine-tuning, so I expect plenty of pre-tuned chat models to show up very soon now.
The issuing bank for loans isn't necessarily where the company keeps the majority of their assets.
> Are you (and the YC boss) suggesting that the government is more nimble than VC machinery at deploying capital when shit hits the fan?

I can't speak for YC. VC is almost certainly faster, but it's not built to wire money over the weekend. The issue happens when the FDIC insurance isn't enough make payroll on Monday. I don't think the government can bail anyone out in that time period either, but a lack of solutions doesn't make it any less of a problem.

> How is it unclear?

On paper, they have enough in assets (as of Dec), but there's no way to know if the market takes that price as the FDIC sells it off to cover the deposits in the coming months. Typically liquidating a position impacts the price of an asset.
No the article isn't. It's clearly referring to depositors.
its fate was sealed way before that and if Thiel instead advised everyone to stay with the bank it would have only prolonged the agony, with more people losing their money
Yeah, it does seem like there's a fundamental limit how fast you can go even if you engineer the data juggling to perfection. My guess is that every loop through the transformer is going to have to visit every weight and if those weights cannot fit in your fastest memory, then it's going to have to spend time transferring data from SSD or whatever is lower in your memory hierarchy.

The quantization used in the post luckily seems to work somewhat well; I'm also wondering if some new clever ways will be invented that reduce the amount of data you need to juggle. Maybe e.g. not just using 4-bit weights but also compressing them in some way, sorting the weights or something.
"oh ..... a bit late on that one, Charlie. I'll bet that smarts."

- 'Please Mr Custer' - https://www.youtube.com/watch?v=fe0q8Lq3L2Q
Silicon Valley bank was a healthy bank so you have your answer there. It is well known that no bank can survive a run on it, even if it is healthy. That is why the FDIC was started.

Regarding the CEO, one has to keep in mind that the CEO is responsible for being honest towards the shareholders as well as for keeping his bank solvent. He also has to disclose any material risk to the shareholders in a timely manner. Well it is easy to see this was a material risk. It is difficult to say what the CEO could have done better. If he said the bank is absolutely fine and it was impossible for it to fail to pay depositors, and the bank still failed, then the shareholders would have sued him.

I think he got in trouble when he tried to call on the community spirit of silicon valley. When he said that his customers should support the bank as the bank has supported them. He should have known that kind of call for community spirit and non-contractually obligated decency would ring alarm bells in the minds of a bunch of silicon valley CEOs. And Peter Thiel.

I think the lesson to learn here is that perhaps the FDIC insurance limits should go up. The FDIC has done a great job in ensuring ordinary people that their bank accounts are safe, as ordinary people usually keep less than 250K in their accounts. But, businesses tend to keep much more. And some venture funded tech businesses tend to keep even more. And silicon valley bank was unique in that most of its deposits were from venture funded tech businesses.

So while the FDIC insurance does generally prevent runs on banks by ordinary people, it does nothing for businesses. As far as a business with 20 million in the bank was concerned, most of their money is at risk and the situation is not that different as it would have been 100 years ago in the 1920s. And thus, the very painful process of a bank panic happened to silicon valley bank just like it used to happen to old US banks back in the 20s and 30s, before FDR created the FDIC.

So I think the government should seriously consider expanding the FDIC insurance to higher levels, perhaps in exchange for additional fees.
> All of the achievements of humanity comes from collaborative effort

I absolutely agree. So the next question is, which way of organizing collaborative efforts of humans has worked better (not perfectly, just better), if we look at human history? Free markets, or governments? When I look at human history, I see free markets doing better--not because free markets are great, but because governments suck even worse.

> The best way we currently have to avoid this is to have a democratic, all inclusive government that decides what rules we should set and follow.

Sorry, but this is a myth. There is no such thing as "a democratic, all inclusive government". Government is not magic. It's some human beings being given permission to exercise arbitrary power over other human beings. Human beings cannot be trusted with that kind of power. Various ways have been tried to limit the power of governments, such as the US Constitution, Bill of Rights, etc. The invariable result is that the people in power simply find ways around the limitations. The only way to stop human beings from abusing power is to stop giving them the permission to exercise it in the first place.

I understand that, realistically, no such thing will happen any time soon. But accepting at least some government regulation because we can't avoid it because the world is imperfect and we're not going to convince everyone to implement and learn to live with full-on libertarianism tomorrow, is way, way different from thinking of government regulation as the go-to tool of first resort for solving any problem. It's not. It's the worst tool for solving problems.

> Total individuality

This is also a myth. Nobody can totally support themselves with just their individual efforts. Well, perhaps there are a few edge cases living totally off the grid in a forest somewhere, but they're not going to be posting here and they're not going to be impinging on other people's lives anyway so we can ignore them.

The people who abuse power do not do it by "total individuality". They do it by co-opting, through corrupt institutions, huge numbers of other people to further their abuses. Those institutions did not get the power they have, which the people then abuse, through a free market. They got it through governments (in many cases the institutions are governments, or governmental institutions). In an actual free market, the kinds of abuses of power we routinely see in government-run societies could not exist, because the institutions and the implied permission of power that comes with them would not exist. People who want to do something collectively in a free market have to convince other people to help them by trading things of actual value. That's how a free market works: if you don't have something worth trading, people simply ignore you. You don't have the option of saying, hey, I'm in a position of power, you have to do what I say. And so people are forced to stop exercising their "total individuality" and actually cooperate with others.
nope, there's no mandate to buy for yield - they do it to make money.
My goodness, yah, shadows on -everything-
I thought it was just my eyes, and "ok, I gotta get off the computer", at least I wasn't the only one!
When I was a kid, my dad worked for the government in a handful of fairly remote places, and even though I could dial in to places like TOTSE and The WELL, it cost a ton of money in long distance fees. As a result, there was always incentive to get access to 1-800 numbers that did things like give you a telnet prompt or a modem in a different city. I remember the first time I got access to a network that had internet connected hosts distributed around North America, and I sent an email across the country that arrived in the blink of an eye. When I saw that I was like, "Who the hell is paying for this...this dedicated high speed phone call that's probably been running nonstop since I was in kindergarten?" It didn't occur to me that by the late 80s and early 90s, a "phone call" was really more of a metaphysical fiction than anything else.
I was speaking about Paypay in a gMail exchange yesterday and today saw an add about Paypay on my Smart TV (YouTube App). Weird coincidence. The first time ever that I have seen a Paypay ad on Youtube.
Pricing

$5,000 setup
+
0.05% annual fee (> $125)
It’s the second largest bank failure ever in the United States.
It loads too quickly! Is there a "baud-rate" CSS selector that could be set to 19.2K? (unless you were lucky enough to have one of those fancy 56K modems!).
Your comment is delightfully insightful! I waited too long and cannot edit my comment to say I learned a lot from you and others here today. :P
You're missing several points on the spectrum.

You can provision dedicated servers with Terraform.

They can still be cloudy in the way you deal with hardware maintenance and risk of failure, and how you authenticate with them and how you name them, and how you hook them up on VPNs. But they're physical units without the AWS bells and whistles or the AWS premium. Not everyone needs their own colocated rack, and manage their own UPS and network peering.
Is it the Disney lamp chimney effect hahah?
https://www.youtube.com/watch?v=DdW1lGqZAv4
It's hard to make 100% timeliness guarantees when the courier that's carrying money from one place to another dies on its way. How would they have a redundant courier?
People in Ottawa used to get about as upset about Bluesfest when it was held downtown, because there was some music from a summer festival for a few nights. They're not really a good measuring stick for how disruptive something is, more like a bunch of entitled civil servants that don't want to be disturbed while they cross off the days until their pensions arrive.
You’re doing some really great work through all of this
Bear Sterns fell first, at $350 Billion in assets.

The issue in 2008 was that the banks were doing a domino effect on each other. We don't see any such signs of that with Silicon Valley bank, and SIVB is smaller than Bear Sterns (and other banks) from 2007 crisis.
you can transfer your treasuries to a broker and then sell them. i do see your point though. if your emergency is you need your life savings TODAY then yeah you'd have a problem. but you could probably find a source of credit while you sell.
No one really knows.

And banks usually aren't crazy amounts short. But they're short enough to got under.
My country has an 8% budget surplus before interest payments, and 2% deficit after. What would be the consequences of ignoring/defaulting on that debt exactly? Seeing as how it's already doing fine with an 8% surplus.

I can think of other (political) consequences, but not economical per se, if you assume that a loan has a risk of default priced into its interest rate.
I believe SVB is done. It won’t be sold. They wound it up. It’s over.
Biocosmology: The Birth of a New Science?
Corporations are legal fictions. It's just a liability boundary. They are ultimately comprised solely of human beings.
Those SSDs are ephemeral, so unsuitable for long-term storage. If you wanted to use them you’d need a task that copies the entire persistent volume into the ephemeral SSD at boot, and then the reverse on shutdown (and pray that the machine doesn’t die abruptly as that would mean you lose the SSD without doing that reverse copy operation).

Presumably they would also lack the durability guarantees of the normal block storage offered by the provider.
The school district isn’t a corporation it’s part of government. As we all know the government gets to make and enforce its own rules.