skysight-inc/HackerNews huggingface dataset:
The system terminal has to be in-kernel otherwise you would not see kernel prints during boot, before any fs (and servers launched from it) is mounted.
An unexpected side effect of continued employment gains is that the employees expect to be paid... A series of bank failures puts payroll in doubt, and could quickly lock up the system with extreme inflation and a liquidity crisis.

More money will be created to bail out the banks which will cause more inflation and more inflation will mean higher rates to fight it, which could freeze credit more and draw down savings and so on, all of which leads to more job losses and liquidity problems. It's numerous things in a feedback loop and if the bank runs and failures continue to spread then it's going to put serious strain on a system that never fully recovered from 2008.

The reverse repo rates are kind of fascinating when you look at what happened around 2007 and where it is today.

Maybe SVB is an outlier and can be contained but another hidden issue is how much Fintech has worked its way into normal finance. There are many online only banks and companies like Chime and Cash app which could broaden a crash.

I really believe we are about to experience a financial crisis worse than anyone alive has experienced. It will be unique as well in that so many of these factors have never happened before or all simultaneously.

This also doesn't consider global reserve currency changes and ways for the world to conduct trade without the U.S. financial system being involved. All of this provided liquidity in the past, the safe haven effect and so on.

Or maybe a few banks will get bailed out and it will be no worse than the savings and loan crisis. The next few months should get interesting.

Oh and if that's not enough, there is the potential for Ukraine to do poorly in the summer and a potential conflict with China on the horizon. The U.S. could be in a two front war with near peer competitors at a debt to GDP ratio higher than at its highest point during WW2.

Quantitative easing kicked the bucket down the road but it seems to have been a band aid only making the disease worse in the long run.
How many banks would make decade long bets that interest rates would stay near zero? In an era which involved printing trillions of dollars in just a couple of years.

If SVB or any bank wasn't underwater on an enormous amount of investments, this wouldn't happen. They could sell or borrow enough to cover the withdrawls.

I'm afraid there's some evidence that there are other very large banks with unrealized losses which might be in similar situations soon.
Stripe is still saying they are extending loans via Capital with no change to recent terms they've been offering. Confirmed with our account manager this afternoon, just in case.
It doesn’t make that much sense. We can transmit power pretty long distances these days.

I don’t understand “don’t disturb the desert” - why? It’s not just useless to us… it’s useless to most living things.
It's gone both ways. In the late 90's, I was a co-founder of Ruby Lane and we had an agreement with eBay to spider their site and they paid us for traffic. When they decided to end the contract, we removed them from our search engine.

But later, eBay successfully sued Bidder's Edge to prevent them from spidering eBay's site:

https://en.wikipedia.org/wiki/EBay_v._Bidder%27s_Edge

Courts in later cases have disagreed with this ruling.

The bigger issue IMO is that it can get pretty hard to spider a site if they are actively trying to prevent you from doing it. It turns into a not-so-fun game of cat and mouse.
No.
If you are familiar with LPAs (limited partnership agreements) some have severe restrictions on what types of investments they can make. Moreover, a lot work on committed capital, and have to therefore make capital calls to LPs that are not exactly the easiest at this time of overvalued holdings.

I can imagine how that conversation would pan out:

"Hello, Mr PIMCO Manager. Hi, we need 80% of your committed capital in less than 2 hours in order to bail out a failing bank in which we are not a shareholder or board member. Oh yes, I don't know how much we need, but its, like, a lot. Unfortunately, we don't have any collateral on this if FDIC takes over, but I'm working on it!

Oh yea, about those mark-to-market positions, can we talk about that later please? Can we count on your capital? "
Pretty sure it will be read by AI-generated congressbots.
No. It's both different and worse, because you are trusting more parties for auth as well as degrading the trustworthiness in the actual integrity of the credential management by spreading it across the entire network stack in addition to trusting the same billion $ enterprise, anyway.
This implies they are: https://mercury.com/security
It's traditional; before that we had amd64 AKA x86_64 AKA x64
They are solvent unless they have to suddenly sell the bonds, in which case they are worth less now than at maturity.
> SVB's total equity was only $16bn

Which table in the 10-K would I look at to see this?
It is absolutely ridiculous for someone with more than a few million sitting in checking to, well, have it sitting in checking.

Not only is there the 250k FDIC limit, but that's leaving money on the table. At least put it in highly liquid and stable securities of some kind so you're not bleeding it. And, of course, accounts can get locked out. Anything over a couple million should be split across two different institutions minimum.
And you're saying that we should listen to defectors, for no reason whatsoever. Or are you saying that we should listen to defectors, because they are defectors? In that case, how is that different from what you accuse me of?

BTW, what I actually said is that we shouldn't blindly believe defectors, because there are compelling reasons for them to stretch the truth. See the difference? There are three ways we can treat a story: We can choose to believe it, we can ignore it, or we can choose to disbelieve it. You wouldn't believe my "pink bunny guns" example, would you? So you're already doing what I suggest, we just differ in degree.
> He even claimed that “dipshit” is not really an insult. It is merely a nickname like any other; an innocuous form of slang

What an amazing self own. Especially when you could very plausibly say you had a heated reaction and accept it with very minimal consequences for judgement. But by all means double down!
First Republic Bank files 8-K – Tech only 4% of total deposits; no sector >9%
FDIC -is- insurance, and it's not supposed to make money, it's supposed to cost money. It's a safety net for when shit hits the fan. There should, in fact, be things you're not allowed to do as a traditional banking establishment. And I'm sure this event will be precedent for more.
Biden want's tougher cloud security
Key section that stood out to me:

Among other steps, the Biden administration recently said it will require cloud providers to verify the identity of their users to prevent foreign hackers from renting space on U.S. cloud servers.
The government made quite a bit of money in profit overall. Auto manufacturers were <15% of the total amount.

https://projects.propublica.org/bailout/
> so if a payout was started via SVB a few days ago and was going to arrive today (because bank transactions aren't instantaneous)

FedNow instant payments are supposed to go live this spring/summer. Feels like it should have been 10 years ago.
I'd say there's some aspect of normal social interaction where what you say holds. But what about whistle blowing or criticizing the government. And what about privacy in what you read? What you're talking about it why places like facebook have a real name policy. That's for the production, not consumption of content.
That seems like a reasonable precaution, but it doesn't seem clear that would have helped much in this case.

SV bank had the funds this morning and says the paychecks are going out, FDIC comes in at noon Rippling heard that checks haven't gone out in the afternoon, and now JPMorgan has the info and is overnight processing.
I wonder if it’s correct to also think about it in this way: idle cash devalues over time. Coupled with interest (no matter how small) that they pay out to their depositors, this exposes banks to future liability. To counter that, they have to give “jobs” to as much of this cash as possible so that they can make those payments while also pocketing a profit for themselves.
Blizzard trying to push renting software on us doesn't change what was legally allowed, and Diablo II and Warcraft III were after the Internet came around. Now, if you bought Warcraft I, which didn't have Battle.net support, you own that one copy, and Blizzard can't take that copy away from you. Which is to say it's bought and not rented.
> Wool has a protective layer of grease

Right, it's called lanolin.

It's also true that lanolin + shade and rain cover is better than lanolin alone. No protection is 100%.

> degradation that you see on sun-damaged clothing is mostly on the dye

"Mostly." We agree damage is done to the fiber. ;)

By design, modern dyes often act to protect fibers, soaking up energetic photons before they can damage the fibers themselves. In their absence, undyed fibers can be more susceptible to damage.
Code readability is not that subjective
Test your knowledge https://en.wikipedia.org/wiki/List_of_largest_banks_in_the_U... I might have known 50% of the top 20 maximum.
So you're saying I should invest heavily into mortgage backed securities? Got it!
These seem almost a bit simplistic?

What about something like hard business tradeoffs? You can never produce the perfect system if it will take so much effort that the system never ships. Your security posture will never be perfect, it just better be good enough to keep you out of the headlines, etc.
> [149] On what basis did he fear that Mr. Epstein was a potential murderer? The fact that he went for quiet walks with his kids? The fact that he socialized with the other young parents on the street? If that is the standard, we should all fear that our neighbours are killers in waiting. Hide your kids, hide your wives. We are all in mortal danger.

The judge's writing is amazing.
I don't know about that. I think it's more that they never hedged their interest rate risk (or they invested in assets that were too long duration).
obviously nobody believed those numbers. i had 50% of my 401K in a AAA bond index fund and it lost 15% in 6 months. SVBs assets aren't even close to AAA. They are loaning money to startups, creating deposits out of those loans, and then using those deposits as collateral to issue 10X more loans. That is all perfectly cool and legal, but when all of those startups run out of runway at the same time the party stops.
To be fair, despite being Canada, the judge agrees with you. At the start:

> [5] To the complainants, the presence of young families outside it is a source of scorn and vivid resentment that ultimately spilled over into a criminal complaint against their neighbour. A school teacher. A caring father of two young daughters who committed no crime whatsoever. A man who has somehow been subjected to criminal charges for almost two years.

> [6] This injustice ends today.

And at the end:

> [168] To be abundantly clear, it is not a crime to give someone the finger. Flipping the proverbial bird is a God-given, Charter enshrined right that belongs to every red-blooded Canadian. It may not be civil, it may not be polite, it may not be gentlemanly.

> [169] Nevertheless, it does not trigger criminal liability. Offending someone is not a crime. It is an integral component of one’s freedom of expression. Citizens are to be thicker-skinned, especially when they behave in ways that are highly likely to trigger such profanity – like driving too fast on a street where innocent kids are playing. Being told to “fuck off” should not prompt a call to 9-1-1.

> [170] On that topic, the evidence in the case at bar established that even after the accused’s arrest, therefore after the period covered by these charges, Michael Naccache called the police again to report that Mr. Epstein’s wife had given them the finger while walking on the street.[55]

> [171] This needs to stop. The complainants are free to clutch their pearls in the face of such an insult. However, the police department and the 9-1-1 dispatching service have more important priorities to address.
The title is mine; given that this is an 8-K filing, there is no built-in title. First Republic Bank, a San Francisco regional bank that's seen its stock affected by the Silicon Valley Bank collapse and is often compared to SVB, filed this with the SEC today (Friday) to reassure investors (and clients) that its situation is different from SVB's.
I'm excited, but having trouble running Llama on my local machine, has anyone managed this?
Trump does seem pretty finished though?
It probably hasn't been recently (or ever) inflation-adjusted since it was set.

There are a lot of limits and thresholds like this that could use regular (or even extant) reindexing.

EDIT: it was increased to 250k in 2008 or 2010. As you note this is too low. It seems like it has been rather low its whole history. Given that our inflation rates are basically halving the currency every decade or so, it should be reindexed much more frequently (and also raised in any terms).
Kind of a pedantic comment
Forget about this loss, how much income was Roku giving up by holding $500MM (at least) in checking or savings accounts?
I love this site, aside from the design the articles on it are good reads. I guess OpenBSD people have a hilarious idea of design sometimes. I remember when de raadt and some others were making slides for conferences in MS comic sans just to "annoy design nerds" (not my wording IIRC) for a while
It's funny people tolerate this kind of stuff. I'd be out the door immediately, and I have been before. You don't have to work for companies that do this kind of insanity.
Loaning out deposits creates money + debt. The amount of money is cancelled out by the amount of debt.
Those banks were all built on a fraudulent and irrational housing bubble. SVB just bought too many bad bonds and got stuck. I don't see the industry-wide effects from this.
Thank you! Didn’t read the article, was super confused in the comments!
> if it takes the FDIC more than a few months to sort it out

Why do you think it may take months for FDIC to do their job?

I think FDIC will pay the 250k on every account before Monday morning. Anything beyond 250k is not covered by 'deposit insurance'.

> acquired and all the deposits will be honored

SVB is effectively bankrupt. Buyers are going to get a good deal, and not sink their own bank.
FWIW, an ID, digital or otherwise, is not your personhood. It's a number that allows service providers to keep track of your use of those services, which ultimately is required for them to be sustainably provided.

What you're saying boils down to: we cannot allow service providers to enforce any quotas, limits, or payment requirements, on the services they provide.
Seems to work all right for almost every other engineering path such as mechanical and electrical.

I think we could do with some state level accreditation, starting with a rigorous PE exam for computer science. It's not like it would prevent you from working as a dev, you just couldn't call yourself an engineer.
It's possible to be criminally negligent. If you took unnecessary risks then it can carry a criminal element.
Amongst the continentalists he's not especially poorly written
All of those arguments have been used for every change in society for thousand of years. For example:

>discovering the negative effect algorithmic social media has on the mental health of teens

Same was said for pants over dresses, for radio, for tv, for rock and roll, for video games, for dancing, for co-ed schools, for educating women, for cameras, for electricity, for catalog ordering, and on and on, with literally the same arguments, the same studies, the same downfall of society, and this has been repeated in cultures the world over as they evolve. With all these terrible decreases in teen life compounding for hundreds to thousands of years, it's amazing they do so well today compared to generations past.

It's also nice when people put their beliefs, created from their upbringing, on the next generation, ignoring that each has adapted and evolved with new changes and each does turn out ok, and for the most part with much better lives.

Instead of picking a negative consequence of some change and ignoring the net change, look at the pros and cons - over time society tends to mitigate the cons and adopt the pros, and today will likely be the same pattern.
Sure, but why couldn't be a bank that's just like a money vault and that's it. I don't care if I get no interest, I may even pay a fee for that service.
>(Guessford held up a handmade "RADAR AHEAD" sign while standing near a speed trap, and the police ripped up the sign, then later pulled him over and cited him in retaliation for flipping them the bird.)

The police can have fun fighting the likes of Google and Apple, since their map programs feature speed trap warnings.
I’ve trained hundreds of people across many roles for thirty years.

I have two things I’d like to add:

- A mistake you are willing to learn from is not just a mistake. It’s a lesson. It can yield as much reward as you’d like, depending on the effort you spend to reflect and change things.

- Most advice like this, when it comes to things someone learned after moving up a rank in some org chart, is not as portable as we might like to think. Teams are always different shapes. In the end, if business functions are being executed well and if the people doing those things are paid well and happy to stick around, then you’ll find over time it really just doesn’t matter what the process looks like or the permutations of productivity-fu you put on it.

Anyhow, this is a nice article. I enjoy reading stories about career progression like this. I wish I had read more twenty years ago to learn this stuff, I made a lot of “mistakes” then.

Keep it up!
You were probably very close to a Google datacenter, and had ideal network conditions. I've also seen many reports of high latency and input lag, so this wasn't the case for everyone.

Either that, or you're just not susceptible to lag, or a drop in quality due to compression artifacts.

Google probably had the best game streaming product on the market, but they can't work around physics. There are just too many variables involved that are out of their control in order to offer a consistent experience. When you consider everything that needs to happen between pressing a button to seeing a reaction on-screen, it truly is remarkable they could make the streaming experience enjoyable for many people.

That said, Stadia's technical limitations weren't the only reason it failed. Like you mentioned, it had a confusing business model they never explained well. You could buy games at full price, and stream them for as long as you wanted, which is neither enticing nor sustainable. The Pro subscription plan only had a few games that rotated, when competing plans from PS and Xbox offered much better value. It just didn't make sense.
Measuring and understanding that risk is the craft. This is like asking how musicians know that their music will move someone when they write the notes down on paper.
This charter and the constitution was imposed unilaterally, and adopted at night without the presence of Quebec representatives. So.. can't really blame us for not being in love with it..
I think you got it. cartolarization ~= cartolari(zzazione) + (securiti)zation.

https://it.wikipedia.org/wiki/Cartolarizzazione
One of the most frustrating things about that whole situation with the Emergencies Act is the people simultaneously shouting "they have to use it, it's the only way for them to have the power to shut it down!" and "no one's rights are being violated!"

I found the final report on the whole EA invocation to be reasonable. It found that the use of the EA was warranted, but also made it crystal clear that a) other people could look at the same facts and come to a different conclusion, and b) that the only reason it got to the point where it needed to be invoked was due to government incompetence at the municipal, provincial, and federal level.
They are, up to $1M with sweep IIRC.
I’d need to see some statistics to be convinced either way.

When I think of poverty, I think of sub Saharan Africa. I believe debt is legal in most of those countries, so the odds are that banning debt is a small part of the poverty picture.
> In the three decades since that fateful Harvard-Yale game, colleges have been starved of funding

And yet somehow they have managed to drastically increase their administrative staff headcount (with commensurate increases in spending), to the point where some schools have more administrators than faculty, and nearly more administrators than undergraduate students.

Stanford University has so many administrators that they built a separate campus for them (a "center for excellence in critical administrative areas" according to the web site.)

It's something of a cliché to point out that Stanford et al. have so many employees (including faculty) that they could assign each undergraduate and graduate student a personal assistant and still have employees to spare. I imagine that's part of why the recommended student budget[1] is approaching $10K per month of the academic year.

[1] https://financialaid.stanford.edu/undergrad/budget/
Seems like they're doing some shenanigans to be able to say that

*Mercury is a financial technology company, not a bank
A bit ironic to get upset because your canal skate was disturbed by people peacefully protesting a government that was forcing everybody in the country to comply with all sorts of absurd measures.
> Those thinkers are being silly. They're basically saying that consciousness is literally magic.

"...[the strong CT thesis] is widely believed to be wrong, primarily because quantum computation stands as a highly likely counterexample to the thesis." [0]

If consciousness is even a little bit quantum, then those thinkers aren't so silly after all.

[0] https://arbital.com/p/strong_Church_Turing_thesis/
But honking will get your bank accounts seized and have you declared a terrorist.
Yes - I’m sorry, I misunderstood you. I thought you had said a people manager would have to hit a button to get his or her people paid. Never mind me!
Shills exist, but not everyone in the universe other than you is a shill. This produces a difficulty in people's minds because people think in absolutes. They prefer to either ignore the existence of shills, or choose to believe that everyone who disagrees with them is a shill. The truth is somewhere inbetween, but it takes work to thinks things through on an individual level.
And over the top of every aqueduct, storm channel, and man made 'river' designed to deliver water to large urban areas. Generates power and helps reduce that annoying evaporation.
Nitpick: The Fed isn't selling bonds. Maybe they meant the Treasury?
this is incredible.

As chief risk officer, going into a public company that goes bad not even 2 months after being hired -for strictly risk mismanagement, not fraud- tells you all you need to know about the competency of the person being hired.

EDIT: Sincerely curious about downvotes:

You are interviewing for a CTO job. As part of the process, you get unrestricted access to prod codebase. The stack/ libraries are something you are very familiar. You find out the software will be a critical component to make payments to people worldwide. Its a high profile project. You are the public face of the software that must go live very soon, no one can tell for sure, but its imminent.

Your (interview) prep finds a dumpster fire. There's no way this thing will even run. The entire thing is not salvageable.

Do you take the job ?