skysight-inc/HackerNews huggingface dataset:
All of the money the bank gives out comes from deposits or shareholder capital. The bank isn’t the mint; it isn’t allowed to print money.

The way that banks expand the money supply is by providing the illusion that all my money is there and available while at the same time being loaned out to someone else.

Fractional reserve banking means that banks don’t have all their deposits in hand. It does not mean that they invent cash for loans.

(The distinction here is less obvious in a digital world, but it’s quite clear if you think about how it would work if physical cash was used)
Well them being non-American is the important bit, and the website is literally "jewish press" so I'm not sure what you're expecting.
My opinion is that they should not be if they were created using public data that is itself not owned by the creator/trainer. Otherwise we have a new model of for profit piracy where huge companies exploit their capital advantage to dragnet the collective work of humanity and then claim ownership of the result.

If a model is trained on data that one owns the copyright to, it should be copyrightable.
Rising Interest Rates Bring Opportunities and Risks for Banks
Nutrigenomics in the Context of Evolution
Thank you so much. I had no Idea. I used to take vyvanse but my insurance no longer covers it. It was far superior to adderall so Ill see if my doc can get me back on it. Thanks!
Maybe he pays attention or can afford to pay people to pay attention?

There were public discussions about the bank's issues months ago:

https://twitter.com/RagingVentures/status/161582608803847373...
OK, this is something else. Tests for an actual 1980s/90s cubicle: when you focus on your work, is anyone else in your field of view? Can you scoot your chair from your computer to a work desk for writing and reading, with say a bookshelf over it? If you stand up, are you in the field of view of a neighbor? Is it reasonably comfy for a coworker to visit you in your cubicle, maybe sitting down for some pair programming or reviewing some papers together?

Man, in the 80s we thought of cubicles as the cheapass option. I never did have an office.
If only we didn't know none of this would be happening.
There's a country song called 'Flyover States' by Jason Aldean thats pretty good!
Sure, but the actual amount should be significantly more (a comment around was saying that any account secured with two signatures is ensured up to 500k, for example). And, it should be enough for the mid-month payroll of a 25-person team, which is the kind of company GP was talking about.
The aggregator business model can actually work if you're not greedy. The costs of operating the platform should be near zero once it's built, so even the revenue of first-time bookings, at scale, should be enough to sustain a small but profitable business.
Maybe the UK government is just really strongly aligning itself with the climate movement and wants to discourage people from taking the plane...
um, maybe because it's an article from "JewishPress.com - Bringing you the news from Israel and the Jewish World"?
Why was the comment suggesting to adjust expectations flagged down?

It said that OP should take a lower caliber software job where Silicon Valley-tier engineers normally wouldn't apply because such a job would not reject them.

>Given how many better engineers now on market I feel there are no space for me anymore.

If we entertain the premise that there's an influx of superior talent hogging all the "good SV jobs" (which it's probably the hiring freeze due to market correction from massive overhiring and the looming recession, but let's go with the premise), that's precisely where there would be "space" for OP.

Those jobs absolutely exist, and re: burn out they can be pretty slow-pace to boot. (For example, defense/government work.)
Mostly agree, but panic isn't always rational and I suspect most people will react emotionally rather than look at their bank's books like you did.
>SVB put themselves in a somewhat bad situation by heavily concentrating the high levels of deposits in 2019-2021 in long-term treasury bonds (which would not have been permitted had not the previous administration not rolled back Dodd-Frank regulations, in no small part due to the lobbying of SVB's CEO).

And they put even more into 30-year mortgage backed securities. Bonds are normally purchased across a mix of maturities by banks. It's strange how everyone is absolving them for the mistake of holding almost no 1-2 year bonds and instead blaming VCs for pulling out.

To be explicitly clear: it's the responsibility of the bank to maintain their own liquidity (just like the borrower needs to do the same with their loan repayments), and putting $100B (33%+) of assets into 10-30Y securities was highly irresponsible and poor risk management.
Out of interest, why did so many VC funds and their playthings bank with SVB?
The invited speaker was Fifth Circuit Judge Kyle Duncan, whom, according to Wikipedia, has "a history of anti-LGBT activism" https://en.wikipedia.org/wiki/Kyle_Duncan_(judge)#Opposition... . It seems Judge Duncan was invited by the students from the Federalist Society to speak at Stanford Law (see https://stanforddaily.com/2023/03/11/law-school-activists-pr... for more context).
Financial literacy is very low, also among tech workers. Even most founders only have very vague ideas about how finance works.
> Moreover how do you do diplomacy with Hitler2.0?

Speaking of intellectual dishonesty making other thoughts suspect...
It's not an anticapitalist take to say that the internet would have been better without commercialization. There's a world outside of the internet. There's programming jobs outside of the internet. Not everything has to be commercialized. And that doesn't mean commercialization is inherently bad.
Well written and super funny. Reminded me a bit of Scott’s writing, particularly the descriptions of the horrified interviewer.

I’ve never worked in a Typescript shop, is there any truth to the satire here? The sea of confusing types to solve any problem?
A good example of how TypeScript can be done so incredibly wrong.
What's really scary about the SVB situation is the dynamic that there's no cost to causing a bank run, so now you've got all these VC guys who are disingenuously claiming that every bank in America is now at risk because of SVB. We all know what they're doing - they're trying to create panic so that the government has to step in, but it's a massively dangerous game to be playing. If other regional banks do start failing it's going to be in no small part due to these people preaching doomsday scenarios. Will they pay a price for their behaviour. Of course not.
> They [shareholders] deserve nothing, because that's what you should end up with if you own stock in a company that goes bankrupt.

During a bankruptcy creditors get paid first, and investors are only allowed access to what is left after creditors are paid off. Hopefully a company declares bankruptcy before their total liabilities becomes larger than their total assets, otherwise creditors cannot be paid in full.

Bank bailouts were largely done so banking services are not disrupted. As valuable as SVB was to startups, it's small potatoes to what 2007/2008 bailouts prevented. "Too big to fail" clearly doesn't apply here.
Sorry, flubbed. They were medium risk, not junk, but borderline investment.
I’m sorry but I vehemently disagree with the premise of your points. I think you’re still assuming that practicals could do it all and somehow CG is solely at fault for things you don’t like.

1. The practical effects on Jurassic Park weren’t simply augmented by CGI. The hero sequences had the main set pieces as CGI. Please tell me how you’d do the T-Rex chasing the jeep with practicals? Or something like gollum fighting with Frodo ? Or Davie Jones in Pirates?

In fact, when Jurassic Park came out: the CG elements were the hero’s in the news. This retconning of saying the practicals were the stars is rewriting history to fit a personal subjective narrative.

It almost put Phil Tippet out of a job, if Dennis Muren wasn’t a great friend. The news cycles and hype at the time were around all the CG sequences and how it wowed audiences.

2. It’s ridiculous to say animation isn’t a form of film making. It’s possibly the most pure form of film making. You craft every single detail, and make every single choice along the way. this kind of puritanical thinking of saying animation isn’t film making isn’t constructive. Are you seriously going to say that Toy Story isn’t film making? Or The Lion King? The little Mermaid?
I seem to enjoy both of those, so I guess I have a lot of options.
Because it minimizes harm and stabilizes the economy. There are benefits to providing safety nets to people who didn’t have a hand in their own misfortune. Specifically those people get to continue providing value. The modern economy is not zero sum. Work creates value, it is in everyone’s interest to stabilize productive workers.
By design the feds wanted to increase unemployment and salaries. Problem solved? I'm not trying to be mean or condesending. But who would / should the unemployed / wages come from? What sector?
No idea why you’re downvoted. Work in tech for 15 years and this is spot on
It's this.

I would also like to point out that it's perfectly okay to simultaneously take pleasure in an industry being culled of precisely what you described, while also feeling bad for some of those who may lose their jobs as a result. Ain't nuance neat?
>Welcome to 1910.

Is that an argument? The "newer is better" kind? Perhaps 1910 had that part figured out better than 2023.

>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.

I never argued it doesn't make them money or that the bean counters there can't see that.

Just that it's (or oughta be) unrelated with the goals of an academic institution, whether it's lucrative or not.
If the banks books are solid, they should survive a 25%ish decline in deposits, which was roughly the level of SIVB on Thursday.

I don't expect a 25% decline across the industry however. The knock-on effects will be smaller. With a smaller "shockwave" of runs, combined with stronger bank fundamentals, I really don't think we're looking at a big domino-effect 2008-like collapse here.
that was also true of SVB
Invite Link for Zed IDE
Sometimes, but other times e.g. COVID-19, our immune systems work extremely well in all except the very elderly and obese.
It does?

Country Number of Startups
The USA 72,560
India 13,905
The UK 6,396
Canada 3,446
Australia 2,399
Indonesia 2,391
Germany 2,320
France 1,579
Spain 1,411
Brazil 1,165

source: https://www.demandsage.com/startup-statistics/
That makes a big difference though. The risk of losing 10-20% (or even of getting back the full 100% but only after a few months) with no reward for the risk taken would be enough to drive depositors away from regional banks and into the mega-banks.

If deposits aren't backstopped quickly, it won't be startups taking the main brunt of this - it will be other regional banks that see bank runs.
yes, I'm ok to do this for long-haul flights.

I have my Electronic Travel Autorisation/Autorisation de voyage électronique from Canada/Canada.
It's ok when you go for a full trip, not just a weekend field trip. You plan trips months before you travel, when you go on the other side of the map.

But it's not comfortable for regional destinations.
Europe itself made to easy with Schengen (which is not the EU btw. Countries like Switzerland or Norway never wanted to join the EU, but at least they make it easy to visit them. They're better off on their own, but don't feel threatened when EU peons visit them)

A lot of other regional countries advertised how easy it was to go there. Especially Tunisia (where you could also go with just an ID), or Turkey. Because they wanted to be popular destinations. And it worked.

I'm interested in stats for the UK.
By "this" I meant the totality of what they did, not certain bits among what they did that can be "think of the children"d (recognizing that I've now given someone the opportunity to interject with a bad faith interpretation of that).

There's no basis for saying you have to get rid of a blue based color theme for a grotesque swamp green one, otherwise PayPal would be an accessibility pariah.

I probably shouldn't be so sensitive to this, but it's part of the ongoing theme in the tech sector of snatching the lolipop from the baby. Give it, let them enjoy it for a while and get used to that, then spoil it.
I don't expect the students to be "bowled over" by a judge. I expect them not to heckle him.

You seem to be saying the treatment is justified because the students are smarter than the judge.
probably, he's well-connected. but withdrawing from a bank on insider info isn't illegal.
The amount of speaking out of one’s own arse that’s happening in this thread is absolutely amazing.
if a machine can pass the turing test then that most likely means that the test was not good enough. it is not an indication that the machine is actually intelligent.
So what you're saying is the bank made investments based on a whole lot of assumptions. These assumptions were quickly invalidated by US policy changes and then the bank lost everything.

Yes, absolutely let it all burn. They risked it all on their "strategy" and lost. Why should they get bailed out in literally any way? I don't see the government showing up to bail me out when my "strategy" gets me liquidated, why the hell do these banks deserve that treatment? Let them face 100% of the consequences of their choices.
The VCs who advised them to behave this way, if you ask me. In my ideal resolution, the government does their own valuation of the startups, rescues in excess of insurance the ones that seem promising, and proportionally takes the VC equity in these companies that got special rescue consideration. If the investment is getting bailed out, the VCs who started this mess shouldn’t get their equity returns. They can invest again in the next round if they really believe their convictions.

Practically, the VCs should have made some bridge loans to solve the short term problems while we wait to see what comes out of receivership. Some did, and good on them for sticking with it in the hard times.
Today, I finally understand the anger that led to the creation of Bitcoin
Ive just had very poor experiences with doctors. They always seem to think they know more than me, but never really even listen to what I have to say.

For example I went to a derm once because I had a spot which looked like cancer for nearly a year. I went in, explained and asked for a biospy. He refused to even look at it, gave me a script for doxycycline to treat me acne (which I did not even mention) and sent me home telling me to come back if the spot was atill there in 8 months. When I came back and he looked at the spot he admonished me for not coming in sooner to have it biopsied.

This is just one example in a long line of medicial professionals refusing to listen carefully to what I have to say. They always think they know better
https://twitter.com/itsurboyevan/status/1634603869752766471
This is a strange strawman argument. The GP and parent comment you responded to are specifically referring to this sentiment:

> “Depositors shouldn’t get anything beyond the insured $250,000”.

What startup normally only has $500,000 in the bank?

Anyway, cashflow can matter a lot. For instance, people that sell stuff on etsy might not be paid on time because of this. That creates a lot of customer uncertainty.

Also, I can imagine a lot of B2B startup customers are looking for second sources all of a sudden.
The government makes whole all deposits except the ones that were able to be withdrawn before they pulled the plug on the servers?

How’s that work?
I lived in a place like that when I was young. It was fine. Many, many young people get their first Manhattan apartments this way.
Looks like it cannot today - https://github.com/juanfont/headscale/issues/1040
A project using Postgres vs. SQLite can make the difference between being able to run a single Docker container or having to use Docker Compose.

Nothing big, but I do appreciate being able to trial a tool or service on a test machine with a simple `docker run`.
If everyone gets cash from loans, who'll be the depositors putting cash in the bank to be loaned?
But it could be just temporary, I mean when the market finally shifts everyone will start advocating "learn to code" again.
I'm not sure that's really true. I remember looking at pages of search results on Star Wars websites. All built from scratch, none of them had ads. All of them much better than for ex. Wookieepedia despite having less content. I think you would have a hard time finding more than a handful of websites (on any given niche topic) like this today.
For software development, the cost of RAM is an externality. Saving RAM takes expensive effort, and sometimes even conflicts with things people want, so there is almost never enough incentive to do it.
Aren't foreign deposits of US banks not covered under FDIC?
“This is a bailout”. It would be if shareholders were to get their money back, which doesn’t seem likely. The government will use the bank assets to make customers, not owners, whole.

Except shareholders suffered massive or total losses in 2008, such as AIG or Washington Mutual, despite it being a bailout. A bailout means all depositors are made whole, not the shareholders.
There was an extension (The Great Suspender) that did that well for years, till it was sold and they started bundling stuff.
US preparing to stem SVB fallout with 'material action'-sources
When faced with a decision that is uncertain or otherwise risky, how often do you find yourself choosing the less certain or more risky path?
She is saying the bank will go out of business, and any people who owned stock in it will lose all of that money, hence the difference from 2008. And then continues on to say that _depositors_, i.e. the people who had savings accounts there, will be helped (although she notably didn't commit to 100%).
> Had everyone, including Thiel, stayed calm

This is the prisoner's dilemma, though. Unless there is sufficient, government-esque coordination across VCs (and founders, etc) to force everyone to remain calm, no individual can rely on the others remaining calm, and they are all in a position to individually lose if they remain calm while others do not.

If anything I think it would be extremely spooky if that level of coordination did exist across VCs. The lack of strong coordination this has demonstrated is almost heart warming, in a way (if you like free markets).
I understood perfectly well and nonetheless a-OK with this.

It is a huge burden for me and everybody else to take off our shoes and stand in long lines over the last 25 years or so. The experience is already suboptimal, some security theatre is at play to be sure, and yet what do you actually suggest?

Perhaps you misread what I said above:

> There is also "bad person" without scare quotes to consider.
it's even worse than that. the pension funds were selling swaps (paying variable rates). that's why the BoE needed to step in to buy gilts - to drive the yield down and stop the bleeding from both the variable payout and capital losses incurred when liquidating gilts at a loss.

zirp has caused some pretty astounding fuckups and i'm sure there are many more to come.

https://www.reuters.com/markets/europe/why-are-britains-pens...
I don’t find market making or liquidity providing to be controversial

it still requires capital from their reserves to do what you describe, purchasing USDT for $1 each

the redemption mechanism is an incentive on its own. when Tether is below $1 purchase it yourself (pushing up the price of Tether) and go to the redemption window and get $1 for it regardless.
https://archive.is/Jbzfy
So is zrok - https://zrok.io/. Also fully open source, can self-host and has an option for 'private share'.
it doesnt have to be criminal behavior. if a startup had X cash balance with SVB because they got a loan from SVB, then that startup is looking very f'd right now, because their runway just got bombed. nothing criminal, but it changes market perception a lot.
Right. Tax, whether to a government, or to an employer, is the beginnings of unfairness. Taxes can be used for fairness (enforced savings for everyone for the winter), and as a form of barter (military protection), but the value gained by singular authorities makes things disproportionately unfair.

I guess maybe the taxation is not the problem, it's the centralization of the taxed wealth to particular figures in the government (nobles) or corporations (shareholders and executives).
This is a delightful read, which reminds me of two other articles. The first is also a caricature of the technical interview, solving FizzBuz with Tensorflow: https://joelgrus.com/2016/05/23/fizz-buzz-in-tensorflow/

The second is a explanatory story, or "discovery fiction" as the article classifies itself: https://paulbutler.org/2022/what-does-it-mean-to-listen-on-a...

I love these humorous yet pedagogic technical writings, woven with a bit of literary eloquence and down-to-earth narrative. Thank you for this.
Thank you, sorry I was not familiar with the diff between T-bills and T-Bonds, now I know!
>With all the advances in tech, why are our hardware still struggling to keep up with demands of the apps we use?

Weird,

8/16 GB of RAM were common configurations for at least last 10? 15? years.

RAM advances very, very slowly in compare to e.g disks, gpus and cpus.

There were Optane memories which had way higher amounts of RAM, but they're cancelled as far as I've heard.

Personally the only time I'm constrained by memory is when running Windows VM in the background.

But if I didn't have 20 apps running in the background (web browsers/games/IDEs/chats/etc) then it wouldn't be a problem, I think.

Our computers are doing more and more tasks, we want to have answers faster and without using internet bandwidth, so there's a lot of caches and having stuff in the memory
Another way of dealing with a run would have been to simply replace the funding through interbank lending:

Take a deposit from another bank to offset the deposits being withdrawn. Through funds or repo. If it was a short term funding issue, this is normal (at a system level, interbank lending always balances, just an accounting identity). But that wasn't done. Whether that's because other banks were unwilling to step in may be interesting to see.
My reading of that question was different. She was asking if the free speech juice was with the squeeze. She was proud of what the students were doing and was not questioning them or their actions at all.
This isn’t true at an individual bank level. See the related post on JPM’s report. Systemically important banks need to mark to market regularly, and are still well capitalized after accounting for unrealized losses.
I want my company to have a giant vault stacked with Benjamin’s.

Every payday I come down and they shell it out and put it in my hand.

Then a disgruntled but genius employee comes up with a crazy heist scheme and I get caught in the middle of it getting my pay one payday.
The faster you go, the more fuel you need. You'd have to have multiple refuelling stops to go the same distance.
To live in a city of any size, let alone a dense one, you need to be highly tolerant of things that irritate you or violate things you consider valuable, and in many cases, you must be tolerant of things that violate basic mores.

The second it becomes a possibility, a significant percentage of people will flee the things that they have difficulty tolerating, simply because they no longer need to tolerate it.
It's a noisy measure, since FDIC / Fed / Treasury are quite reasonably worried about this failure setting off a series of bank runs.
I mean, yes it’s important to base science on reality.

But also: if we take drastic action “wrongly” and the end result is a healthier plant? I’m good with that.