skysight-inc/HackerNews huggingface dataset:
So it's an implicit part of your definition of 'library' that they not only house the collection, but that they will not sell books? Or at least that they collect books without intending to ever sell them?
Hmm, considering the transit locations of flights, and how much CO2 it costs to get from the different points, would make it a weighted-graph-traversing exercise...

Would be a fun CS101, or CS201 assignment...
In my personal, subjective and very non-prescritive experience, unit tests aren't very useful for much. Behavioral Driven Development (i.e. Cucumber tests) at the module level are what I start with when attempting to corral musty code.

I totally agree that, even then, wrangling ungroomed interdependencies are definitely the biggest headache. But I have yet to adopt this approach and not think to myself, "why didn't I start this sooner?"
Supply chain management is a whole area of study. iPhones and ChromeOS are the only two devices I trust in the retail supply chain to be too difficult to be casually pwned but still boot. But even then, the evil maid attack doesn't have to fully subvert the booted OS to be useful. A device inside an up to date ChromeOS laptop could just record the keyboard keystrokes to an SD card to be retrieved later, which would get the evil maid your passwords. That's why you've got MFA but it's scary to think about!
I couldn't agree more! However, I think the content of the article is informative. If you strongly disagree I'm happy to remove the link to the article
Most of that bank 2fa uses telephone SMS, which is a bad joke.
NPR had an excellent story of how a bank takeover and wind-down works back in 2009:

https://www.npr.org/2009/03/26/102384657/anatomy-of-a-bank-t...

“On a mid-January night, some 80 agents of the Federal Deposit Insurance Corp. pull into Vancouver, Wash. Their rental cars are generic, their arrival times staggered. One by one, agents check into a hotel, each quietly offering a pseudonym to the guy at the desk.

…

He agrees it almost feels like a spy movie. "They've done this before — quite a production," he says.“

And in general, for people who are understandably worried: besides the $250k available on Monday morning, my bet is on at least 50% of uninsured deposits by end of the week, and 90-100% if not next week (via acquisition) then within a pretty short time.

If Oaktree and others are offering folks 70%+ face value for their uninsured deposits, that should be a pretty strong indication of where this is heading (ie a high confidence level at those shops to make a quick 20-30% off panicky sentiment).

Edit, PS:

This whole story is so bewildering, probably the only bank I can think of that was killed by its own customers (flaky VC herd) despite being generally healthy and having picked the least worst option last year (maturity risk). VCs now banding together is laudable, but why there wasn’t a Buffett type preferred stock rescue earlier this week to save their literal community bank is kinda beyond me.
Starbucks Secretly Operates Like a Bank
> not enough to spark a mass exodus from small and regional banks into the "systematically important banks"

This line needs to stop making the rounds. It’s a part of the political game playing for a bailout.

Nothing fundamental about deposit risk has changed this weekend vs the last few decades. The rules have been established, well known, and integrated into the market as it currently stands. Those small and regional banks got wherever they are in that market and the collapse of SVB doesn’t change that any more than the collapse of the other 576 banks in those decades.

There are well-established practices for managing the risks associated with your deposits. People like Ackman and other vocal VC folks just thought they could get away with cheating the system (disruption!) and are now crying for the taxpayer money they built into their risk strategy.
Unfortunately, guaranteeing deposits for everyone creates moral hazard, because it means people will not pay attention to the risk level of their bank, giving bank CEOs even more incentive to play "heads I win, tails they lose" with taxpayer money.

I am all for FDIC insuring accounts, and I'm fine with the level being as high as $250k. But anybody with a lot of cash beyond that should already understand what the word "uninsured" means. If they don't my sympathy for them is limited.

If we're going to spend billions more on improving the social safety net, people with hundreds of thousands of dollars in cash just lying around are not my first priority.
Excluding middle class kids is the point. The needs based scholarships are an obfuscation.
Actually, these discussions are pretty good. Even the SVB apologists/lapdogs are pretty mellow — silly, but making the best case they can. Lots of people learning about the FDIC, banking, stress tests, VC culture, startup funding stipulations, too-big-to-fail, etc. is not a bad thing. The most knowledgeable folks are probably up to their neck in alligators right now, and so can’t (or wouldn’t) comment. This, too, will pass.

It’s just the “startup economy”, and is of primarily regional concern, just like oil and gas or ag production. If US banks have too much exposure to real estate, which is national, worse things can, and have, happened.
I guarantee that you have almost no understanding of whatever the bank you use is really doing. Feel free to point me to the balance sheet, and explain it.

Of course, that won't matter because in the event that you can explain it, there's no guarantee you're not being unknowingly defrauded. Save your schadenfreude, it's gross.
Theres a petition being pushed by Garry asking for people to sign that calls for the government to save SVB. I agree with you that FDIC is only insurance but the ask is to be saved by the taxpayers.
(1) It won't raise the rates unless it amounts to an increase in net risk to banks. This is actually the first bank failure in several years (we've had a very oddly quiet period), so despite its size, it may not change much.

(2) Because there are an enormous amount of regulations governing how a bank has to manage its reserves. SVB erred within those regulations and helped push for loosening of them for banks its size, but there are still a lot of constraints designed to minimize the chances of failure.

And (3) because your bank _disappears_ if you go into receivership, you're out of a job.
> Roku would have needed 8000 bank accounts to hold their cash at 250k per account.

No. Roku would have had to use one of the many other methods to mitigate the risk. They could buy their own insurance, for instance. There are options.

It isn't a new phenomenon that companies have to handle more than $250k at a time, and companies have been managing this risk though a number of different mechanisms from long, long before silicon was anything other than sand.

If you had a company and were keeping large amounts of money deposited without any risk mitigation, that was a choice. Or that was you winging it without competent financial advice. Either way, it was a risk you were choosing to take.

> You are basically telling businesses to not use the banking system outside of the too big to fail banks

I'm actually not, because the same risk exists with those banks, too. It's less likely, perhaps, but it's not zero. Just like it wasn't likely that SVB couldn't pay out to all the depositors, but it wasn't zero.

No matter how small the risk is, if you roll the dice enough, sooner or later you will get bit. That's the nature of risk.
As a CTO the number of unsolicited inbound emails from recruiters with fawning profiles of potential candidates is not like anything I have seen before. I think it’s a signal that very highly paid engineering leaders are not able to find jobs like they had before easily.
post example prompts and results please?
Interesting, where can I learn more about prompting, and tuning a raw model?
This American Life had an episode on the process some time ago: https://www.thisamericanlife.org/377/scenes-from-a-recession...

This is proceeding as it should, and despite the terrible circumstances we should be proud that there are actual functioning institutions to take care of this process. Depositors may not be made whole, but it doesn't look like SVB had a bunch of mortgages of defunct malls in Las Vegas (and similar) like back in the housing crisis. Depositors seem likely to get half their funds back this week and then most of the rest (though likely not all) over the coming weeks.
Etsy has done many things that made me leave the platform entirely. When I realized that money that should go directly to me just sits in Etsy's accounts so they (and whomever is holding the money) can gamble on it until payout time made me leave for good.

You pay me IMMEDIATELY on my sales or you don't get my business and my money.
Very nice post. A few of the things that resonated -

From 'keeping the house near and tidy'

> Making a cup of tea? Empty one shelf of the dishwasher. Waiting for toast to pop up? Wipe down the worktops or put some cups in the cupboard. Finished a sandwich? Put the plate in the dishwasher. Going to the kitchen? Take the dirty cups with you. Washing on the racks dried? Take 60 seconds to fold it, and take it upstairs when you leave.

From the 'People' section -

> You can’t always account for others, but you can be responsible for yourself.
Zero risk accounts already exist in the form of T-bill money market funds.

There are many reasons why we should not have zero risk bank deposit accounts.
I imagine the accountants and attorneys and fed bankers parachuting into action, or maybe a bunch of helicopters with music.
> Why would they hedge? They would lose pretty much all of the return that they were getting by going long duration.

In general you are right. But last year was special. Everyone and their grandmother knew the Fed will hike rates, numerous times. The Fed did not tire to tell that to whomever bothered to listen. Not putting any interest rates hedge on in such a situation sounds a bit crazy.
Can you share your YouTube videos with us
Deposits above 100k weren’t insured until 2008, and through 250k only in the 15 years since then.

Do you think all the CFO’s, accountants, and financial advisors of American industry didn’t know that until this weekend?

Yet the small and regional banks still seemed to have made it all this time.
Totally agree, fortunately I have a decent network to draw from. Unfortunately, I have to refresh leetcode to take up friends who have rec's to offer + most of those friends work for orgs that have completely frozen hiring pipelines.

Network could be better though, going to spend the week at a friend's in Austin at SXSW to accelerate potentially growing the network at cringe founder events. Yes, I'm that desperate.
It would seem they have to, given the sheer amount of ignorance even in these "intelligent" HN threads. Most of this community is seemingly primed to view this as another FTX-style exit scam, when the sheer majority of deposits are in fact still there.

Although I'm not looking forward to the next few weeks when the VC community will be blasting out screeds about how their bank-run-withdrawals shouldn't be subject to clawbacks...
> Taxpayers should pay the bill, it might incentivize them to get off their ass for once

like they did in 2008?

I would rather pay off student loans
I don't trust any organization that in "Government as the Ultimate Cause of the Tragedy of the Commons" states that private ownership is the cure.

Who owns the oceans, and who owns the air?
That's what stricter types are for. And BDD style feature tests, which I find vastly more useful than either Unit tests or E2E tests. Unit tests have their place - in maybe 10% of the code :)

E2E tests are also useful for a smaller purpose - mostly as happy-path sanity checks rather than in guiding development. IMHO.
Nearly all? Their "held to maturity" portfolio was down 17% as of year-end 2022.

Source: https://www.netinterest.co/p/the-demise-of-silicon-valley-ba...
> A more basic problem with "athletic scholarships" is that being an athlete has absolutely nothing to do with being an academic/scholar/student of something else.

Welcome to 1910.

> It might be a good way to bring some publicity to the school, and to make it have a strong team. But it has absolutely nothing to do with a school's intended purpose (except the "make money" purpose).

It engages people who care about sports but don't really care about the research being performed there. Most people attending universities never get an advanced degree. I wouldn't even consider a JD or MBA an advanced degree so much as a professional certificate masquerading as advanced education.

> Athletic scholarships should only be a thing in sports academies - where you're trained to be a coach, a PE teacher, or a related academic in some of those areas.

Meanwhile, former athletes who were able to attend universities due to athletics and have since become wealthy regularly donate millions to their alma maters.

> In fact, universities and colleges should just have clubs to play sports informally, at the same level they have a music playing club, or a gym, or a cooking club. Like in the rest of the civilized (on that matter at least) world.

Well, it turns out that universities are full of educated people and they've run the numbers. The numbers say that athletics are an attraction to universities for students and alumni alike.
The last two letters of FDIC stand for "Insurance Corporation" and that's exactly what it is. It collects premiums and pays out in disasters. It just happens to be an Insurance Company owned and operated by the US government.
Money market accounts are not money market funds. If you invest in the fund from your regular brokerage account, it is not FDIC insured (but it is SIPC insured like your cash balance).
The post WWII period was a golden age for social progress. Along with the final collapse of colonial empires ruled over by royal families came a corresponding breaking down of class and overt ethnic/racial barriers in the West and America, with universities using test scores to open their doors to students of merit regardless of background or gender.

but that golden age, having achieved remarkable success, is over. It was predicted by somebody-nobody-listened-to that strip-mining IQ and EQ talent from various communities and elevating them to elite status would leave behind communities more deeply impoverished and dysfunctional than they were before. And what is our politics today but that exact battle?
Khosla Ventures Tells Some Startups Firm Will Cover Payroll
SVB was forced to sell a lot of assets to create the cash to pay out deposit outflows on Thursday. As that process happens they were left with fewer and fewer assets that could be sold without a lose (their intention was to hold a lot of these assets to maturity, which is allowed). The bulks of their assets themselves are mostly liquid (not the actual venture debt, etc) but as you sell the assets in the order of their value relative to mark-to-market, their book took on more and more loses. By the end of the day they were insolvent to the tune of nearly negative $1B -- with all shareholder equity wiped out. The point being that the FDIC can sell their remaining assets into the market (it wasn't a liquidity crisis in THOSE markets) and eventually that will net out to some haircut for depositors.
Okay I’ll bite - please elaborate!
They couldn't sell them without becoming insolvent, because selling them would transition them from Hold-to-Maturity to Mark-to-Market. I don't think there's any difficulty selling 10-year MBS notes at market prices (at some discount to their HTM accounted value).
I think you mean just don’t give or receive donations in any amount to any cause that the Canadian government may retro-actively determine to be unacceptable or embarrassing, and your right to access your own money won’t be put at risk. (By a fellow Canadian with a different point of view.)
Product designer, 10 years experience. Laid off mid-December. Recruiter screens and hiring manager interviews have picked up somewhat, but it’s still proving very hard to get into late-round interviews. I have only my third portfolio review in nearly three months coming up next week – here’s hoping.
Will do, thanks for the tip. I'm somewhat tempted to start grifting Blind and just paying for recs.
Maybe it depends on your field a bit. I'm in physics, and a few of their articles on particle physics and quantum computing have really impressed. They hit all of the main points and caveats that almost all other news sources usually miss.
I heard from a well-placed source that over 50% of SVB's balance sheet has already been liquidated by the FDIC. This matches up with what Bill Ackman tweeted. We'll find out early next week.
My priorities are not popular on HN. My username provides one, oil and gas is another, educational choice is yet another. Taxation is theft, etc. etc.
I assume non-startup / large company? Congrats on the role.
You can't have it both ways, either they can be sold immediately or they can't. What's the theory here? A lot of the assets can be sold immediately but they held off on doing that to cover deposit outflow for the greater good of having FDIC take control, bury SVB & their careers and methodically unwind it for a better price?

I don't even doubt you can sell the assets and come out of it with 90% of deposits, but the wording is off.
I opened this site on my Linux system, and now my house is on fire!
> In the early 90s, Austrian economist Steven Horwitz called the Mises Institute "a fascist fist in a libertarian glove."

> In 2003, an article by Chip Berlet of the SPLC noted Rothbard's disgust with child labor laws, and wrote that other Institute scholars held anti-immigrant views.

> In 2022, fundraising emails sent by the Mises Institute reportedly told followers that "elections aren't working anymore", arguing that the system is irreformable, captured by "parasites such as the Deep State, the political class, and the Federal Reserve", and claiming that "the Founding Fathers would demand revolution."

https://en.wikipedia.org/wiki/Mises_Institute

The Mises Institute is a political advocacy organization with pretty radical views. It endorses "heterodox economics" kind of how the flat earth society could be described as endorsing "heterodox science".
So every depositor will get up to $250K on Monday. Those with balances above that will get a payment of some percentage of the balance not many days after. Sounds pretty fair and expedient to me.

Shocked that no VC or group of them haven't stood up a short term bridge loan facility since it was them who triggered the chain reaction that took the bank down.
He’s gone quiet of late, but his karma count was well into the 5 digits before he got shot in the back of the head.

He was too flashy about his intellect and got used as an example. That was his big mistake.
FDIC, Fed, Treasury to Brief California Lawmakers on SVB
And 60 Minutes had a nice segment following a bank takeover as well: https://youtu.be/TAE8i40A5uI
The DeLorean Alpha
I really don't understand the moral hazard here. The people making risk decisions - ie, the SBV staff - should absolutely be wiped out. If there's a legal way to claw back the proceeds from the stock sales they made in the run up to the last few days, I wouldn't have a problem with that either.
Exactly. They should’ve bought short term t-bills to match deposit maturities.

But then how could they offer above market rate yields on their checking accounts, right?
Any system that requires new clients to pay for existing clients’ outflows is by definition a pyramid scheme.
I've never used .Net for webapps, but on the desktop UI side... they're not innocent on the Next Big Thing side of things. Silverlight, WPF, that XML-based one, Avalonia... I'm sure there were others. I do a Windows app about once every 3-4 years for a client and it feels like C# stays just the same but the tools for building the UI are completely different every time.
Many companies tried to do payroll on Friday though?
Huh. From the downvotes, I'm confused. Does anybody get paid in advance? As far as I know, "do the work today, get paid soon" is how it works for basically everybody in the US.
People shouldn't need to pay attention to what their bank is doing. That is what regulators are for. Having to constantly review bank financial statements to determine whether you can have an account there is ridiculous.
I think you’re missing the meat of my point. The stuff LLMs are trained on is in no way similar to what human brains have received. It’s a shortcut to train them directly on text tokens. Because that’s the data we have easily available. But it doesn’t mean the principles of machine learning (which are loosely derived from how the brain actually works) apply only to text data or narrow categories of data like you mentioned. It just might require significantly more and different input data and compute power to achieve more generally intelligent results.

What I believe personally is I don’t think there is any reason to rule out that the basics of neural networks could serve as the foundation of artificial general intelligence. I think a lot of the criticism of this sort of technology being too crude to do so is missing the forest for the trees.

I have a brain and it learns and I’ve watched many other people learn too and I see nothing there that seems fundamentally distinct from how machine learning behaves in very general terms. It’s perfectly plausible that my brain has just trained itself on all the sensory data of my entire life and is using that to probabilistically decide the next impulse to send to my body in the same way an LLM predicts the most appropriate next word.
This article is calling out exactly what the country needs to relearn. And hopefully we don't have to re-learn it the hard way: The free market isn't what's good for society. Market competition is what's good for society. The fact that so many can't see the difference between these two is what has turned "free-market" into a religion.

Market competition is what ensures companies compete to improve their products. Market competition is what ensures companies lower prices for consumers.

Unregulated free markets create monopolies. Figma being sold to Adobe and scrapped is unregulated free-market. Figma staying unsold, forcing Adobe to compete, is regulated healthy market competition.

The fact that free-marketers don't believe in natural monopolies or think that unhealthy monopolies can occur shows how far they will stretch reality to conform to their world view that "fundamentally companies should never be regulated for any reason what so ever".

Even while a bank just rescinded regulation and is tipping the financial sector as we speak.

Market competition is essentially for a healthy, innovate growing economy and country. Unregulated markets stifle competition and innovation and lead to unhealthy practices.
According to this article, 80 is the upper end of bids they're reporting; the lower end is 60 cents on the dollar.
Is a startup that having one banking partner "cheating the system"?
Urban dictionary was handy for that one.
Scrcpy v2.0