Silicon Valley Techno-Utopianism

damn that guys everywhere

george if youre reading this please send me a check i will do whatever woke activities you require

kind of a wild situation, doesnt seem ideal

Practically all the founders I know have frozen accounts right now.

Don’t think we ever fully appreciated how integral SVB is to the startup ecosystem.

— Ed Elson (@edels0n) March 10, 2023

Just got an email from Wrapbook, the entertainment payroll service, saying their accounts were with SVB. So, yeah, I think this scenario is more than likely.

— Henry Baker (@econobaker) March 10, 2023

another payroll company

We (Rippling) discovered yesterday that Silicon Valley Bank had unexpected solvency challenges. Just now, we learned that the FDIC had stepped in and effectively shut down SVB.

— Parker Conrad (@parkerconrad) March 10, 2023

"But if you need a few bucks to tide you over, send your paypal address and we'll see what we can muster up.."

My random clicking on the 8-K list only turned up companies with 0-5% of their cash with SVB

Someone link a “we’re fucked” one

too many. Go to make it a drinking game. "I bet Kintara Therapeutics, Inc. has more than 0.5% of their cash in SVB" "I bet more than 2%" "Liar!"

Practically all the founders I know have frozen accounts right now.

Startup princelings deserve to sweat over the weekend.

lol, this includes many of of my closest friends, but yes

They didn’t have to use the bank with “Silicon Valley” in the name

eh, I’m a USAA member so I can’t talk

My credit union technically has “Boeing” in the name but that’s mostly historical at this point

we had a 'startup credit' company approach us, with the unfortunate name of Brex. They sold themselves as an all-new credit card company just for startups (which we're not) but they're actually just Mastercards

Anyway, they're jumping in right now to extend credit to all these poor starving founders so they can afford a little soylent over the weekend

Non-military Navy Federal Credit Union members represent.

ok but the timing of their IPOs is relevant because if it hadn't happened yet then they wouldn't need to file an 8-K. that's not a list of SVB customers. it's a list of public SVB customers.

why did so many (public) biotechs in particular bank with SVB?

I don’t know why everyone doesn’t bank with a credit union, seems like a no-brainer

― G. D’Arcy Cheesewright (silby), Friday, March 10, 2023 1:58 PM (five hours ago)

credit unions are insured via a different acronym ... I actually don't know much about credit union insurance. Some of them are super cool and will refund customers the "foreign" ATM fees if you take cash out of an ATM that isn't for your bank. SF Fire CU does that.

One of the things that the very large omnipresent banks that have their dumb big bank names on everything have going for them is very responsive Fraud departments ... at least the dumb big bank I have my checking account and credit cards with.

I instinctively don't trust "mark to market" because I feel like it's a rationale for making up numbers and claiming that's the market value ... but maybe that's holdover from the mortgage crisis and my instincts are wrong here

mark to market is good when the market is going up and bad when the market is going down, is how i break it down to an extent

it sounds right its a nice phrase

i still think it's a sketchy ass accounting method

i don't hate it as much as the Trump tax plan concept of being able to expense an entire building in the year purchased ... it was a small victory when that didn't get passed.

lol remember crypto

Silicon Valley Bank collapse causes crypto contagion concerns

March 10, 2023https://t.co/ZSM3G2FJ35 pic.twitter.com/QWxz6PCWKZ

— web3 is going just great (@web3isgreat) March 10, 2023

https://t.co/uJghPrxQ4k

— web3 is going just great (@web3isgreat) March 11, 2023

https://twitter.com/web3isgreat/status/1634398599944470528

Per Circle: $3.3 billion, or about one third of USDC's $9.88 billion cash reserves, are with Silicon Valley Bank. https://t.co/i6p2HJdvw1 pic.twitter.com/Qvd7EzmjCC

— web3 is going just great (@web3isgreat) March 11, 2023

lol remember crypto

who could forget this?
https://www.youtube.com/watch?v=LVQd6ykDL-Q

Personally if I needed to keep $3 billion somewhere I’m not sure if I would feel so good about keeping it in cash!

lol that commercial i like how its all mountain climbers astronauts and then two people about to make out at the club

that’s the crypto life baby it’s how we’re all living

sailing around the world in an old timey ship, ehh
freezing up on some big mountain, idk
taking drug in the club with some hot girl, ok yes sold how do i buy the computer money

usdc breaking the buck is… not… good…

tether when???

not good ...for whom?

https://ir.firstrepublic.com/static-files/295faa27-f208-4936-81ff-6c8bfa0fb6b5

🤔

Scoop: Vox Media has a substantial portion of its cash at Silicon Valley Bank. The media angle, w/@eringriffith:https://t.co/md8gNCxkwH pic.twitter.com/sZaJod6jmY

— Ben Mullin (@BenMullin) March 11, 2023

Exciting week ahead for a bunch of FDIC employees tho huh

Gift link to new NY Times story, including that Vox Media info above and a dozen or two more anecdotes.

Gift link to new NY Times story, including that Vox Media info above and a dozen or two more anecdotes.

https://ir.firstrepublic.com/static-files/295faa27-f208-4936-81ff-6c8bfa0fb6b5

🤔

― 𝔠𝔞𝔢𝔨 (caek), Saturday, March 11, 2023 1:47 AM (six hours ago)

“Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.” — Walter Bagehot, “Lombard Street,” published in 1873.

I never face this problem because I never have more than $250K of liquid assets

Still remarkable that a lot of the crypto/vc types who argued expansionary monetary and fiscal policy would bring about the destruction of the Republic appear to have only themselves existed because of those expansionary policies. Like a scifi movie lol

— Jeff Stein (@JStein_WaPo) March 11, 2023

bros are sad u_u

I suppose I've learned today how many people are excited to see our technology industry fail. It's unfortunate that it went from something exciting and futuristic to something political where people root for it to fail--even if others are collateral. I guess we broke something.

— Suhail (@Suhail) March 11, 2023

Watching people delight in the collapse of a bank that’s been vital to the greatest wealth generation engine this country has had for the last 2 decades is really disheartening to see.

I think this is a Twitter problem.I’m gonna be spending less time here.

— Austin Federa (@Austin_Federa) March 11, 2023

maybe they can go galt after the bailout

def a Twitter problem

oh no my wealth generation engine

smh so many haters

Merely succeeding will cause there to be people who want you to fail. It's not necessary to break anything, or for politics or money to be involved.

— Paul Graham (@paulg) March 11, 2023

yesterday i succeeded at getting a discount on ice cream ... does that mean now there will be people who want me to fail?

i wish to see your ice cream regime collapse

actually the bar code on the ice cream didn't scan, so the cashier put in the price at an amount that turned out to be lower than the actual price, but at the time he was manually entering the price, he really did think that was the price, and said out loud, "i think this is the correct price; i might be on the money here." ... And I responded, "I bet you are otm."

wow and he was in fact off the money just shows the total mendaciousness of todays ice cream bros

def not a wealth generation engine