You're oversimplifying it. If you're a tech startup and put all your money in a single bank, you needed a CFO/Accountant that would have advised against that or you should have had business insurance for the appropriate amount. Refusing to do either means you intentionally took on the risk and I don't feel sorry for the c level people of said tech startup. Sucks that the people they hired may lose their jobs though.
@@Phaceial dealing with multiple banks accurs more costs, business insurance does not cover the cost of bank failure. Hell, if the bank was at least doing something sketchy maybe it would be a due diligence issue, but they were buying fucking bonds. The government literally ows them that money. It would be an advance more than s bailout
I moved to NYC to work in film back in 2018, lost job and had to move due to covid policies. Started investing in crypto in '21, then learned to code after crypto crashed in '22. Looks like I'm right on schedule to get fucked again.
nah you'll be fine. there's still plenty of tech jobs in the 'real' economy. you might just have to work for a mining conglomerate instead of a startup selling NFT greeting cards for pets.
Loved the "learn to mine" pun. I guess this is a reference to that news from a few years ago when some journalists suggested miners to learn coding to move away from the fossil-fuel industry
Double entendre if he also meant mine for bitcoin, since it carries value on its own, especially when fear of (hyper)inflation pops up. BTC did bump up as a result of SVB failing.
Someone will have to be responsible for the written code or the created website etc. Stop worrying about AI taking over. It won't because it's a stochastic system by design and thus can not be held responsible for anything it creates. There is a war with Russia going on that at any point can become world war 3 though. Might be slightly more relevant...
SVB’s real problem was the homogeneity of their depositors. A liquidity crunch in the startup scene meant that pretty much all of their cash was gone. Had they had a more diversified pool of depositors, this wouldn’t have stung as badly
thats just one of the signs why tech bros thinking they can disrupt everything is such a shit situation to be in. people who have no idea how something works coming in and learning everything by making mistakes is not something we need to go through
Specialized banks exist outside of SVB. Not every bank is JP Morgan. Banks need to do their treasury operations properly, and that's where SVB fucked up.
The failure of Silicon Valley Bank has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping 200k stocck portfolio, what’s the best way to take advantage of this bear market?
@Lloyd Bernard I agree, having a brokerage advisor for inveesting is genius! Amidst the financial crisis in 2008, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment
@@roseroland1998 I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
@@louisairvin3052 My advisor is ‘’LISA ELLEN SHAW’’ she’s highly qualified and experienced in the finan-cial market. She has extensive knowledge of port-folio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVBs collapse. I’ve never felt secure keeping a large sum of money in a bank I rather made investments with the guidance of an investment advisor, reap the benefits and then save for retirement.
It’s a good time to buy and basically I’ve just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time high, who is the financial advisor that guides you, mind i look them up.
My financial advisor is "COURTNEY HEATH WILLIAMS" He's highly qualified and experienced in the financial market. He has extensive knowledge of portfolio diversification and is considered an expert in the field, he has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@Gabrielle..I appreciate you for sharing. Finding his handler was simple; he appears to be knowledgeable, adaptable and well accredited. I drop him a message hoping for his responds.
Global financial markets have been significantly impacted by SVB's demise, prompting investors to sell off bank equities hastily and reevaluate their interest rate expectations. I am a $350,000 investor who is at a crossroads and wondering if it is wise to hold onto securities that are losing value. I want guidance on the best approaches to maximizing my returns in this negative market.
It is unlikely that the market will experience big gains anytime soon in light of the latest developments involving SVB, therefore it is prudent to set reasonable expectations and get ready for a potentially protracted recovery period. It is advised to postpone making big investment decisions until the economic climate in areas of concern has stabilized. It is best to take precautions and stay out of the current disturbance.
During market downturns, investors should remain committed to reputable companies by maintaining or growing their investments, as well-managed businesses eventually regain their former strength. To find the best entry and exit points for long-term gains from stock appreciation, get advice from a financial expert. Gains from working with an investing advisor can be substantial, as was demonstrated during the pandemic when a gain of $530k in just 8 months was realized.
My advisor is Margaret Johnson Arndt , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
I did all of my borrowing between 2014 - 2022 and am now paying off all of that at fixed interest prices (having mostly used Upstart, Upgrade, and Affirm). I feel like I'm one of the lucky ones
Learn to program better than the NN-based FakeEye and you'll be fine. In other words, do low level programming, UI design and storyboarding and you can't be beat.
Fun fact: there's an open diamond mine in Arkansas where you can go and mine, and you can keep to yourself what to find. On average, a diamond is found once a day.
WTF. How has the government allowed this? Usually when you find something like that, the government comes down FULL FORCE and ceases all the stuff. And if not government, some private company does that with shady deals. I am surprised the government didn't "derail" a train with toxic waste or something near that area to drive everyone away. Very Interesting.
Dude the ending was Fire and Based AF. Literally CAN'T STOP LAUGHING. I was hesitant to watching this video first thing in the morning with tea (before starting to code) because I didn't want to start my day with negativity, but your style of adding humour AND giving more info with less bias and a good balance between "THE WORLD IS GONNA END" and "NOTHING TO LOOK HERE" gaslighting, just made my morning whilst keeping me informed and in a good mood. THANKS. After I have done my coding for the day, I will start looking for Mining jobs nearby. Maybe you should start a channel for that, to help coders get the best mining jobs. I don't think any of us can last a day mining for coal or cobalt, but may be mining for certain shiny stuff or salt is do-able ;D
This whole SVB situation really makes me think about the state of banking here in Canada. In the US there's a lot more smaller banks, while here there's only like 5 big ones and some credit unions. If you're running a start up you're probably depositing your funds in a major bank cause you don't really have a choice. That adds stability, but at the cost of a banking oligopoly.
Haha nice one, like they wrote on Ambani perhaps? These whites will never ever write the truth on themselves, they only know how to lie about others like India , China and Russia, Venezuela, Nicaragua etc…
@@SigFigNewton while in theory, yes, FTX only held 32bn and SVB held 170bn, SVB is a FTIC insured bank which means a not insignificant part of those 170bn are secured. FTX however was neither a bank or FTIC insured which means a total loss of those 32bn is somewhat possible
you look out the window and the landscapers look pretty happy. sunshine, fresh air, well defined goals... if it paid a little better i'd be gone already.
Good news from the FED. "After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
I went through the whole recruiting process with a startup and I was just waiting for their offer. Today they gave me the announcement that they're having a hire freeze for at least the next couple of months :(
the issue spread towards the UK just earlier today the pm made an announcement saying that although it didn't affect the UK startups that much the fact it that it didn't sounds really FUCKED...
The 'amusing' thing is that if the techbros hadn't created avrun on their own bank, it would probably have been fine. If the bonds and T-Bills gad been allowed to mature, they'd have received the full, if low, value. But since they had to sell them early to provide liquidity for everyone demanding their money all at once, they had to take a loss on them, and they quickly ran out if stuff they ciuld sell fast enough.
Allegedly their risk manager was playing host managing holding parties instead of risk. They also knew they were fucked long ago since buying bonds & interest raise didnt happen yesterday.
I have some cans of tuna left over from the pandemic I could share. they're a little old but I'm sure they're still edible. so at least you won't starve. right away...
"Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." -- Satoshi Nakamoto 2009
@@alainportant6412 TBH I never trust the whole bitcoin thing... I only trust that the whole idea of the technology behind it could be useful in the future. For many things...
How ironic is it that a crypto stablecoin becomes unstable because a BANK goes bankrupt. Wasn't this half the point of Crypto? Less reliance on banks? Lmfao
Quick followup to my previous comment: It turns out one of the guys running SVB was a former Lehman Brothers Executive. I mean, how does THAT guy still get a job considering his resume is "Hi, I helped crash the economy in 2008."
@@1stblackpm they are already shut down. They are no longer a going entity. The depositors might be made whole (via swap with a calendar spread), but the shareholders and the bond holders will not, obviously. That’s not what most people think of when they think of a “bail out“.
Actually... there are reports claiming that about 50% VC backed startups are SVB's customer in the US. There will be many companies unable to release payrolls if SVB is still on fire. That plus recent reports are claiming the incident has affected UK, Singapore and China as well, things are not looking good.
The money is in US government bonds. The US government quite literally ows them the money. They're going to get said money from the government ether now or when the bonds mature.
Nice Video!!! To the Joke at the end, do you really think developers will be fully replaced by A.I.? Im not quite sure. It seems to be not that far away anymore...
Developers won't be replaced by AI, developers will be replaced by developers who use AI. Also wait until a bunch of people realize that by solving the problem of having to spend hours manually writing code, they introduced the problem of having to spend hours trying to debug code they didn't write that is riddled with bugs. Developers who hate having to debug other people's code (aka all of them) are in for a rude awakening IRT the abject unreliability and fallibility of LLMs which don't know what they're talking about and are just parroting statistical probabilities.
Modern AI is just models trained over a huge set of data. That means they're only as good as the data fed into them and that data has its limits. I'm sure a portion of the dev job could be streamlined by AI, but anytime you have any specificity that deviates from the norm to fulfill business requirements you're gonna need software engineers to step in and either aid the AI or simply do it themselves the traditional way. I see it as being a beneficial tool under the developer belt rather than a replacement for devs. The software engineer position is gonna evolve and change massively, it might even reduce the number of job positions by squeezing out the people hanging at the lowest level, but it will not replace experienced and competent devs if they can keep up with the changes. I feel like we're still a long way to go from that though. I'd be much more worried as a cashier in regards to job security at the threat of automation.
People who don't know how to code can have vague ideas that require follow-up questions. AI could take some instruction like "make a website that lets users sign up for an email list" and produce some code from it, but who's going to figure out if it made what the asker wanted? Is it riddled with bugs and privacy violations?
Eventually, definitely. In the near future? Not at all. But developers will be able to use AI to be much more productive, which would shrink the job pool. Which, as someone who just put everything into getting into the industry during the intersection of AI and layoffs, really fucking sucks.
Everyone had seen this from a mile away. The whole Silicon Valley Startup Culture was burning billions on things that could never have broken even at that any reasonable pace. Tech companies as a whole are extremely overvalued.
@@SoulTransient that has absolutely nothing to do with anything, including why this bank failed. How are you still so naive about the subject after all the reporting that’s been done?
I don't think the average software engineer works at a tech startup - but I would be interested in the stats! Just how many software engineers DO work at a startup vs. more stable companies?
the people working for the tech start up are obviously wondering if they will get that next check. A more obvious question is if the start up had that much money to put in the bank in the first place, why wasn't that money put into multiple investment vehicles rather than dumping it into a single bank. even people who are making more than what they need to live know that its good to diversify their money and keep some somewhere else just in case something like this happens.
Stable companies have been contracting tech startups that have been delivering half baked implementations for a while that engineers at the stable company have to bandaid fix edge case solutions because the stable company can't burn anymore money on the new tool that was going to replace us. I see this as an absolute win
@@NormCantoral A startup with $1M in the bank only has runway for a year assuming 10 devs earning $100K each (ignoring taxes and stuff to simplify). The startup world is different. They raise capital not to put into index funds but to try and "disrupt" some industry. Practically, that means churn through money to try and get a lot of people to download some half-baked app.
If you're under 250k while you can is basically any time you like. FDIC is government run so there's no such thing as running out of money. If you're over 250k, you can take out 250k and the rest is locked up until the bonds are sold. So panic all you like but there's exactly nothing anyone can do at this point exept wait.
The whole point of bitcoin is to remove the necessity of banks, but instead the banks were like “how can we profit from this thing designed to make us obsolete.”
capitalism was for when they were making money. now that it's hit the fan it's socialism's turn at bat. systemic banking failure will hurt the consumer, turn on government money machine to paper it over in 3, 2, 1...
Yeah, then I remember John Oliver's story about coal miners several years ago. The *real* growth industry is being a billionaire with a diverse portfolio and a well-stocked self-sufficient bunker prepared for when Western civilization inevitably collapses.
In the tech industry, you always gotta keep changing tools but this time it seems like a pretty big change from vscode to shovels
I mean, they are equally heavy...
Shovels are too flashy and moden. I prefer digging sticks. You can customise them to your needs, mine even has a stone shovel attachment.
It’s not that kind of mining
So primitive! Use drills for a better workflow!
Sounds like we need to start a bank.
Thanks Jeff for my daily dose of optimism
Imma go sharpen my pickaxe, never know how things will go
Lemme grab that hoe , imma go farming.
Optimism😂
@@alvaromendoza4406 i will search white label floppy pickaxe, put my logo and sell it to junior software developer
Hehe
Imagine losing staff and customers not because your product is crap, or your working conditions horrible.... But because you chose the wrong bank
Good thing you always use the right bank + slave labor to minimize your cost because you promised folks houses when you only had tents. Lol.
Maybe it would of been better to diversify the cash flow to other banks?
You're oversimplifying it. If you're a tech startup and put all your money in a single bank, you needed a CFO/Accountant that would have advised against that or you should have had business insurance for the appropriate amount. Refusing to do either means you intentionally took on the risk and I don't feel sorry for the c level people of said tech startup. Sucks that the people they hired may lose their jobs though.
@@Phaceial dealing with multiple banks accurs more costs, business insurance does not cover the cost of bank failure.
Hell, if the bank was at least doing something sketchy maybe it would be a due diligence issue, but they were buying fucking bonds. The government literally ows them that money. It would be an advance more than s bailout
welcome to capitalism!
I moved to NYC to work in film back in 2018, lost job and had to move due to covid policies. Started investing in crypto in '21, then learned to code after crypto crashed in '22. Looks like I'm right on schedule to get fucked again.
Oof
nah you'll be fine. there's still plenty of tech jobs in the 'real' economy. you might just have to work for a mining conglomerate instead of a startup selling NFT greeting cards for pets.
Your comment started off as one of those comment chain spam. The last line was killer.
I am learning code and thinking to change job for programmer one. But looks like it will be tuff
I've been fucked over every two years too lol
In different ways, but similar story
Looking forward to the rebrand as Firestarter, where you post tuts on how to build actual fires and survive in the wild
underrated comment
Loved the "learn to mine" pun. I guess this is a reference to that news from a few years ago when some journalists suggested miners to learn coding to move away from the fossil-fuel industry
Double entendre if he also meant mine for bitcoin, since it carries value on its own, especially when fear of (hyper)inflation pops up. BTC did bump up as a result of SVB failing.
@@subz424 the fact that Russian gov brought btc shows how valuable and one can rely on
The ultimate UNO reverse
Journos got pissy when layoffs started and people told them to learn to code XD
That industry has been dying for over a century tho
Machines will do art, writing, even coding so we can do mundane jobs like working in a factory. What a time to be alive!
I swear this days this is all I think of when I hear "What a time to be alive!"
@@user-sl6gn1ss8p yeah this industrial society shit is pretty overrated ngl
@asdfghjkl only for applications where it’s cheaper than human labor sadly
@@masonsmith9619 Correctly, which will be tech sector probably (where no physical capital investment is needed)
Someone will have to be responsible for the written code or the created website etc. Stop worrying about AI taking over. It won't because it's a stochastic system by design and thus can not be held responsible for anything it creates. There is a war with Russia going on that at any point can become world war 3 though. Might be slightly more relevant...
SVB’s real problem was the homogeneity of their depositors. A liquidity crunch in the startup scene meant that pretty much all of their cash was gone. Had they had a more diversified pool of depositors, this wouldn’t have stung as badly
thats just one of the signs why tech bros thinking they can disrupt everything is such a shit situation to be in. people who have no idea how something works coming in and learning everything by making mistakes is not something we need to go through
But that WAS theur selling point
They had incredible products and UI for that industry, hence why their business worked
No their real problem was that they owned tresury bonds.
Specialized banks exist outside of SVB. Not every bank is JP Morgan. Banks need to do their treasury operations properly, and that's where SVB fucked up.
The real problem is not the depositors at all. svb is not even that big, the issue lays underneath.
Mining in 100 seconds - kindly consider this topic for the next video
Could be important 🤔🤔
Very very important
Not as important as , "tinder for horses in 100 seconds " ....
Mining copper in Australia in 100 seconds
@Official_YT.. filthy scammer
The failure of Silicon Valley Bank has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping 200k stocck portfolio, what’s the best way to take advantage of this bear market?
@Lloyd Bernard I agree, having a brokerage advisor for inveesting is genius! Amidst the financial crisis in 2008, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment
@@roseroland1998 I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
@@louisairvin3052 My advisor is ‘’LISA ELLEN SHAW’’ she’s highly qualified and experienced in the finan-cial market. She has extensive knowledge of port-folio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@roseroland1998 I just looked her up and sent her a mail. Thank you. Any idea if her service includes managing family portfolio?
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVBs collapse. I’ve never felt secure keeping a large sum of money in a bank I rather made investments with the guidance of an investment advisor, reap the benefits and then save for retirement.
It’s a good time to buy and basically I’ve just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time high, who is the financial advisor that guides you, mind i look them up.
My financial advisor is "COURTNEY HEATH WILLIAMS" He's highly qualified and experienced in the financial market. He has extensive knowledge of portfolio diversification and is considered an expert in the field, he has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@Gabrielle..That’s impressive! I could really use the expertise of this advisor, please how do I connect with him?
@ WHCOURTNEY.. He’s frequently engaged on the platform known as Telegramn, utilizing the aforementioned username
@@Gabrielle..I appreciate you for sharing. Finding his handler was simple; he appears to be knowledgeable, adaptable and well accredited. I drop him a message hoping for his responds.
Global financial markets have been significantly impacted by SVB's demise, prompting investors to sell off bank equities hastily and reevaluate their interest rate expectations. I am a $350,000 investor who is at a crossroads and wondering if it is wise to hold onto securities that are losing value. I want guidance on the best approaches to maximizing my returns in this negative market.
It is unlikely that the market will experience big gains anytime soon in light of the latest developments involving SVB, therefore it is prudent to set reasonable expectations and get ready for a potentially protracted recovery period. It is advised to postpone making big investment decisions until the economic climate in areas of concern has stabilized. It is best to take precautions and stay out of the current disturbance.
During market downturns, investors should remain committed to reputable companies by maintaining or growing their investments, as well-managed businesses eventually regain their former strength. To find the best entry and exit points for long-term gains from stock appreciation, get advice from a financial expert. Gains from working with an investing advisor can be substantial, as was demonstrated during the pandemic when a gain of $530k in just 8 months was realized.
@@MarkFreeman-xi3rk Could you kindly leave your investment advisor's contact information here? I absolutely must have one.
My advisor is Margaret Johnson Arndt , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
I did all of my borrowing between 2014 - 2022 and am now paying off all of that at fixed interest prices (having mostly used Upstart, Upgrade, and Affirm). I feel like I'm one of the lucky ones
Goddamn I can barely call myself a "programmer" but I really love your style of content.
Keep it up, Fireship!
same
@Dym Sohin So we back in the mine got our pickaxes swinging from side to side
@@DiversionGif they give me a pickaxe; I'm heading to politicians houses with it.
@@DiversionG so baby tonight~ the ai gonna take all are jobs again.
Learn to program better than the NN-based FakeEye and you'll be fine. In other words, do low level programming, UI design and storyboarding and you can't be beat.
Always gold! Still salivating over the promised SvelteKit deep dive vid, can’t wait!
Crazy, this crash affects me as an employee at a bagel shop in a completely different state
Because of small hat people?
@@redpillsatori3020 oy shut it down
Fun fact: there's an open diamond mine in Arkansas where you can go and mine, and you can keep to yourself what to find. On average, a diamond is found once a day.
What’s it called?
@@ItsVab Crater of Diamonds State Park
Its more fun to dig for quartz in central AR cause at least its pretty common and theres some big crystals on occasion
WTF. How has the government allowed this? Usually when you find something like that, the government comes down FULL FORCE and ceases all the stuff. And if not government, some private company does that with shady deals. I am surprised the government didn't "derail" a train with toxic waste or something near that area to drive everyone away. Very Interesting.
diamonds are pretty common, I don't think anyone could make a fortune selling them
I watched this informative video, uninstalled VSCode, and now I am looking for a shovel.
Edit: thanks for so many likes
Yeah, just mine your own business
submarine welding pays pretty well
Ill be selling the shovels, i got your back
I hear coal is going places
You should have uninstalled VSCode regardless if the world was burning around you or not.
I knew all my years of grinding in minecraft wasn't for nothing 💪
As a software engineer turned coal miner, I approve this message
rock and stone
Dude the ending was Fire and Based AF. Literally CAN'T STOP LAUGHING.
I was hesitant to watching this video first thing in the morning with tea (before starting to code) because I didn't want to start my day with negativity, but your style of adding humour AND giving more info with less bias and a good balance between "THE WORLD IS GONNA END" and "NOTHING TO LOOK HERE" gaslighting, just made my morning whilst keeping me informed and in a good mood.
THANKS. After I have done my coding for the day, I will start looking for Mining jobs nearby. Maybe you should start a channel for that, to help coders get the best mining jobs. I don't think any of us can last a day mining for coal or cobalt, but may be mining for certain shiny stuff or salt is do-able ;D
working programming + self-sustaining farming/ herding + trade job freelance sounds like a good meta
Coding for the Queen
I disagree about mining as a good job, he should have suggested farming, it has better working conditions.
@@icemelt7ful Farming will be illegal for individuals; only corporations will be able to do tgat
“ learn to mine as soon as possible…” 🤣🤣🤣
Never change Fireship. Never.
"U guys gonna thank me a a few years from now..."
The end message was very inspirational, thank you for that heart warming message.
I’ve already found myself a plot of land too!
Me changing my university course midway from Computer Science to Mining
OK. I'm liking this.
And the video, too.
OK, this is epic
Me also
These news report are really awesome. I want more !
This whole SVB situation really makes me think about the state of banking here in Canada. In the US there's a lot more smaller banks, while here there's only like 5 big ones and some credit unions. If you're running a start up you're probably depositing your funds in a major bank cause you don't really have a choice.
That adds stability, but at the cost of a banking oligopoly.
If only some activist investors made a report on this earlier.
Haha nice one, like they wrote on Ambani perhaps? These whites will never ever write the truth on themselves, they only know how to lie about others like India , China and Russia, Venezuela, Nicaragua etc…
It's actually pretty massive news. Ftx level even.
@@SigFigNewton while in theory, yes, FTX only held 32bn and SVB held 170bn, SVB is a FTIC insured bank which means a not insignificant part of those 170bn are secured. FTX however was neither a bank or FTIC insured which means a total loss of those 32bn is somewhat possible
they were busy making report for adani to cripple indian economy
The software developers yearn for the mines
you look out the window and the landscapers look pretty happy. sunshine, fresh air, well defined goals... if it paid a little better i'd be gone already.
@@RealJohnnyDingohat landscape? The demand is for coal.
A dirty underground coal mine where's hot, humidy and there's no sun light.
"All you needed was sliders and powerpoints on why a Tinder for horses makes the world a better place". ROFL
So glad I watched this! Going to be starting my first day at my mining bootcamp tomorrow!
"mining bootcamp" 😂😂😂
People love bootcamps, where do I get a bootcamp creation bootcamp?
Always good news, thank you.
fr 🤣
Good news from the FED.
"After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
I went through the whole recruiting process with a startup and I was just waiting for their offer. Today they gave me the announcement that they're having a hire freeze for at least the next couple of months :(
I'm really sorry to hear that. Hope they reach out soon. Hang in there mate, and try to apply elsewhere in the meantime.
- Is it all Minecraft?
- Always has been.
This happened before in history, (don't remember when), a ton of people withdrew money in a haste and collapsed the bank.
Great depression. Classic 1930s.
the issue spread towards the UK just earlier today the pm made an announcement saying that although it didn't affect the UK startups that much the fact it that it didn't sounds really FUCKED...
Best breakdown yet. Top 10 greatest code reports of all time
Those low-yield bonds are everywhere. In pensions, other banks, other countries, the FR even has a bunch on their balance sheet.
Christ I LOL'ed on the Learn to Mine at that end. This is some world-class comedy right here.
The 'amusing' thing is that if the techbros hadn't created avrun on their own bank, it would probably have been fine. If the bonds and T-Bills gad been allowed to mature, they'd have received the full, if low, value. But since they had to sell them early to provide liquidity for everyone demanding their money all at once, they had to take a loss on them, and they quickly ran out if stuff they ciuld sell fast enough.
Yeah, fear causes more problems than it fixes
Peter Thiel caused this.
Allegedly their risk manager was playing host managing holding parties instead of risk. They also knew they were fucked long ago since buying bonds & interest raise didnt happen yesterday.
Best summary ever on this topic 🔝
gotta admit you nailed it connecting the dots; now can we have another js framework please?
My startup used this bank... Paychecks might not go through on time this week
I have some cans of tuna left over from the pandemic I could share. they're a little old but I'm sure they're still edible. so at least you won't starve. right away...
The FDIC will allow all depositors access to their money Monday
@@RealJohnnyDingo haha, all will be ok in the end. Just not a fun way to end the week. I appreciate the offer. Wanna trade for some canned chicken?
Strange are the times we are living........
As of late your videos have become a great way to feel shit about being a programmer.
It's the economic landscape and he's just relating news.
Don't go big tech go for tech in non tech companies :)
@Sadik.H Yeah we're fucked.
I'm getting mixed signals here. Like, we're doomed, but it's fine somehow. Should I panic calmly?
Hi great vid i always get happy when you upload
Legit never knew Silicon Valley had its own bank until now.
With the current economic climate, it was destined to fail though. 😂
@@Codymeister11 That's like, an oxymoron
@Codymeister11 long term, lmao. I have a bad feeling about this
to be honest, if it wasn't for their PR mistakes, they might have been able to avoid this...
been looking for a job after college for 6 months now and it the news makes me more and more worried
I share ur pain 😅 I just wanna have a job and earn a honest living but this shit is stressing
Is Pickaxes and Shovels in 100 seconds going to be on this channel or are you making a new one?
Why am I getting the most thorough unbiased report from the meme coding channel? Ok keep it up
The company my Ex works for had all their investor's cash in SVB. I think it's great.
Miserable much?
I know how to mine...
Swing a pick in front of you at rock, if you see water, stop, if bird dies, stop and leave quickly.
Let's get started...
"Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve."
-- Satoshi Nakamoto 2009
The funny thing is that, currently, crypto asset's liquidity comes from bank loans.
Post ICO regulations killed what bitcoin could have become.
Kids don't even know who Satoshi is anymore, and its all bullshit and nfts anyway.
@@alainportant6412 TBH I never trust the whole bitcoin thing... I only trust that the whole idea of the technology behind it could be useful in the future. For many things...
@@alainportant6412 Bitcoin and crypto are not the same thing. Bitcoin is alive and well and still ticking along as it has always done.
@@alainportant6412 Bitcoin wouldnt be affected by the loss of peg of stable coins, only DEX's would be at a loss because of arbitrage bots. -.-
Your technical analysis is top notch, (pun intended)
Silicon Valley Bank is the Logan Paul Crypto Zoo of Banks
😂
I think you mean SilverGate
Not true. SVB‘s balance sheet was relatively inline with other banks in terms of risk.
I was waiting for you to talk about this.
Can't wait for the mining tutorial! ⛏️
Which is the best mining framework?
@@ern0plus4 That's why Google launched Carbon.
@@ern0plus4 🤣🤣🤣
Thank you Fireship for inspiring me to give up on programming and become a farmer
Can you make 100s of mining next? I think I'll need it.
that #learntomine joke at the end was priceless 🤣🤣🤣
How ironic is it that a crypto stablecoin becomes unstable because a BANK goes bankrupt. Wasn't this half the point of Crypto? Less reliance on banks? Lmfao
Wrong bank.
Thanks for the great news. Time to invest into rope companies because loop ropes may go up in the near future ;)
Oooooo that was dark....
@@asparshraj9016 Thanks
Quick followup to my previous comment: It turns out one of the guys running SVB was a former Lehman Brothers Executive. I mean, how does THAT guy still get a job considering his resume is "Hi, I helped crash the economy in 2008."
Because banks are institutions of public trust ;-)
U destroyed joma tech news. This format is much better than any person talking directly into the camera
Love these code report vids, keep up the great content
Hight inflation dont affect us in Argentina because we always have it.
"And nothing can go wrong"
*crash*
"OH NO IT ALL WENT WRONG"
“Those are IOU’s”
Such nostalgia 🥲
ironically tech jobs would be replaced faster by AI than a miner would
Excellent analysis!
Brilliant ending o) I am moving from full stack developer to a stock market trader. Looking promising now, but will see.
You have just the best sense of humor. I love it.
At least we aren’t bailing them out🎉
Don’t jinx it 😢😂
Too fail to big?
@@1stblackpm they are already shut down. They are no longer a going entity. The depositors might be made whole (via swap with a calendar spread), but the shareholders and the bond holders will not, obviously. That’s not what most people think of when they think of a “bail out“.
Actually... there are reports claiming that about 50% VC backed startups are SVB's customer in the US. There will be many companies unable to release payrolls if SVB is still on fire. That plus recent reports are claiming the incident has affected UK, Singapore and China as well, things are not looking good.
The money is in US government bonds. The US government quite literally ows them the money. They're going to get said money from the government ether now or when the bonds mature.
1:38 its actually 97% uninsured
Nice Video!!! To the Joke at the end, do you really think developers will be fully replaced by A.I.? Im not quite sure. It seems to be not that far away anymore...
That part was him joking.
Developers won't be replaced by AI, developers will be replaced by developers who use AI. Also wait until a bunch of people realize that by solving the problem of having to spend hours manually writing code, they introduced the problem of having to spend hours trying to debug code they didn't write that is riddled with bugs. Developers who hate having to debug other people's code (aka all of them) are in for a rude awakening IRT the abject unreliability and fallibility of LLMs which don't know what they're talking about and are just parroting statistical probabilities.
Modern AI is just models trained over a huge set of data. That means they're only as good as the data fed into them and that data has its limits. I'm sure a portion of the dev job could be streamlined by AI, but anytime you have any specificity that deviates from the norm to fulfill business requirements you're gonna need software engineers to step in and either aid the AI or simply do it themselves the traditional way. I see it as being a beneficial tool under the developer belt rather than a replacement for devs. The software engineer position is gonna evolve and change massively, it might even reduce the number of job positions by squeezing out the people hanging at the lowest level, but it will not replace experienced and competent devs if they can keep up with the changes. I feel like we're still a long way to go from that though. I'd be much more worried as a cashier in regards to job security at the threat of automation.
People who don't know how to code can have vague ideas that require follow-up questions. AI could take some instruction like "make a website that lets users sign up for an email list" and produce some code from it, but who's going to figure out if it made what the asker wanted? Is it riddled with bugs and privacy violations?
Eventually, definitely. In the near future? Not at all. But developers will be able to use AI to be much more productive, which would shrink the job pool. Which, as someone who just put everything into getting into the industry during the intersection of AI and layoffs, really fucking sucks.
the constant call to panic and worry is just background noise to me now...
Everyone had seen this from a mile away. The whole Silicon Valley Startup Culture was burning billions on things that could never have broken even at that any reasonable pace. Tech companies as a whole are extremely overvalued.
They would’ve been fine if it weren’t for interest rates
You have absolutely no clue what you’re talking about nor the specifics of why this bank failed
@@parker5548 no, tech companies ARE highly overvalued.
So you must be a millionaire now, shorting all things Tech, right?
@@SoulTransient that has absolutely nothing to do with anything, including why this bank failed. How are you still so naive about the subject after all the reporting that’s been done?
Good stuff as always
The only thing missing from the Doomed Tech Startup Starter Pack is the, "do you have time to sync?" slack/microsoft teams message
The ending! Pure gold! Good thing I know how to mine
I don't think the average software engineer works at a tech startup - but I would be interested in the stats! Just how many software engineers DO work at a startup vs. more stable companies?
the people working for the tech start up are obviously wondering if they will get that next check. A more obvious question is if the start up had that much money to put in the bank in the first place, why wasn't that money put into multiple investment vehicles rather than dumping it into a single bank. even people who are making more than what they need to live know that its good to diversify their money and keep some somewhere else just in case something like this happens.
Stable companies have been contracting tech startups that have been delivering half baked implementations for a while that engineers at the stable company have to bandaid fix edge case solutions because the stable company can't burn anymore money on the new tool that was going to replace us.
I see this as an absolute win
@@earld1403 what? That is crazy, is that for real?
@@NormCantoral A startup with $1M in the bank only has runway for a year assuming 10 devs earning $100K each (ignoring taxes and stuff to simplify). The startup world is different. They raise capital not to put into index funds but to try and "disrupt" some industry. Practically, that means churn through money to try and get a lot of people to download some half-baked app.
Hopefully stack overflow adds this to their survey
Love this kind of content from you.
I know that last part about depression or hyperinflation was taken lightheartedly but... it's legit.
hyperinflation is not possible, even if FED prints 10 trillion, it will stabilize over the next 2 years or so
@@trader2137 🤣 wtf are you smoking? 🤦♂
@@cryMoreLoL He's smoking shit bro, lol
@@akinfabunmi8186 fr! He’s using Biden admin math 🤣
@@cryMoreLoL supply & demand equilibrium does not involve hyperinflation if you print 10T, ignorants
I'm pulling all my money out first thing tomorrow, barely any of the deposits have bene revealed yet.
GET YOUR MONEY WHILE YOU CAN!!
If you're under 250k while you can is basically any time you like. FDIC is government run so there's no such thing as running out of money.
If you're over 250k, you can take out 250k and the rest is locked up until the bonds are sold.
So panic all you like but there's exactly nothing anyone can do at this point exept wait.
nothing unpredictable. it had to come at end such way
Bro I'm just starting my career and the whole industry is collapsing. I'm seriously considering going into factory work.
It's just the rowdy side of the industry going wild, most jobs are outside "tech" companies.
The whole point of bitcoin is to remove the necessity of banks, but instead the banks were like “how can we profit from this thing designed to make us obsolete.”
Another good video from Fireship!
Thanks for the weekly AI existential dread
I've been always polite in my chatgpt queries
Unfortunately when some people hit the floor, it's still in a penthouse.
I really wonder if Human Programmers are gonna be obsolete one of these days...... is it really worth the time to learn now?
My company is effected by this. We are pretty small and have already received word that we’ll get most of our money back. 🎉
If programmer r replace by chatgpt what would be the future job related to computer field? Pls , explore this topic
you still need a programmer to program the machines that are replacing programmers?
Chatgpt isn't nearly good enough
Programmers won't be replaced by ChatGPT, programmers will be replaced by programmers who use ChatGPT.
@DeadManWalking its good for snippets, but I can’t imagine using it for a complex product unless you’re not afraid of shipping out garbage.
Aw man I was going to start learning to code tomorrow! Oh well I guess I'll have to find something else to do.
Thank you capitalism, very cool!
capitalism was for when they were making money. now that it's hit the fan it's socialism's turn at bat. systemic banking failure will hurt the consumer, turn on government money machine to paper it over in 3, 2, 1...
Please create a video on how this will affect tech jobs
Being a Miner really does sound better and better each day…
Yeah, then I remember John Oliver's story about coal miners several years ago. The *real* growth industry is being a billionaire with a diverse portfolio and a well-stocked self-sufficient bunker prepared for when Western civilization inevitably collapses.
I'm super sure this is crazy interesting concerning power shifts in the usa but i don't know the first thing about it.