skysight-inc/HackerNews huggingface dataset:
No, it’s not. SBV was unable to meet its obligations and was insolvent. Then the FDIC stepped in and a part of its function will be to ensure liquidity. So it’s is therefore not insolvent. The FDIC won’t take a loss so it may become insolvent again and might have to resort to insurance to make depositors partially whole. The fact that it has a) access to sufficient credit liquidity via governmental ownership b) assets to collateralize that credit means it isn’t insolvent any more. If they had secured emergency credit lines it would be still a private institution, but functionally that’s irrelevant if you have assets of functional business relationship with SVB. Beyond an operational delay as they reopen business next week it’s functionally a no-op. This stuff isn’t cut and dry, and it’s all complex, but I think the practical outcome of this is a big nothing burger for anyone but the principals of SVB.
Guy should lose his license for life for threatening to murder a child with a vehicle.
Probably about their bonus.
He says he will run in 2024
I think it's a great idea. Do it at scale and you will probably learn a lot.

I think there's good odds you eventually stumble upon gold: 1) a popular open source project with a relatively simple path to monetization 2) that you are highly interested in.

This one would be a fun one to brainstorm about. Feel free to email me if you want to chat sometime.
Someone tell the people working at startups.
You're right, I guess it would just be a loan with interest rate and terms fit for the risk. But I wonder if the financially rational terms might fall afoul of usury regulations or something. So I wondered if the lender would have to structure it other than a simple "loan" to get around that.

But I'm deeply ignorant of that world so may be making this much more complicated than it actually is.
Farnam Street blog is very high quality. All content is free and I ended up paying premium to support the project.

I'm saying this because I agree with you - IT IS A TRAVESTY - that seemingly Internet rot spares no corner. Ads, overlays, popups, cookie prompts, it's mind numbingly ridiculous. I wanted to see what you were talking about and yes on page load, the entire screen scrolls up to take over his own content with (his own) ad. WTF

I'm just sad about the Internet. And I'm naively hopeful that in its rot, we're gonna reach a "post SEO" world where the next thing will (have to) subvert this garbage. keyword: naively =(

P.S. I really liked this short article. High quality like I said!
So when every country in the world started printing money like it's going out of style in the prime of COVID years, to help stimulate the economy, they effectively wrote the first few chapters of this story?
> I'm not sure what the secure states ELs can do, or if they have the same 3 ELs available as the non-secure side. Likely not. I've never used them, but I think the secure state is described as though intended for a set of micro-services that the Non-Secure levels can send requests to.

> There are extensions allowing Hypervisor EL2 to be a Secure state. A secure hypervisor may be able to manage secure and non-secure kernels.

So the extension isn't to allow a normal EL2 access to secure state, but instead to run a hypervisor to allow several SEL1 secure OSs. It wouldn't be weird to run one hypervisor in SEL2 and another in EL2 with SEL2 multiplexing a few trusted OSs and EL2 multiplexing several OSs as a standard heypervisor. Both would run on top of the EL3 monitor.
You used a word I've never seen, in the phrase "If he was that [...]"

I looked it up, and I really doubt you meant that word. Curious what you did mean. Was it "canny"?

(As an ardent Wordle player, I'm always on the lookout for new five-letter words.)
That hack of space time is called “credit,” and they can collateralize their entire liability sheet if they had a credit willing to lend them massive amounts of cash on their illiquid assets. The FDIC owns them now and has access to credit. As a business they’re fine.

The issue wasn’t the selling of assets, it was the panic that their actions took to prop up a balance sheet hole. It’s not like Enron or Lehman.
Nope, wrong. Their balance sheet is strong and they are fully solvent. This is completely different from an FTX situation.

They DID make a bad bet, but they were still solvent as a bank. The liquidity crisis was caused due to poor communication on SVB's part and typical VC herd mentality.

Read the full article by Matt Levine for a breakdown.
This isn’t a case of startups failing for being poorly run.

In some cases, the issue is literally (using small numbers to make it work for individuals), you have a steady job, $200K in the bank and owe $200K in loans, partially secured by the cash and partially by your income.

Tomorrow, the bank calls, and says “we spent your future paychecks and life savings, so we really need you to continue making payments on that loan”.
> Clickbait … is designed to attract attention and to entice users to [engage with] content, being typically deceptive, sensationalized, or otherwise misleading. - Wikipedia

This is literally clickbait. Y’all need to chill. It’s sensationalized and misleading relative to the severity of todays events.

The title is “technically correct” but it sensationalizes it for sure. Reading that title you expect Rippling to be going under or severely impacted. Which it sounds like so far they’re not (again relatively).
all rights reversed
[78] At the time of the events, his daughters were 2 and 4 years old. […]

[80] At trial, there is no evidence before me suggesting these young children form a criminal or terrorist organization.
If First Republic could say they could meet all depositor demands, they would have. But instead this is the most they can say to stave off a run.

And to their credit, the fact that they're not tech heavy means the tech firms pulling from SVB aren't likely as scarred and pulling from First Republic. But First Republic has a ton of HNWIs too who are not insured.

This isn't Bank of America serving mom and pops, it's rich people who will pull and are uninsured by FDIC.
Crazy. So now 4% is the new normal savings rate?
Yes the Russian civil war is rather vigorous at the moment.
Chase doesn't allow storing cash in them (other than collectible items) and I know that others banks don't allow either (most likely to limit their liability).

I lived through Washington Mutual going through FDIC receivership back in 2008 (I was their employee, shareholder and account holder at that time) and their stock price dropped to almost zero when the news broke about that. I'm curious why this is not the case here.
The police didn't use force; it says in the court documents that, when arrested, the accused complied completely with the police.
> But at least the impact is not going to be as hard as losing all the money like FTX or Maedoff in 2008 right.

The recovery rate for the Madoff Ponzi is 88.35%: https://www.justice.gov/opa/pr/justice-department-announces-...
Golang Universal Time Parser
this is awesome, congrats on the launch!
I think all of this is a forgone conclusion. Public intervention isn’t a great career move.
So, pornography is hyperreal sex?
From SVB Financial Group's latest 10-K filing (Source: https://d18rn0p25nwr6d.cloudfront.net/CIK-0000719739/f36fc4d..., p12, Jan 31, 2023):

> Liquidity Requirements. Category IV organizations with greater than $50 billion in WSTWF, as well as Category I-III organizations, are subject to LCR and net stable funding ratio (“NSFR”) requirements and must maintain high-quality liquid assets in accordance with specific quantitative requirements. However, the above-mentioned Category IV organizations, as well as Category III organizations with less than $75 billion in WSTWF, are subject to reduced LCR and NSFR requirements. Category III organizations with greater than $75 billion in WSTWF and all Category I-II organizations are subject to the full LCR and
NSFR requirements. As of December 31, 2022, we have less than $50 billion in WSTWF, therefore, we are currently not subject to LCR and NSFR requirements.

Any other financial institutions that was exempted under same conditions as SVB should also be looking at the quality of their liquid assets.
Yes. If you want some of the worst examples search for ue blueprint spaghetti.

Also my brother works in business process management. They make similar tools but for businesses. So it does exist.
FDIC insures $250k per account, so most retail clients have no reason to bolt, which provides a lot of stability for traditional banks.
Also a shout-out for Kiwi browser that allows you to install most Chrome plugins on Android. Most importantly uBlock, and while the UI is a bit clunky on mobile you can define your own blocking rules. I don't think any other mobile browser allows that.
I locked in a 30yr fixed mortgage at 2.49% right before the spike because it seemed obvious? Not sure if that counts, but that should be enough cred that I made a large bet on my prediction when it mattered.
Country dependent answers here.

In Australia most trade accounts use 'Chess' system which basically means when they buy shares they buy them in the account holders name so you own them and if the broker collapses it's not a problem.

In US I believe they are generally owned in the brokers name but using 'SPIC' so you have $500k protection coverage similar to bank deposit protection.
I've been trying to figure out what SVB's reserve requirements were and found (https://www.federalreserve.gov/monetarypolicy/reservereq.htm):

"As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions."

Wat?
That’s just false. Being unable to secure liquidity to pay depositors doesn’t make you worthy $0. The bank failed to honor its charter and is rechartered under a FDIC controlled bank. But SVB is not gone, nor is it worth $0.
The advantage of the government is that it is rather difficult for it to ignore you. If you exist, you pay taxes type "you won't be ignored."

However, if you are fraudster and get to the point where Apple and Facebook and Google all cancel their accounts with you for non-payment or use of stolen credit cards of whatever other reason that a company would decline to do business with an individual...

Well, now you don't exist since the big IDPs won't auth you.

Or, are we suggesting that we legislate so that companies are required to do business with individuals who are making fraudulent use of their services?

The only reasonable organization to do this is the one that has an inherent obligation to do it and for better or worse, that's the government.
> When someone deposits $1m at a bank, the bank doesn't have $1m more assets, it has $1m more liabilities.

Not quite. It actually has both.

Yes, it owes $1m to the depositor, but it also has $1m in cash now, at least for a while. Until it does something with it, like loaning it out or investing it in some debt instrument. The cash is an asset, as is the loan or debt instrument it exchanges the cash for.
I don't know how superimposed waves in finely tuned timing loops with non-linear interference translates into heads of attention, and honestly I suspect a lot of the things difficult to do with heads of attention (and other approaches of the past) come for free in a resonance based system.
The woman has ruined The Atlantic.
It is. But I assume you work at a corporation, or for a corporation, or have some affiliation with the decisions of a corporation, or have done in the past. Me too. We are all a part of the problem.
Why was there a run on Silicon Valley Bank?
Tangentially, I always found it strange that five and six byte utf-8 sequences are illegal. My naive thought is that it provided a good amount of future proofing for when Unicode needs to expand again.
> Some outages for increased velocity can be a good trade off for twitter.

What increased velocity?

> So destroying the blue checkmark credibility is probably "mischief managed".

This statement makes no sense

> For government accounts, they now have gray checkmarks.

Wat?

Is this the velocity you're talking about? When they introduced paid blue checkmarks, then realized it's a bad idea, and introduced "official" label to only backpedal less than a day later, only to introduce gray checkmarks? First time I hear of gray checkmarks btw.

Just checked: of course there are now gray checkmarks. And of course they are randomly assigned. And of course there are also golden checkmarks because reasons. Also randomly assigned.
It's funny: I find Peter really insightful and he has a unique perspective that he seems brave to state. Yet I've encountered this reaction before: people who are really like, "So?! What is this guy saying that is new or insightful? Nothing!" Like they have a quite emphatically repulsed and incredulous reaction to this guy, specifically taking him apart for what he is renowned for. Almost similar maybe to the way people look at a picture by Picasso or Mondrian or Basquiat and say: "So!?! My 3 year old could do that! Rubbish!"

I'll have to think more about what might be there for those people to contribute to them choosing to be like that about him.
I might believe that if all banks were failing.
idk how many companies are doing this right now, but recurring investment on 4 week T-bills are safe, can absorb arbitrary amounts of cash, and yield much more than the large banks. But it can take a bit to set up a TreasuryDirect account.
They weren't solvent, 100 billion in 2033 dollars doesn't equal 100 billions in 2023 dollars.
That's a human rights tribunal, which is basically a lawsuit in a fancy hat. Not a crime.
"I really believe we are about to experience a financial crisis worse than anyone alive has experienced."

Ugh, this is like evangelicals constantly predicting the return of Jesus.
Rocket Lab has $38M in deposits with SVB
> This feels weird in a society where you can require government id to buy alcohol

Other examples notwithstanding, showing id to buy alcohol doesn't really affect your anonymity because it's a 2-second face-to-face interaction. You can be reasonably sure there's no chance of all the id's containing information to stay in their systems indefinitely. Even immediately after putting the id back in your pocket, even the cashier themselves probably doesn't have any idea who you are, just that they've verified you're over the legal age for drinking.

For most of your other examples, you're showing your id to institutions of your government. That's different than showing your id to private entities. With regards to showing your id when flying on a commercial airline, there's very few airlines when compared to number of websites, they're highly regulated, etc. Institutions of government, highly regulated private entities of huge proportions with huge liabilities, they all get different levels of trust when compared to random websites from who-knows-what jurisdictions.
Fractional reserves have never been illegal; the practice predates government monetary policy. The alternative would be a vault or safety deposit box.
https://www.investopedia.com/terms/b/bank-failure.asp
For more analogies see the link below.

This little project was developed I believe within a Google team, with more analogies to help you understand certain concepts, or explain them easier for your less technical comrades.

Enter at your own risk, ATM it comes up as unsecure website.

[0] https://sidewaysdictionary.com/
Sure you can. I'm sure you'll do integrations with 9001 different legacy systems and the other endless bullshit that comes with software dev in the public sector. All by yourself. Let there be no doubt that you had it all planned out in your head already in the 10 seconds it took you to think up that comment. Because you're that good.
How about donating to a cause?

So-called “Freedom Convoy” protesters were ultimately responsible if banks froze their accounts under the Emergencies Act last winter, but the government was not trying to “punish” those who took part, senior bureaucrats said Thursday.

The government set a precedent that donating to causes deemed "threatening" is worthy of an emergency freeze on your bank account.

Well done. Canada.
Docker on other-than-Linux platforms runs in a Linux virtual machine, because there's no containers without Linux. Running uname in a container then reports what you would see in Linux, not what the host reports.
Stable Diffusion CEO Suggests AI Is Peering into Alternate Realities
btw: Don't stop at the footnotes. They're pretty amazing too. (², ¹⁵, ⁴³, ⁴⁹)
But the productivity level of some people lol I can't even figure it out. And they will mention being married and having kids... And pets... They workout 4 - 5 days a week... Work full-time... Handle half the chores around the house... Take the dog on 45 min walk every day... And then have time for like three decently involved technical hobbies??? What... I end every day wondering where in the holy fuck the time went and how I accomplish so little EVERY. DAMN. DAY. For years and years now... How do they do it?! I swear we are in a simulation and they are just NPCs lol
Circle says $3.3B of USDC reserves are with Silicon Valley Bank
Is Australia's lower house “gerrymandered”?
Parker Conrad? The guy that famously instituted MASSIVE fraud at Zenefits?

Eeeek! Talk about failing up!

https://techcrunch.com/2017/10/26/sec-fines-zenefits-nearly-...
This is a great read! Never thought a judgment can be this fun, Why is the King prosecuting this?
Thanks for finding the entire interview! :) ;p xx ;p
> If there was a bank run, First Republic probably would not be able to meet all depositors.

If everyone knows this, why keep your money there? Tech exposure has nothing to do with it. "In a bank run, he who runs first, runs best".
Likely that Brex will loan you up to the max of your closing balance and 250K (the FDIC limit). Note that you need to link your account (so they can see your balance and transactions) to apply.
In their defense, they do call themselves "every mailbox," so you should expect every mail server.
Is that true? Crime across the Islamic world is remarkably low despite many countries being much more unstable. East-Asia, another region with generally harsh punishments is very safe. Like, even large Chinese cities with over ten million citizens and incomes far below what you see in the West have very low crime rates. Not to speak of more comparable countries lke Singapore.
Agree. Brokerage accounts that sweep to US treasury money market are also safe.
Then you’d have someone complaining they can’t perform math on the numbers they just posted into Excel.
It's the author's choice, and it's the author who should be punished. If you have something important to say, say it for free.
Impressive gymnastics the way you managed to relate this topic back to the tried and true "Google doesn't provide support isn't that bad?" topic that HN loves so much.

Is that all that qualifies as a job to you? Tech support? The other 190k people working at Google don't have jobs?
We are so good at collecting the data about the things we need to change... But acting on that data? Eh... Lol
This is not the same situation as dogshit assets from the sub-prime crisis; the bonds are not "trash" in the sense people are thinking, but long-term, lower interest instruments. As interest rates have risen they are a relatively poorer invesment, but still have the long-term (illiquid) value of the underlying asset less the curret rate to return differential. It's inaccurate to say they mis-stated the value of their assets.
rabois telling on himself again
What were they supposed to do? They knew the clock is ticking. Whoever bailed first will be Ok and the last will be left hiding the bag. That goes for their portfolio companies as well. This is game-theoretic decision making. I am a bit rusty on Nash equilibrium, so I am not sure if this was inevitable outcome.
Based on what you’re saying here, is it a good time to buy a first home? The interest rate and prices have been scaring me but maybe I’m looking at it wrong.
If you’re gonna shop Cramer clips, might as well show his take on SVB from about a month ago: https://twitter.com/WatcherGuru/status/1634246217226919937

(Spoiler: should have bought the inverse Cramer ETF…)
Provocative headline which hides a real conversation about preference voting. Optional preferential is one idea that the Lib/Nat side have toyed with. I think their hope is that it would permit more wins for them.
I'm a customer of FRB and they are definitely a "rich person's" bank (I'm probably their poorest customer" but their customer service is so flippen good. They assign you a banker that you can email day or night, weekend or weekday and they'll usually help you within a few hours. I've asked mine to set aside some currency for travel to a country or to wire some money and they handle it all with white glove service. I really hope they stick around. They're my favorite bank in the world.

They also have delicious homemade cookies and free umbrellas for when you visit.
I work in academic research, generally speaking the only options for workers is to unionize otherwise they have no say
I don't know what any of those stand for besides YouTube but probably 90% of my YouTube time is learning for my job. Random shit but it is for my job... So I can't drop that. Still gotta figure out where the time is going...
Even Wealthy Landlords Are Skipping Payments on Office Buildings
An Outdated Calculator
> "Not receiving agreed upon wages" is wage theft, full stop. They don't care if your bank collapsed or your great aunt ran off with contents of the cash register

The wage theft section of the California Penal Code (section 487m) says it is the intentional deprivation of wages. The California Labor Code talks about it in section 216, which applies when the employer has the ability to pay and willfully refuses.

It is hard to see how failure to pay because your bank collapsed and you can't get the money would be either intentional or a willful refusal.
Yes that is roughly how it works.

https://en.m.wikipedia.org/wiki/Money_creation#Role_of_comme...
What were the reckless actions and who are the people responsible? And can you link to the laws that were broken, along with their criminal penalties?

Or... are you just spouting populism that sounds good but has no factual or legal basis? In fairness, I'll withhold judgement until your proof is posted.
Pay me 20x market rate, and I’ll try to fix your cobol dumpster fire of safety critical murder spaghetti. I will need to add some liability clauses to your standard employment contract.

That doesn’t mean I’m incompetent; just that people you should hire on those terms are hard to find.

Anyway, I don’t have idea what happened here. The long time to fill the position also could have been because they were looking for a CRO that was better suited for a mushroom farm (kept in the dark + fed bullshit).

The resume of the new CRO suggests it was the former, not the latter.
Matt Levine article: https://archive.is/GafKl
Stable diffusion CEO is blovating nonsense. Statistics isn't counterfactual or alternate universe.

I wish to goodness AI had simply been called "non traditional mathematics" or something. The artifice is small and for goodness sake the intelligence is entirely absent.
Nice write-up! I wish they gave some more examples with different underlying textures.

Eg for grass, clouds, a brickwall (just as an example where you wouldn't want this technique, but seeing the effects would be instructive), etc.
Heck yes.

It's absurd now but... imagine those crop-water-er things, with a central pivot (ed: "central-pivot-irrigation").

What if instead of just a line of watering, that rotated around, it was a vast overhead rotating circle? Like 80% by area solar panels overhanigng. But also, one radian with all the farm stuff: watering, tiller, planter, harvester? An polar-plotter of tools, with solar panels taking up most everywhere else.