skysight-inc/HackerNews huggingface dataset:
An alternative way of stating this is that the Quebec government was unilaterally required to give its citizens rights.

The people of Quebec may be unhappy with the mechanism but surely the principle of protecting people from government overreach should not be in dispute.
Making a good business out of that is a matter of optimizing the sales pipeline and the development process, it's interesting.
they never returned my calls as a self funded startup so fuck them

they are trying to raise money? that’s cute, maybe they can create a pitch deck and be ridiculed a million times just like all of us

“you need a team”
“come back when you have revenue”
“we need to see more revenue”
“that market is too small”
etc

but you know what? they got buddies and you don’t as a founder
A variable is not a container. That would imply you can only put an object in one container. In Python, a variable is a label for an object. There can be multiple labels on a single object. If the object is mutable, you can tell it's the same object (or use id()).
FBI was actively monitoring a place identified as being a primary location for foreign operatives to influence our election.

They met weekly with Twitter during the time leading up to election when it was most critical that communication was open and often.

I don’t see a problem with that. Now, if FBI made threats or used other underhanded tactics to force Twitter to censor the speech of Americans, I would see an issue. I’ve seen nothing to indicate that.
Funny thing is the article mentions machine learning as one of the consumers of the digitized books. Maybe some of the money going to machine learning now may actually contribute to preserving original source material.
Braun is a he, no? He needs to work hard to match up to GPT-4.
> We don't see any such signs of that with Silicon Valley bank

Yet. They were pretty important to the startup ecosystem, and the rise in fear could imperil some of the banks that were sick already
In the US we've historically arranged thing so that the corporate tax rate + long term cap gains rate is approximately equal to the income tax rate.

If the combined rates were much greater it would create an incentive against creating c-corps.
It just predicts the next (word|image|audioclip).
Apparently your average person is much more likely to move homes than move banks. Bank accounts are incredibly sticky, and even though it's not really that hard to open up a new account (and maybe switch over some recurring transactions), people nevertheless don't do it.
Basel III

https://www.ft.com/content/c95e7708-b903-405d-a017-963844eb3...
By “blueprints”, do you mean the visual editors the big game engines tend to have? I think Unreal calls theirs blueprints. I’ve never done any game dev but find it an interesting compare/contrast with typical web dev approaches since they push some boundaries that typical business application doesn’t.
It was higher than I expected, but kinda makes sense. You're right that cash does lose value via inflation, but you need cash for when you need it. Looks like they sold a billion worth of stock in 2021 when times were good. I'd think they could invest in some bonds but long dated bonds dropped 20% in value last year so good job they didn't. https://finance.yahoo.com/quote/ROKU/balance-sheet?p=ROKU
Silicon Valley Bank's Chief Risk Officer Joined 2 Months Ago
I have two questions

1. Does the retry function work based on the logic that the same input will always return the same output, even if the code uses non-deterministic methods like "new Date()" or "Math.random"? If not, your retry logic may produce unpredictable results and therefore not be safe.

2. According to the article "How Defer Works" (https://docs.defer.run/platform/how-defer-works/), you will be running our code on your platform. How do you ensure the protection of sensitive data during the execution process? For example, how will you prevent access tokens or user/password information for the database from showing up in logs due to exceptions or bad configurations?
Unfortunately people agreeing to sacrifice their own rights in favor of more government overreach as long as it’s marketed as hating on the other (usually immigrants, but also, for example, black people in the US) is not unique to Quebec, and is distressingly popular across the world.
Sort of the other way to handle it would be to say “we can’t find risk-free yield for the volume of cash we just had deposited, so deposits now get 0.8% instead of 1.0%”

Which is kinda fine? Means you might lose some business as others chase yield. But I feel like most startups don’t actually have that much cash in the bank so they shouldn’t really be chasing yield anyway.

It didn’t take a genius to predict interest rates were going to rise. Locking cash away for 10yrs in very low % return vehicles seems stupid?
This is a forum for VC backed startups. We sell dollars for 90 cents here but we’ll make up for it in scale
> This says otherwise.

And in Canada, Australia, etc, they are zero:

* https://en.wikipedia.org/wiki/Reserve_requirement#Countries_...
Huh, so at least one quarter of depositors will get 100% on the dollar.
I think you're suggesting that somehow SVB a large and sophisticated bank could not contemplate that the fed would raise interest rates. Not to mention despite the size of their bet, they could have unwound this position for the last couple years since their initial bet.

>And they bought safe assets with that money.

The point is that you can't buy 100B of bonds and say "oh bonds are safe". When you buy low yield bonds with a 10 year maturation you're inherently betting that rates aren't going to rise since their valuation will go down if rates rise.

When you're a bank risk management does not involve hoping the fed doesn't raise interest rates. Sometimes you make the wrong bet but you recognize your mistake, take the loss and sell those T-Bonds earlier. Then you plan your communication to clearly explain why so that a bank run doesn't happen.

It seems the one of the pieces in the chain is that there was a big disconnect between the internal perception of the magnitude of the problem and what was communicated. Silicon Valley VCs and startups are twitchy right now and they tried to exit this position too late with too little explanation and got hit with a very old and very traditional bank run.
Thanks for that, was browsing around to figure out how to sort by date.

Probably a lot filed today/monday that look like this:

Kintara Therapeutics, Inc. confirms that it does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank.
The Fed has shareholders, pays dividends, and are partially owned by the biggest banks.

Interests are not perfectly aligned.
Over lockdown I watched a lot of films from the 40s, 50s and 60s. This was a common pronunciation in America back then. The current pronunciation becoming standard is quite a recent thing.
This might explain part of the current situation.
puts on my jaded realist hat

It's a great option if you have the hardware and want the speed. It's table stakes when other vendors like Nvidia, Intel, Qualcomm and Microsoft have acceleration though. Raw-compute-for-the-buck has always been a blowout with Apple Silicon GPUs, and it's not any prettier now that 4nm 40XX series cards are available. Hell, an Intel A770 with 16gb of VRAM is still cheaper than adding 16gb of RAM to a Mac Mini.

It's good stuff, but pitched a bit hard with all the marketing. From where I'm standing, it looks like Apple is playing catch-up with their GPUs and acceleration tech.

tentatively removes hat of jaded realism
I re-read it wondering the same, and I was under the impression that the article referred to the LLM’s hard work needed to match human intellect (but kudos to that German Microsoft employee if he can do it alone.)
It works usually. The bank can spread out the maturity dates of money such that they'd generally have enough cash on hand to be able to meet withdrawals. The higher yields mean they can still have some cash on hand and still pay some interest to their depositors.
Blockades are not fundamental rights. Honking is not a fundamental right. Situating massive private objects on public property is not a fundamental right.

Also, the government declared a state of emergency, the whole point of which is to create a temporary environment where certain rights may be ignored.

I don’t see the government of Quebec declaring an emergency because of an epidemic of people flipping the bird before proceeding with legal proceedings against this guy.

There’s literally no comparison between the 2 situations.

You may disagree with declaration of emergency, and there are ways for the people to protest that. Doesn’t seem like the vast majority of Canadians were interested.

There may have been issues with the response to the trucker blockade. But an illegal suppression of fundamental rights wasn’t one of them.
Yea, it’s from a pretty green manager it seems. Not great advice to engineers.
> Is it possible for a regular bank to lend money it does not have?

Banks create money from nothing to lend out:

> Therefore, if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. It didn’t exist until it was credited to your account.

> This also means as you pay off the loan, the electronic money your bank created is ‘deleted’ – it no longer exists. You haven’t got richer or poorer. You might have less money in your bank account but your debts have gone down too. So essentially, banks create money, not wealth.

* https://www.bankofengland.co.uk/explainers/how-is-money-crea...

> This article explains how the majority of money in the modern economy is created by commercial banks making loans. Money creation in practice differs from some popular misconceptions — banks do not act simply as intermediaries, lending out deposits that savers place with them, and nor do they ‘multiply up’ central bank money to create new loans and deposits. The amount of money created in the economy ultimately depends on the monetary policy of the central bank. In normal times, this is carried out by setting interest rates. The central bank can also affect the amount of money directly through purchasing assets or ‘quantitative easing’.

* https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...

Money is a psychological construct of humans to facilitate trade and the exchange of goods and services. Some societies don't (didn't) even have money/currency: everyone kept a mental 'tally' of who gave or took things, and there were social expectations of giving "gifts" for repayment. Physical tokens (bones, shells, gold, paper, etc) came later.
There's a concept in Anthropology/Primitive Economics called "Gift Economy" where participants in a community gifted each other help, goods, food, and rely on being gifted back similar things in higher/lower proportions sometimes in the near future.

If I'm not mistaken, Debt: the First 5000 Years and the Dawn of Everything books examined this.

Your graph is a formalization of such relationship, no?
Isn't this true of every bank since fractional reserve became legal?
> Why do private bankers get to create money and decide who gets it? It feels like there has to be a better way.

It's the system working as designed.
Fwiw this came out around 9:30am PT (~9 hours ago from this comment), was only just posted to HN this evening.
you mean "this bank has failed and it's now the job of the regulator to clean up the mess"?

that's how law works.
> What they don't realize is the real service platforms offer is moderation.

I'd rephrase this as "the real service platforms offer is better signal-to-noise ratio in the information one seeks". Moderation is not in itself the selling point, but merely one lever or device operating in collusion with some methods to increase SNR and in contraposition to others.
https://dfpi.ca.gov/wp-content/uploads/sites/337/2023/03/DFP...

California has declared it insolvent. It literally by definition is now.
If the assets are separate, it is still a very relevant point for depositors because the outcome of the UK receivership will be based on those separate assets. The amount that depositors in the UK bank recover may be completely different, higher or lower, than the depositors in the main bank.
That's not what GP is saying. When reserve requirements are low, banks are essentially no longer forbidden from lending out other customers' deposits.

When you decrease the reserve requirement, you're unlocking reserves that were previously locked up to back your deposits so that they can be loaned out to other customers, who will then promptly either directly or indirectly end up depositing their loaned amount into the banking system again, where the part that remains after the reserve requirement once again gets loaned out, deposited back in, etc.

In effect, because you're making this money go around, you're increasing the total supply of money, because these deposits are the money supply, and there can and often is more than a $1 net increase in overall deposits for each $1 deposited with a bank. Another way to state it is like so: you deposit $1, bank loans out $0.90, someone else deposits that $0.90, their bank loans out $0.81, so on and so forth for $10 of net deposit generation for a $1 initial deposit at 10% reserves held.

Of course, individual banks can elect to lock up more reserves than necessary, which would negate this effect.
Let's be honest: if no-one (higher up) went to jail after 2008, it is not likely to happen this time.
There’s more:

> For reasons explained below, the Court is resoundingly acquitting the accused. Since I’m hesitant to draft an entire decision in bold and caps-lock characters, I offer the following observations instead.
Good q, wondering the same..
Go look at gorilla-mux. Seriously a major project that needs a new owner. https://github.com/gorilla#gorilla-toolkit
You set up the linter to run as a check for pull-requests.

What people do locally to pre-emptively comply with the pull-requests rules is up to them, like running the auto-formatter before they commit their code, or running the test suite before making a pull-request.
I agree with your assesment but the impairment in those long maturity assets were not 50% to begin with, so the realized losses couldn't be as high.

Back of the napkin, take the 10yr and 30 yr spot prices today for issues from 1-2 years ago, and that's your max haircut. I believe some are trading at 70 cents , so we are talking about 30%. And that's worst case (not all assets would have sold at that price, but better).

Remember this is highly liquid assets. Not some exotic stuff.
Its a big loss, but not 50%

Brex's offer is collaterized up to 25 cents per dollar. SO, unless SVB lost huge money elsewhere, there's no way SVB lost > 75% mostly off their MBS portfolio (or other assets, for that matter).
If I think FDIC will make everyone whole in a reasonable amount of time, do I just buy call options on all these companies that are tanking because of ties to SVB?
LOL this one got me
People read “reserve requirements have gone to zero” (which is true) and assume it is so that banks can keep lower reserves.

In fact, reserve requirements became meaningless because banks had (and continue to have) so much more in reserves than they were ever required to have under the prior system.
Supposedly checks drawn on the old bank will still clear (presumably only up to the insured amount, though it doesn't say that) according to the FDIC. And the non-insured amount will be available in branches tomorrow via the FDIC-operated DINB. So in theory you would be looking at at most one business day late for payments if you are only concerned with the $250k part.
I think this was a weird thing where deposit demand was so much greater than loan demand. They had too much money and thought they were doing a safe thing. But failed to consider the time aspect and how rapid interest rate increases nuke them.

Banks do provide a valuable service and having them reject deposits isn’t a solution.
> No one should have to hand over their driver’s license just to access free websites.

This feels weird in a society where you can require government id to buy alcohol, get on a plane, fly a plane, leave the country, access the legal institution of marriage, get professional licensure, own property, hunt on federal land, buy a gun, use ham radio -- the last one is literally restricting digital communications.

I'm not happy about this but we've kinda jumped the shark with this one, even more so with states gunning for voter id laws. If producing your government id to vote, literally the most fundamental political speech, is constitutional then websites have no chance.

Also good lord this is unbelievably sneaky wording.

> COPA, the Child Online Protection Act, which included an age verification requirement. It was struck down as unconstitutional nearly twenty years ago for limiting the First Amendment rights of adults.

COPA wasn't struck down because the age verification violated 1A. Law to add new tax on chocolate and forbid women from voting was struck down by the supreme court as unconstitutional, US right to chocolate affirmed.
London fears for its future as companies defect to Wall Street
Source: https://fortune.com/2023/03/10/silicon-valley-bank-chief-ris...
I didn't downvote (because I can't, since I'm the poster you're replying to), but I'm willing to point out what stuck out to me since you asked.

You wrote:

> I'm shocked actually this is how naive people are ?

There was no need for name calling, and this is mentioned in the site guidelines (https://news.ycombinator.com/newsguidelines.html):

> When disagreeing, please reply to the argument instead of calling names. "That is idiotic; 1 + 1 is 2, not 3" can be shortened to "1 + 1 is 2, not 3."

Moreover, let's assume that since I've made it to this site that I'm not a complete idiot (well, I mean, I can be, sometimes), and that it's entirely possible for me to make my claim, while also being well aware of the fact that carpenters use email and the Internet these days. I did some renovations to my home a few months back and, surprise surprise, we used email, along with texting for communicating. (We even used gasp pictures in these emails.) So maybe I'm trying to make a deeper point about the intersection of carpentry and computers that you maybe missed?
I don't know what particular complaint you're referring to, but I've seen decisions by Canadian human rights tribunals get challenged in courts, and none of the laws governing Canadian human rights tribunals invoke the legislative option to override to Charter free speech rights, so I think whoever filed that complaint is misunderstanding the reality of the situation.
Silicon Valley Bank's failure highlights danger lurking in higher interest rates
Wells Fargo clients report missing deposits as bank works on fix
Loopholes in Basel III. Community banks have been arguing the rules don't apply to them.

https://www.ft.com/content/c95e7708-b903-405d-a017-963844eb3...
Very nice post, good lead. It makes me curious... I wonder what LLaMA would look like implemented upon the newly release OpenXLA[1]! Is that even a sensible ask? I feel like it could potentially be an informative exercise, that would aid in the understanding of the landscape of tooling.

[1] https://opensource.googleblog.com/2023/03/openxla-is-ready-t... https://news.ycombinator.com/item?id=35078410
Can someone ELI5 what this is about? I know that another bank is going through some trouble and I’m assuming this is somehow connected? Or not?

I am unfamiliar with this bank or this form.
Come on, where else would they put your money ? When are retail going to understand handling and parking and securing and regulating money has a cost and interest rate have to be chased somewhere.

Narrow banking never works because at the first regulatory lapse (my employer got fined 200M because we used whatsapp, not even for committing crimes), BAM no money left for deposit liabilities.

And dont forget here that as long as people eventually pay their mortgage in the expected default risk, the money will eventually come back, at an opportunity cost.
I should have added more detail but I was attempting to be brief. I meant that a junior engineer should focus on learning how to do the basics of their job so that they can provide features that help our group meet business objectives. A large part of getting there will be needing mentorship and asking lots of questions. The context is that often juniors need so much hand holding that the cost of their mentors time is more expensive than the value of the feature being produced. I wasn’t even considering their salary.
Many of us who live in cities do so because of our employment. The commute from a cruise ship would cost a lot in time and money, I imagine.
The next financial crisis likely won't play out the same as the last.
Got it, so THE SCIENCE says that it's essential that I put my mask back on when I get up to use the bathroom but then I can take it off when I sit down to continue my meal?

The reason the public got fed up wasn't because they misinterpreted the studies. It's became the implementation of mask mandates by public health authorities made absolutely no sense whatsoever, relied on public shaming and had no clear end date in sight (what's the benefit that masks provide given someone is fully vaccinated?).
The twitter files are absolutely nothing.
You can point fingers at a corporation all you want but that corporation is still made of people making decisions and doing the behaviors
Your model feels trueish to me, but I think the analogy is actually overcomplicating it.

The basic nature of finance is that some people have money they don't immediately need and others have needs they can afford over time but not upfront.

It's basically a layer on top of money in general, which is a way of decentralizing value production. Instead of pairwise trades, money serves as credit for value creation, recognized by 3rd parties.

The people running the graph are everyone with excess money or the ability to acquire it. Basically, everyone but the poor.
Indeed, in these countries the banks have capital requirements, which they also do in the US, instead.
"I asked what his viewpoints are supposed to be"

If you have been paying attention to his tweets they are mainly really stupid far right takes on things.
We've plenty of productive farmland.

We don't yet have enough renewable energy.
The long-duration bonds in question were plenty liquid. The problem is that SVB couldn't sell them without realizing losses -- and because they were listed as "held to maturity" on SVB's balance sheet, SVB had been hiding those losses to give a false appearance of solvency.
ARM11 has an FPU. The FPU is particularly slow to copy back and forth to the integer registers. This the raspberry pi people support an ARM11 core with armhf ABI, albeit limited to the VFPv2 FPU instruction set.
Ask HN: How can/does a Bank fail?
Thank you I understand. Credit Lines against commitments seems like a unique product that only a bank with domain expertise can offer.
From https://www.muji.com/us/feature/whatismuji/: MUJI’s goal is to give customers a rational satisfaction, expressed not with, “This is what I really want” but with “This will do.”

I think half the time I go to a Muji store it's really because the entire space gives me a sense of calm. Making a brand that's inexpensive but still projects a quiet feeling of quality and attention to detail is rare, at least in America.
Cool, thx for writing these up. Def some useful points for me to chew on.
Write to bare your soul. Anything else is an ego play.
the biologist from the blog post literally got the bacteria all over her arm when collecting the sample

We're all human. "unless you do something very silly" is literally what the safety rules are for
The employees of the companies which outsourced their payroll operations to Rippling did not receive the ACH credits to their account on the specified date and time. This is not clickbait. Payment did not occur as scheduled. Payments have been delayed.