skysight-inc/HackerNews huggingface dataset:
Until it's returned, it's unclear if they'll actually get it all back.
FDIC takes almost no time. From their website (https://www.fdic.gov/consumers/consumer/news/cnfall14/miscon...):

The FDIC almost always pays insured depositors within a few business days of a closing, usually the next business day. Payment is made either by providing each depositor a new account at another insured institution or by issuing a check to each depositor.
https://archive.ph/LNI2e
Why wasn't Circle using deposit networks? Did they take out private uninsured deposit insurance?

Circle's competitor Paxos is using IntraFi Network and Reich & Tang Deposit Solutions for BUSD according to their reports (https://paxos.com/wp-content/uploads/2023/03/BUSD-Monthly-St...) and has obtained insurance for most of their balances in excess of FDIC insurance limits.
ggerganov is a genius! I'm using his excellent whisper.cpp in my WisprNote offline private transcribing MacOS app. It 10x the speed of the regular models. He even invented a custom format for the models! The work this guy is doing--first class or beyond!!!
Funny that they didn't deem T-Bonds to be high risk given that it was they who crashed the value of those T-Bond by increasing interest rates.
I can’t see how anyone could seriously blame her for any of this, I don’t think the poster intended to imply that.

This is pretty amusing in retrospect though. The last chapter is definitely an important one!

> I am excited to lead SVB’s outstanding risk management team and continue to build SVB’s risk management framework and capabilities in this important next chapter of the firm’s trajectory,” said Olson.
> a totally idiotic anti-nuclear popular vote happen

Pro-Nukes like to focus on NIMBYs and fools in fear of radiation, and ignore what the problem with nuclear power actually is and has always been: economic. The fact of the matter is nuclear power has never, never ever, been profitable, and it has nothing to do with regulations. Fission is the singular most expensive way to generate electricity, and always has been. Only nations could develop nuclear power, paid for by taxes, and the return on the investment was never realized. Investors are only interested in reaping the benefits of charging for electricity, and leave governments and tax payers holding the bag when it comes time to decommission and to deal with the waste, which includes very expensive security. And these days, it costs $10B just to build a nuclear plant before any electricity is generated, and that's just construction costs.

The solution is quite simple, my friend: make nuclear power profitable, make it competitive with alternative energies, and you can have a nuke plant in every major city in the world. That's really all you need to do, investors will take care of everything else. But until you do, do not expect any investors to appear and throw their massive capital down the drain just so you can have outrageously expensive electicity.
I got this working on my 64GB M2 MacBook Pro!

Wrote detailed notes here for anyone else who wants to try this: https://til.simonwillison.net/llms/llama-7b-m2
One is art, the other, sermons about a better future. One is meant to be actualized. The other is meant to be enjoyed. The problem is his thoughts are vapid nonsense which can never be shaped in any form. I think the real reason a lot of people like his flavor of nonsense is because it makes them feel intellectuals by association. Jordan Peterson is another hack who falls into this category. People get attracted to him because it makes them feel deep.

The fundamental spirit of Americana is individualism and people need to think for themselves.

Finally if you are consuming his content as mere entertainment then by all means go ahead, but may I also offer Mad Max Fury Road as a tremendous alternative.
Not an exact Dup, but originally covered here: https://news.ycombinator.com/item?id=35089155
Arnold Schwarzenegger’s Last Act
> If you are a software engineer, you are no longer the target audience for the MBP lineup.

If you are a software engineer developing for Linux.

Seriously. I don't get the sentiment here, at all. It's like buying a (insert non-microsoft platform here) computer and complaining it sucks to develop Windows apps on it.

???
Inside my particular mind, this practice is called "driving a wire through it", which is close enough to the concept of a "steel thread" that I can imagine where the author might have gotten the idea.
> Why makes Tether a fraud?

They've been convicted of fraud. They had hundreds of millions seized from bank account of criminals which they helped launder money for. They cannot operate in NY anymore and the NYAG fined them. I think Canada banned these fraudsters too?

They also sold Moonstone bank to SBF/FTX which illegally siphoned money out of the US to the Bahamas.

Nothing smells of fraud as much as tether/Bitfinex. Not even Madoff.
The banks that the market has deemed "at-risk"

"Trading in Pacific West, Western Alliance, and First Republic were stopped due to volatility after they all initially fell 40 to 50 percent. Trading was also briefly stopped in Signature Bank after its shares fell nearly 30 percent. Several of those banks sought to reassure the market by putting out statements highlighting their differences from SVB in terms of asset and depositor base."

https://arstechnica.com/tech-policy/2023/03/silicon-valley-b...
> This is about as strong as a signal they could put out to stop a possible run.

Or a desperation signal, which might actually trigger a run. Like what happened with SVB.

The minute the CEO of SVB tried to reassure investors and told them everything would be ok if they just kept their deposits with them, immediately everyone started withdrawing.

Are the “safe” banks all putting out statements about the strength of their financials? They probably don’t feel like they really need to say anything. They feel safe, and that’s what keeps them safe. The moment they panic, their clients panic.

I guess we’ll see what happens.
I don't know, given all the funny stuff going on the power might REALLY shift soon haha
Solving Aerial Mysteries Requires Known Physics
Naming things is hard.

https://www.urbandictionary.com/define.php?term=roxy (2nd entry)
Equity holders are a lower precedence still from the unsecured creditors but nobody wants to bail either of them out - they took a risk and it didn’t pay off. Their investment is worth zero. People and companies who had cash in checking accounts weren’t taking any imprudent risk.
This is right, though I think we should be clear that the MBSs lost value because they are normally like bonds, and bond prices decrease when yields increase.

MBSs tend to remind people of '08 when MBSs lost value because too many had a bunch of garbage loans which defaulted, causing MBSs' face values to decrease. In this case, the fact that they were MBSs is mostly a coincidence. If SVB had invested in Treasuries, they'd be in the same world of hurt that they're in today.
Plenty of banks sell equity. General Atlantic had already agreed to purchase 500M of it, and it was the largest investor in First Republic as well.
I dunno. Fucking duh, a government bond that pays you a fixed amount of interest is going to lose value when inflation is higher than the loan rate.
> Today, only 1 other person in my friend group of 6 heard about SVB.

Really? My mom knew about it, and she's a retired teacher who doesn't live in the Bay Area.
Not at this point in my career, but probably at some point in my career.

Routine just becomes boring at some point. Once you have an established track record, it's far easier to justify (with creditability) that you decided to take on a ridiculous situation.
We've banned this account. Regardless of how right you are or feel you are, you can't attack other users like you did in this thread, and certainly not for ethnic/national/racial reasons.

I appreciate that you have lots of good points to make but we need you to abide by the site rules: https://news.ycombinator.com/newsguidelines.html. Please don't create accounts to break those rules with.
Ah yeah you're correct good catch.
We have doing something similar to this for a long time as proof of concept for h/w and s/w of control systems architectures with new, or new combinations of, equipment, but calling it a vertical slice.
I’m not sure you’re using the standard definition of “make whole”…
Your deposit creates an equal asset and liability on the bank's balance sheet remember assets = liability + equity must balance.
> Nope, wrong. Their balance sheet is strong and they are fully solvent.

The fact that they sold assets for a loss indicates that they are not.

The fact that the FDIC took over the bank indicates that they are not.

The fact that the bank is winding down with no other bank willing to buy them indicates that they are not.

What fact would you put forward to support your assertion that the bank is fully solvent. Because right now you are saying the opposite of the market, the FDIC and the banks competitors.

If they were fully solvent it would be pretty trivial to find a buyer to keep the bank to Silicon Valley startups going.

The fact that no one will take on their liabilities is very damning.
Perhaps brought in to be the fall person, eh?
I think that can happen naturally, unless they are dumping rocks on my hometown California beach. There is a layer of rocks below the summer sand level that are exposed in winter. I guess they could have dumped rocks years ago when erosion was problem.

My hometown beach was fixed by restoring connection to lagoon behind it and allowing the sand to be dumped in the ocean not the lagoon. Restoring the lagoon and digging a channel helped but what really helped was building new bridge that didn’t block the flow.

They used to dredge sand to have enough in summer. Now there is plenty in summer but can get rocky in winter after storm.
Same for most of the protests out there. You should not support surveillance even if you're against cause of protest. The government will come for you sooner or later.
Funny their logo is the bank coach. These days they’re more like the bandits. The customer is driving their money into the ambush and the government is riding shotgun with no shells.
While the space of possible sentences might be digital infinity, words aren't. Unfortunately, there are only a finite number of words that can be formed before the brain stops processing the word as a word and opts for seeing it as a procession of letters of the alphabet (Mark Twain).
After Silicon Valley Bank fails, tech startups race to meet payroll
The thing to understand about the change in policy regime that led to the elimination of the reserve requirement is this: banks were (and are) holding massively more reserves than they needed to. They didn’t need the Fed to tell them to do this, so it was not an effective monetary policy tool any more.

In economic terms: the supply of reserves was so high that it was in an inelastic part of the demand curve for reserves.

The new regime (“ample reserves”) depends on administered interest rates, rather than reserve requirements, to set short-term interest rates.

It is absolutely not the case that the reserve requirements were removed to allow banks to reduce their reserves.
Most record-and-replay debuggers let you store the recording to debug as many times as you want.

Pernosco (which builds on rr) has some really powerful state-recording and state-sharing UI for long-term and collaborative debugging. https://pernos.co/about/notebook/
He and his buddies were talking about playing gambling and donating earnings.

I saw it as a promotion for gambling. Listening to them talk about it made me sick

Americans love for gamlbing and alcoholism is beyond my comprehension. Like all bad things it's very bad in the long run
You'd think they'd have seen a mass abandonment after the whole "signing people up for accounts that they didn't want" thing. They don't really have any attractive credit cards last time I looked compared to other banks, are they really good for mortgages or business loans or something?
Three. You can also do it in Metal, which as of recently has cooperative matrix multiplication in the form of the simd_matrix type (this is similar functionality as "tensor cores" in the Nvidia world). I have no idea what the software support is, but I have seen analysis suggesting that the raw tensor multiplication throughput is larger than ANE for the high-end GPUs.
Wow, I never thought of / heard anyone explain equity as a liability to pay to shareholders. It’s brilliant!
You're sorely missed Mr. Carlin

https://www.youtube.com/watch?v=u-ryuJDTpEc
Running LLaMA 7B on a 64GB M2 MacBook Pro with Llama.cpp
Not just that, but if you did convert to USD earlier today, they won't let you withdraw.
The problem is that you're breaking the site guidelines left and right so your comments are rightly being flagged even if some users are flagging them for the wrong reasons.

If you want to present a minority/contrarian view you need to go about it in a completely different way. Venting and fulminating will only alienate others, get you banned for breaking the site rules, and ultimately discredit your own point of view, which isn't in your interest.

https://hn.algolia.com/?dateRange=all&page=0&prefix=true&que...

https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...

https://news.ycombinator.com/newsguidelines.html
i’m surprised this disclosure alone caused it to depeg this much
Comply or you'll be profiled. Our definition of democracy has changed a lot.
Switzerland was once a leader in nuclear technology and we should be again.

The solarspace energy beaming down to Earth idea at a construction pace, ops price lower than a nuclear plant changes the game on the successful launch cadence of SpXStarship. Polls are standard tricks of the trade in the realm politik.
> I can't reliably alt+tab on a MacOS to switch between windows and apps

Why do you expect alt+tab to perform identically to the Windows version such?e

> window tiling is trash

How's the built-in window tiling on Windows?

> applications need to be "quit"

...okay? yes?

> but some apps quit when their last window is closed, weird

Within Apple's own programs, you see this behavior? Or are you speaking of third-party apps that may be disrespecting the established paradigm?

> Oh, and Macs have a hide and minimise feature, wow! Just a cluster fuck entirely.

Yes, and I love the hide feature.

Seriously, there's plenty to complain about in Mac land these days. There's a definite trajectory and I don't at all like where it's headed. But all of your complaints (other than possibly the one regarding iTunes), essentially boil down to "this isn't Windows". That's fine, go use what you want. What's baffling is when you call something garbage, because it doesn't match your preferences especially when it matches those of others.
It's up to a year for high-up individuals and their families as I suspect Alex Mashinsky is going to be able to tell us all about.
It costs you, personally, nothing at all to hold that opinion.
Undoubtedly it is a dry bureaucratic definition like “A 30 day period where on each day capital outflows were greater than inflows by a factor of 10”, of course in the definition failing to capture what an _actual_ bank run is.
I don't know how I would reword it, but the current headline gave me the impression that Rippling had money deposits stuck in the bank and hence couldn't pay people on time.
However, today, USDT is looking pretty good in comparison.
The ceiling hatch of an elevator is normally locked from the outside. You may be able to pry the doors open. However, in this case, the elevator was an express elevator and the door opened onto a cinder block wall. In the 1993 World Trade Center bombing, one group of people were trapped in an elevator, so they pried the door open, only to find drywall. They laboriously chipped a hole through the drywall with keys, reached through and felt tile. Reaching a bit more, they grabbed a paper toilet seat cover! They had made a hole into the restroom; after expanding the hole, they were able to escape. After that, the World Trade Center elevators were modified so they couldn't be opened from the inside, resulting in unnecessary deaths on 9/11.
You can think of the short term federal funds yield as a proxy for savings rate. You deposit, Wealthfront collected 4.75% overnight, and paid you 4%. They make a tidy 0.75% as the middleman.
Well if you buy into Hemmingway's approach you ought to bleed out onto the page. I don't think AI in it's current state very helpful for that.
Not all North Americans pronounce "route" the same way. It's either like "rout" (as in rout an army) or "root".
Followed by:

Such action, she said, would only be taken on donations made after Feb. 15’s emergency declaration and isn’t retroactive — adding such a case would be “very unlikely,” but definitely possible.

The main solid takeaway from that article is that 206 accounts were definitely frozen .. accounts that very probably donations were flowing into.

The rest of the article is weasel phrased, there are allegations of donors having their accounts frozen but no corroboration and then later details on how some of those stories don't add up.

A solid reference would be the actual public records that were requested to be kept:

The committee gave unanimous consent to a motion tabled by Chambers compelling government departments and agencies to report weekly to the committee on how many accounts they’d recommended frozen, who owned them and the reasons thereof.
Reframe Technical Debt as Software Debt. Treat It Like a AAA-Rated CDO
People have terribly short memories.
Thanks for clarifying. Does not look like its there today but hopefully down the road it will.
It'll go great. Busy people interview well. They just explain the ten different things they did that day.
Hahaha! Well you are a very interesting and unique thinker clearly! :) I mean that. OK, so can I ask some more questions? Do you really like Mad Max? Don't you think Peter supports "Americana is individualism and people need to think for themselves" ? Can you explain a little more art vs sermons. So Peter is someone who makes sermons, not art?

Can you show me how some of his thoughts are vapid nonsense? Or take me through how you react to a particular thing he says, so I understand better your thinking?
I don't think SVB is the keystone, but things simply don't feel correct right now.

* Inflation is unusually high right now

* The working/middle class is increasingly discontent.

* Rising interest rates are causing major follow on effects.

* Housing prices have been blowing up. Given increasing unemployment and interest rates, it's unclear what's going to happen there.

* The pandemic created insanity. Markets have made little sense over the past 3 years. They're just now returning to normal.

* Many, large companies are doing layoff. The market as a whole is signaling they don't expect profitability through revenue increase - so they're reducing burn.

-----

I have a hypothesis that markets are becoming increasingly optimize - which results in quicker returns, but also more frequent and harder drops/recessions.
>And even if that white knight or even off-white-ecru knight did come along and want to buy the bank next week, what if they don’t decide to make every depositor whole, for those holding cash above FDIC limits?

The wisdom on the street is that the FDIC will not let that happen as it would potentially cause a run on every bank outside the top 5. If there is a bank large enough to make every depositor whole without causing stress, then the FDIC (on a 10 year time frame) is handing you $100B "for free".
> Yes, I am that good and could certainly build it. My tech is magic. I can turn any complex domain into the simplest form possible

Sure grandpa, let's get you to bed.
Everyone needs oxygen and too much kills. Shoule we rename that element?

Flowing water kills people too, so what are your thoughts on network flows as a term?
Labor regulations in India are at state-level. Minimum wages, max hours per day, max hours per week/period, duration of breaks, spacing of breaks if overtime is involved, number of consecutive days of work (eg: 7th day must be off, if for some reason the worker must be scheduled for the 7th day, then policies for dayoffs/compensatory offs required), overtime pay rules, hours of operation and what is considered night shift, supervisory requirements (eg: need a night shift woman manager if utilizing women in night shifts), transportation and security requirements and the list goes on.

At some level, the states do compete on setting labor rules policies to appear business-friendly. The article mentions three southern states where Apple's plants are operating. You can be sure that the rules vary in slightly different ways between the states.

Again, the statutory rules are governed by different laws -- eg: Shops and Establishments Act vs. Factories Act. Historically, they have been different. For eg: A software company or contact center might be governed by the former while a manufacturing plant would be governed by the latter.
In this case, they apparently ignored several prior complaints until the guy videotaped this guy giving the man (who tried to run over his kids on several occasions) the finger and making a gesture (wrongly) described as "throat slashing."

Of course, this nutjob is absolutely paranoid and was constantly driving in a reckless manner around small children who wanted to play in their neighborhood, some of whom he videotaped running away from his car which he did not attempt to slow down according to his own videos.

So once the prosecution heard all this, they actually told the judge to throw out the case. I grant he shouldn't have even been there to begin with based on what we saw, but sometimes it's hard to tell that until after the evidence is seen.
VinFast delays production of EVs in NC until 2025
MBS have a double whammy when rates rise. Not only are the mortgages yielding less relative to current rates but prepays decline so the duration extends. A lower relative rate for a longer time means a lower market price.
Yes, it strikes me as perverse that if your business is debt, then a debt-free world is a very bad world. It's perverse in the same way it is perverse for a doctor to be sad when fewer people get sick. So, I empathize. Be that as it may, I don't see fewer people getting sick or wanting debt, so I think the point is somewhat moot.

It is troubling that the debt industry will attempt to increase the total debt in the world however it can. This is like a doctor attempting to increase the total sickness in the world - which is evil (not a word I use lightly, btw). But to say that either debt or medical industries should 'die' because perverse incentives exist seems wrong to me.
They can be risky for other behavior, necessitating capital. If they held less "risky" securities, they wouldn't need incoming cash. Cash makes the risk go away, but so does holding other better assets.
USDC is managed the Centre consortium, which was founded by Circle and includes Coinbase as a member.

Circle held around $3.3 billion in Silicon Valley Bank, leading to a run on USDC which resulted in it trading for as little as $0.95 on some exchanges today (Mar 10, 2023). This represents around 30% of USDC's cash reserves and 7% of its total reserves. The balance of reserves are held in T-Bills, which are liquid and typically can only be traded during market hours. Coinbase itself has around $2B of USDC on hand. Circle's rumored exposure to Silvergate's collapse is also a concern.

If more than $7.8B of USDC were to be liquidated over the weekend, USDC would be effectively insolvent. Freezing trades until the market reopens limits this. USDC should rapidly stabilize due to being backed by very liquid hard assets, but it will probably lose significant marketshare to Tether.

UPDATE: USDC Liquidity pools on other exchanges are becoming completely drained, pulling down the peg.
https://www.reddit.com/r/CryptoCurrency/comments/11oaz39/coi...