skysight-inc/HackerNews huggingface dataset:
You’re right! I wrote it too fast without thinking!
Yeah, I sort of had the same impression. Imagine as a junior engineer having the following conversation with your manager:
"Guess what? Yesterday I managed to triple my productivity going forward!"
"Great! How did you do that?"
"I hired two more engineers as good as me!"
"You did what?"
"Of course I had to pay them more than my own salary. Finding engineers as good as me who also work as cheaply as I do is basically impossible, I have no idea how you did it. I guess that's why you make the big bucks!"
> What are the downsides to society if banks are less profitable?

The minimum viable size of a bank increases. Small, community banks can't implement Basel III. That's why they were exempted. How SVB was in a bucket with the Bank of Jackson Hole, however, is another question.
> are any banks solvent if a run happens

You're asking more about liquidity, than solvency. All banks in the US that are following regulations should be solvent. But, most banks in the US would not be liquid enough to survive a run.

> If not, then at what point are banks considered solvent.

Solvency is basically: "does the long-term value of your assets exceed your liabilities". Liquidity is: "can you sell assets right now to meet your outgoing liabilities right now".

The problem for banks is, in almost all cases some loans will have longer-term time-frames, while almost all depositors can theoretically ask for their money back at any given time. So, for almost any bank a strong enough run will cause them to fail a liquidity test (even if they are solvent).
If anything, a swing trade on a dead creditor bounce seems like the easier play at this point.
Automate $250k balance max across multiple bank accounts
Here’s an update from the billing team at Datadog; surely the first of many such abrupt requests by panicked A/R teams:

“It is urgent that you do not remit any payments to our account with SVB today or in the future. Payments sent to SVB from today forward may not be credited to your account.”

My deeper question as a customer is: will Datadog be able to meet their payroll next week?
That's why I wrote it!
If we’re going to treat the US government like an underwriter, maybe we should allow the FDIC to charge fees that look a bit more like insurance.

We won’t stop you from doing X, but the fees are higher because you’re more likely to default.

As things are every time so thing like this happens either taxes go up, the national debt goes up, or we trigger inflation to solve it.
I asked a handful of people with experience in those things and they all said it is very common. I was very surprised as well.
Your fuel costs will be way higher that way because cruise ships burn bunker fuel.

If they ever force cruise ships to clean up their act the costs should normalize a bit
>one for inner-monologue-style "thinking".

I'm not sure I know what you're talking about.
leaving aside the show of incompetence of that specific "crown prosecutor", what I find even far more shocking is that in 2023 there still is such a thing as a "crown prosecutor". I'd say it's high time to gain full independence and throw the English "crown" out of Canada.
> In other words could an economy started from scratch function with a fully backed reserve system?

not in a world where other economies exist

you'd be out-competed and completely bought up by economies operating under fractional reserve
Was surprised to get an email this evening from Gusto saying the same. Not a usual email from your payroller!
That was the first thing I hit when compiling the Linux kernel on Macos!
Specifically, it's worth about $0.65 today.
I've experienced it plenty, thanks.

The article is about government, which is a shit show here by almost any definition. The city has a massive council that is at war with the state, to the extent that the state just passed a law to cap the council size out of sheer spite. They're handing over billions to buy a stadium for a rich sports franchise. They handed out tax credits to Amazon for jobs in an office building that they're never going to fill.

There are reasons people would want to live here despite this, my list isn't exhaustive. But I can't see any world in which "good governance" appears anywhere on the list, unless you measure it only by how low your taxes are and how lax regulation is (I'm aware some do).

Maybe the extremely pro business, pro developer, pro tourism Nashville considers itself to be a success, but I can't get on board. There has to be a metric other than growth when making decisions, and I'll personally never willingly live in another city that is so blindly focused on it.
Superb analysis. TL;DR:

> pretty much boils down to "Google and Microsoft". Even if your domain doesn't use one of their mail servers, chances are that whoever you are sending mail to does.
Unfamiliar with the domain, but is it? Looking through the changes (https://github.com/geohot/tinygrad/compare/master...llama) it seems to not mention pytorch at all but tinygrad + numpy.
Not if they’re forced to sell at a low. I don’t know how big are the losses though.
Ring Car Cam hands-on: Amazon's video security ecosystem hits America's highways
Zig isn’t going to be successful…
Background check companies in the US scrape public access government websites, too. There’s a great chance that if you have the same name as someone listed on those websites and in the same geography you’re going to get false matches. An Evan Anderson close to my home was involved in a hit-skip car crash and it has come up in searches that have been done on me. Fortunately I was told about it and able to produce documentation that showed it was a different guy. I’m lucky.
It certainly was mentioned on Mindscape, now that I think of it.

In principle it is also true for atoms, or even just atomic nuclei, being composed from a finite set of elementary particles, but they decay too quickly beyond a certain size.
Over what time scale delineates the two? If they were say, 1000 year bonds, would you feel the same?

I don't know the answer, but I see both sides. As of today, their liabilities exceed their assets worth, so it does feel like solvency fits.
Silvergate bank which is THE bank for crypto companies failed a few days ago on the same day that SVB was trying to raise capital to plug losses. The after effects of that are still unknown.
From the downvotes I can infer what kind of people you all believe in
That's why managed servers exist.

You can't get much more time efficient than data centre operators handling hardware.
> Unfortunately Ubuntu doesn't want you to remove the 'whiptail' package itself; it's a dependency of the 'ubuntu-minimal' package

I recall that ubuntu-minimal was a sneaky canonical trick. If I recall correctly it keeps your system doing canonical's bidding.

EDIT: ok found it: it "requires" ubuntu-advantage-tools

https://askubuntu.com/questions/1434512/how-to-get-rid-of-ub...
It’s more complicated than that: debt assets can be classified in a number of different ways i.e. hold-to-maturity, available-for-sale or trading.

Hold-to-maturity assets are not required to mark to market, for example.
You’re not bailing them out, you’re bailing out their depositors who had no say in the investments. The principals of SVB just lost it all to the FDIC, they weren’t bailed out in the least.
We just received this from Rippling:

Hi Rippling Customer,

Yesterday afternoon, Rippling learned that Silicon Valley Bank (SVB) had solvency challenges. We have been working with SVB to ensure timely payments to our customers’ employees. However, this morning we learned that the FDIC had stepped in and taken control of SVB.

We are reaching out to you because you have a payroll that has already been processed for 3/15/2023. Currently, these funds may be sitting with SVB. We are closely monitoring the FDIC takeover and what it means for this pay run. We ask that you please reach out to your bank and request that your bank return any ACH transactions debited from your account by Rippling into SVB under the premise that the transaction(s) are unauthorized, since the bank has ceased operations and is unable to honor the payments.

If the bank agrees to issue a return, you will then need to send a wire to Rippling for the full amount of the 3/15/2023 payroll run by Tuesday 3/14/2023 at 12 PM PST. This help center article has updated wire instructions. Your 3/15/2023 payroll will be marked as Non-sufficient Funds (NSF) on Rippling’s end, but as long as we have received the wire, Rippling will issue employee payments for 3/15/2023 via our new banking partner, JP Morgan Chase & Co.

If the bank does not agree to issue a return, we will follow up with additional instructions. If you have questions, please reach out to our support team.

Thanks,
The Rippling Team
It's about belief systems that have been invented by someone. There's no separating the belief from the inventor
Ironically, returns on bank savings accounts have been so low for so long that my present APR of like 1% is functionally the same as if they just held onto the money for me. That would probably do a great deal to explain why no one uses savings accounts anymore
Why would they want to bankrupt the banks that holds their money and makes their loans?

The entire VC model is to make investments with 10+ year time-to-profit.
I am presuming the employers operate in good faith, that is, they are open with the employees about the situation — it would be hard to keep this a secret given it’s major news.

If your employer said to you, “we are caught up in this, we are working to resolve the situation“ it would be pretty fair and reasonable of them. You can choose to quit if you want, you’re under no obligation to work.
I'm always mystifed as to why the heck this is on any goverment phones in the first place? With the exception of perhaps PR wonks whos job it is to be on "the socials" (thank you PR wonks, btw).
If you're talking about Microsoft's ML powered suggestions/autocomplete tool, I haven't.

I'll try it for the sake of this conversation but I think it still doesn't change my point about being intentional and thinking.

I'd like to see examples of those tests. After many years of software development and seeing how many people produce buggy services that create a lot of maintenance burden or simply solve the wrong problem, I firmly believe writing is a minuscule part of the day and it's mostly about thinking enough and communicating well with the human interfaces of your project.

Writing is easy. You can get fast with touch typing or autocomplete features (including the copilot one) but that's not the most important thing.

Knowing why you do something and being able to analyze that decision after a period of time and evaluate how "right" it was, is not something that can be done for you.

For quick brainstorming it can be great but we should be careful with the authority we assign it to, when we can't really explain its thought process
Ask Stripe.

They are strangely quiet today.
The HID support also lets you set a static string to send when you touch the button. Their homemade OTP uses it, too.
I think the wording in the FDIC order was that customers were "initiating 42bn of withdrawals."[0] Doesn't mean those went through (in fact many from what I heard didn't.)

Still certainly very possible that the analysis is incorrect.

[0] https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/03/DFP...
Blah blah blah. The court is backdoor socialism. Self-appointed judges that "hold all the power" and "make their own laws". Netanyahu is creating a "true democracy". Lazy slogans.

Sorry you don't like the idea of a constitutional check on power and only see left vs. right. Most Israelis however like living under a constitution. How, without independent courts, would you expect to jail a corrupt president? Or confirm fair elections?

Do you think the protesters might not have a problem with a PM in the middle of a criminal trial is tampering with the justice system? And be clear, he IS behind this. They're protesting for democracy too.
Points taken.

>this case will be a case study for years to come, and will effect change in FDIC's requirements.

I'm only at the position where I see this conspiracy without squinting because I remember the last time this happened, responsible solvent small banks were, thanks to regulation, pushed under or taken over by the larger irresponsible banks.

I have a feeling the environment (requiring malinvestment followed by rapid rate raises) is set so that the next set of regulations will do the same and further kill smaller banks. It doesnt seem like a side effect but rather the intent of the chaos that a few large banks guide or are privy to (through lobbyists, fed insiders, etc...) before it occurs.
I was trying to understand why all the doomsaying. To me it seems like this is a bank with perfectly sane books but making moronic operating choices.

So unless there’s some clear as day fraud I wasn’t aware of, someone with plenty of liquidity could buy them for a steal and benefit once all those long investments matured.
Standup Is Stupid
.
No, it's absolutely a solvency issue.

A 2023 USD is not the same thing as a 2043 USD; those are difference currencies with an exchange rate. (That'd be nice, but we've collectively agreed a little inflation is good.)

Liquidity is a logistical issue.

Solvency is a value issue.

You cannot with a straight face say "It's just a liquidity issue......that lasts many years."
The decrease in value was due to exposure to long duration securities yes.

The closure of the bank was due to a classic bank run after depositors panicked upon hearing of the decrease in value. They had 45 billion in withdrawals in a single day, out of ~175 billion in deposits. No bank could survive that.
Everyone knows how to wrestle Excel into cooperating, but that's the point - you shouldn't have to.

I would posit there's a near zero likelihood that someone copy/pasting a, say 21 digit number, wants it to automatically convert to Scientific Notation and lose data.

Excel should do the least astonishing thing when someone is working with data. If it cannot handle 15+ digits, it should assume a string, not a broken number.
I'm just saying, you don't really have freedom of speech if the government can decide to violate it if they feel like it.

Edit: I'm apparently rate-limited. Anyway, if words on paper don't mean anything, then bringing up the Charter as evidence that Canadians have free speech is completely irrelevant.

Second, the notwithstanding clause isn't a theoretical possibility.

> I find my American friends sometimes freak out over the “but they could take your freedoms away!” when they read about stuff like that. Well, yeah they could do anything. Like make secret courts that ignore constitutional freedoms.

This is a cute way of pretending the clause is never used.
I Bought a High-Mileage Electric Car with a Bad Battery
That sounds like a bad idea,but I am no investment banker.
SpikeGPT: Largest-ever spiking neural network for language generation
If we're modeling the flow of value (in the more abstract), then holders of most currencies on the planet have real value constantly flowing away from them... by virtue of inflation.

Or in a larger macro sense, positive central bank interest rates create a requirement for everyone to acquire some debt in order to counterbalance the drag.
I wonder why they were not bailed in.
Age Verification Mandates Would Undermine Anonymity Online
tinygrad by geohot, also linked on this thread, has similar properties good for learning - it's a couple hundred LoC to integrate LLaMA support

https://github.com/geohot/tinygrad/tree/llama
The 40% number was the calculation I did off Total Equity.

I accidentally mentioned a discount to assets once, but that was it. I did mention the 7-8% off some of their assets. It is in favor of my thesis because the valuation included that and was still far below the value with the 8% included in it.

It didn't go empirically wrong an hour later -- that is factually false. What happened an hour late is the bank went under -- but that doesn't mean investors don't get their money back (and Benjamin Graham did exactly this, and I'm not trite about my research or reading a quote here and there). He did it with 100+ companies at once after the great depression, many of them didn't end up making him any money, some did, many were about net neutral or small declines after they "failed". Again, you seem to be missing that the outcome was incorporated in my original thesis, but the price dropped significantly lower.

"The size of the dodged bullet" -- is a terrible, exaggerated hyperbole. A bullet would be if I was recommending a trade that would make me blow up, or 100% of my trade. I didn't recommend a trade at all (for one), I mentioned that I was hoping to get into it, and with the portion size, even if it came out to nothing, would be nothing close to a bullet.

While I do think I've updated my priors, it's very unclear what you think I should be updating? Again -- the part that I was wrong about was accounted for in both directions in the investment thesis. I was okay with it surviving or going under, I thought it would survive. I was very wrong in that belief that it would survive, but I was okay with it not surviving.

I could be wrong about any money being returned to shareholders -- which is accounted for in the sizing of the bet I had hoped to place. In the long run, I think that the learning opportunity I would get for 1/60 of my current portfolio and being invested in a class action lawsuit to regain money from a bank in this scenario still outweighs the actual money if it did drop to 0.
This is why every time I take a management, I regret it. I don't care about any business and I'm beginning to suspect I'm incapable of caring about any aspect of the job other than the wellbeing of the people on my team.
Free software is one option that is enabled by current copyright. In many cases, there's sufficient incentive ("fame" or marketing, lowered shared maintenance burdens, etc) to make it happen. I have a ton of diff that I've gotten into free software and have had maintainer roles and lead projects.

But I don't exactly think you're going to make a blockbuster movie or AAA game as free software. Some things cost money in a way that any other incentives aren't going to pay it back.
I’ve been fortunate to work with the same core group on engineers and qa for more than a decade. Managers come and go, but we all get along well, enjoy our work, have great benefits, and are compensated well enough that none of us have felt like moving on. However, we recently got a new manager who is a pain in the ass. Fridays are normally no meeting days (this comes from much higher up), but he scheduled a 1 hour meeting this morning that he managed to drag into 3.5 hours. I pretty much have done nothing else today because I’ve been brain dead after that long meeting. For the first time in years, a number of us are talking about moving on. It is amazing how bad an effect a manager can have on a team.
> as of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits

December 31st, or even March 1st, are virtually irrelevant to a bank collapse today. Assets were sold at a deep discount, presumably some were pledged, and deposits fled.
It’s bailing out the depositors, not the bank itself. But I get your sentiment.

Worth noting though that based on what I’ve read, the bank has plenty of assets to repay depositors… the issue is just that these assets aren’t super liquid. So if there was some form of bailout, it would be more of a bridge loan type deal than a true bailout assuming I understand the situation.
That would also allow you to do some curls to exercise those ARMs.
Nowadays up to 96GB on the laptops.
Insured up to $1m CAD in Canada through the CIPF.

One thing I came across to watch out for though is that if you hold fixed income securities (e.g. GICs) that are issued by the same bank as the brokerage account, then if it goes bust, the securities are NOT covered by insurance.

"CIPF does not cover: the insolvency or default of the company or organization that issued your security"

For example, if you hold a $500k GIC issued by TD Bank in a self directed TD brokerage account, and TD goes bust, then you're gonna have a bad day.
I am not mistaken. I said the amount over 250k. I in fact never said the FDIC would even compensate them for that, just that they're on their own.
> Is this true? And if so, how was this not a major red flag for investors earlier?

The red flag being......?

There is nothing per se that makes this situation unique to startups.

This would happen to any bank that (1) made bad investments (2) caught the public eye.
Idling. Probably waiting for a Ukrainian yacht to get out of the way.
Why would a bank take your money and go to the trouble of managing it if they didn’t plan on using it for something? The purpose of a bank is to lend money. They need deposits to do that.

In this case you’re sort of right in that they found have hedged a bit more by diversifying into more shorter term assets.

Hindsight and all.
The government solution is the one that enables identity theft. Right now that means taking out credit in someone else's name etc., and we put the cost of that on some large organization or insurance company and just eat it.

Start using that identity mechanism for everything and that vulnerability spreads to everything. Someone compromises your ID and then starts trying it against every service on the internet. They get your bank and retirement savings and drain your accounts, ransomware all your files and your employer's files, read through your messages on every platform to find something to blackmail you with so you don't go to the police, sign into your router and use your IP address for criminal activity etc.

I'd much rather be told to go fuck myself by one service than have my life wrecked because a low level bureaucrat issued someone else a universal ID in my name.
I'm explaining the gp, not necessarily agreeing.
Money is just a number on the ledger for the government. They can just give back everyone's deposits or maybe wait for a few months until it becomes a major crisis and then bail out everyone. The investors and shareholders of SVB are going to lose everything, but the depositors will be fine.
Is that legal? They can demand payment twice if they lose the first payment? That is ridiculous.
Seems unnecessary and malicious.

Im not sure why anyone would want to report their employer for a minor delay when a bank is folding. Hopefully the DOL would ignore that.

It is basically the same as reporting your employer because for a late check because the mailman got shot on your doorstep.

I feel like it also does a disservice to people who have real late paycheck abuses.
They fucked with the wrong people, that is why. I just hope this is not a chain reaction. 2008 all over again, but this time it is going to be extra juicy. Alot of shady stuff is going to be unveiled in the next few months.
The laws exist to protect employees, not to discourage employers from employing. Setting the precedent that a shareholder in a company is at risk of losing everything because a bank that their company uses fails would have a very negative impact on California as a place to employ people, which doesn’t help employees.
There's nothing factually wrong with this. Shouldn't be downvoted.
What is interrupting you? My guess is that your side projects and blogging are eating up more time than you may realize. Honestly sleep, work, eating, chores and general health and hygiene eat up the majority of a working persons week. If you have kids, pets, a house, loved ones to care for, then kiss any spare time you might have goodbye.