Silicon Valley had a bank... HAD

How will the Silicon Valley Bank failure affect software engineers and tech startups? Find out why SVB got into trouble and what it means for the average programmer.
#tech #svb #thecodereport
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🔗 Resources
Silicon Valley Bank News www.cnbc.com/2023/03/12/heres...
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Tech Trends 2023 • Things are gonna get w...
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🔖 Topics Covered
- How did SVB collapse?
- Simple explanation of Silicon Valley Bank failure?
- Will SVB customers get their money back?
- Why did USDC Depeg?
- Outlook of the tech Job Market

[@shantanukulkarni8883]

In the tech industry, you always gotta keep changing tools but this time it seems like a pretty big change from vscode to shovels

[@kishirisu1268]

Coocking shovel, for work in fastfood 😂

[@gosnooky]

I mean, they are equally heavy...

[@matt92hun]

Shovels are too flashy and moden. I prefer digging sticks. You can customise them to your needs, mine even has a stone shovel attachment.

[@jimbo1297]

It’s not that kind of mining

[@OzzyTheGiant]

So primitive! Use drills for a better workflow!

[@TomNook.]

Imagine losing staff and customers not because your product is crap, or your working conditions horrible.... But because you chose the wrong bank

[@Viviko]

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.

[@eyesc]

Maybe it would of been better to diversify the cash flow to other banks?

[@MountMatze]

@@eyesc and who will manage that sht? They will tell you "what are the odds?" right, what are the odds

[@Phaceial]

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.

[@NeoHellPoet]

​@@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

[@turolretar]

Thanks Jeff for my daily dose of optimism

[@alvaromendoza4406]

Imma go sharpen my pickaxe, never know how things will go

[@satyanarayangoswami823]

Lemme grab that hoe , imma go farming.

[@compilejs110]

Optimism😂

[@ekhiw]

​@@alvaromendoza4406 i will search white label floppy pickaxe, put my logo and sell it to junior software developer

[@adithyakarunarathna743]

Hehe

[@Gabrielle..]

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.

[@andymarion]

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.

[@Gabrielle..]

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.

[@andymarion]

@@Gabrielle..That’s impressive! I could really use the expertise of this advisor, please how do I connect with him?

[@Gabrielle..]

@ WHCOURTNEY.. He’s frequently engaged on the platform known as Telegramn, utilizing the aforementioned username

[@andymarion]

@@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.

[@AntonioBianh]

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.

[@JenniferDrawbridge]

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.

[@MarkFreeman-xi3rk]

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.

[@cythiahan8455]

@@MarkFreeman-xi3rk Could you kindly leave your investment advisor's contact information here? I absolutely must have one.

[@MarkFreeman-xi3rk]

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

[@SophiaChristian-so2of]

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

[@alexjones420]

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.

[@the_biggest_chungus7508]

Oof

[@Longlius]

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.

[@ChasmChaos]

Your comment started off as one of those comment chain spam. The last line was killer.

[@iraklimgeladze5223]

I am learning code and thinking to change job for programmer one. But looks like it will be tuff

[@jessh4016]

I've been fucked over every two years too lol In different ways, but similar story

[@dexternepo]

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

[@subz424]

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.

[@ko-Daegu]

@@subz424 the fact that Russian gov brought btc shows how valuable and one can rely on

[@cinnamonsquash]

The ultimate UNO reverse

[@RenoReborn]

Journos got pissy when layoffs started and people told them to learn to code XD

[@JTScott1988]

That industry has been dying for over a century tho

[@tylerhxc]

Looking forward to the rebrand as Firestarter, where you post tuts on how to build actual fires and survive in the wild

[@ujjawalsrivastava6848]

Mining in 100 seconds - kindly consider this topic for the next video Could be important 🤔🤔

[@zeusreactor7734]

Very very important

[@mike2884]

Not as important as , "tinder for horses in 100 seconds " ....

[@cevaboyz]

Mining copper in Australia in 100 seconds

[@GreyDeathVaccine]

@@Official_YT.. filthy scammer

[@glenbert1396]

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?

[@roseroland1998]

@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

[@louisairvin3052]

@@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?

[@roseroland1998]

@@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

[@louisairvin3052]

@@roseroland1998 I just looked her up and sent her a mail. Thank you. Any idea if her service includes managing family portfolio?

[@kyle-silver]

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

[@dayansiddiqui4426]

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

[@jimbojimbo6873]

But that WAS theur selling point They had incredible products and UI for that industry, hence why their business worked

[@djudju8047]

No their real problem was that they owned tresury bonds.

[@ChasmChaos]

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.

[@TheoOliveira]

The real problem is not the depositors at all. svb is not even that big, the issue lays underneath.

[@NycroLP]

Machines will do art, writing, even coding so we can do mundane jobs like working in a factory. What a time to be alive!

[@5mxg]

this machine generated art quickly gets boring

[@user-sl6gn1ss8p]

I swear this days this is all I think of when I hear "What a time to be alive!"

[@masonsmith9619]

@@user-sl6gn1ss8p yeah this industrial society shit is pretty overrated ngl

[@asdfghjkl-ug7xp]

ever heard of automated factories and robots?

[@masonsmith9619]

@@asdfghjkl-ug7xp only for applications where it’s cheaper than human labor sadly

[@trentlangford9050]

Crazy, this crash affects me as an employee at a bagel shop in a completely different state

[@redpillsatori3020]

Because of small hat people?

[@hyper_channel]

@@redpillsatori3020 oy shut it down

[@oggolbat7932]

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.

[@ItsVab]

What’s it called?

[@oggolbat7932]

@@ItsVab Crater of Diamonds State Park

[@im-here]

Its more fun to dig for quartz in central AR cause at least its pretty common and theres some big crystals on occasion

[@MAC0071234]

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.

[@kvolikkorozkov]

diamonds are pretty common, I don't think anyone could make a fortune selling them

[@sourabhravi490]

I watched this informative video, uninstalled VSCode, and now I am looking for a shovel. Edit: thanks for so many likes

[@elsholz2365]

Yeah, just mine your own business

[@marusdod3685]

submarine welding pays pretty well

[@YvngSimba]

Ill be selling the shovels, i got your back

[@Markyparky56]

I hear coal is going places

[@saysthetedd]

You should have uninstalled VSCode regardless if the world was burning around you or not.

[@christianhabermann6527]

"some guy in a PATAGONIA VEST", wow this is bizarrely accurate haha, i love your brilliant view on the world

[@yuzee6693]

Goddamn I can barely call myself a "programmer" but I really love your style of content. Keep it up, Fireship!

[@TheMicheilsGrey]

same

[@DiversionG]

​@Dym Sohin So we back in the mine got our pickaxes swinging from side to side

[@improvisedchaos8904]

​@@DiversionGif they give me a pickaxe; I'm heading to politicians houses with it.

[@SuperTort0ise]

@@DiversionG so baby tonight~ the ai gonna take all are jobs again.

[@anon_y_mousse]

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.

[@pietheniceguy7258]

The end message was very inspirational, thank you for that heart warming message. I’ve already found myself a plot of land too!

[@ytpeerz]

Me changing my university course midway from Computer Science to Mining

[@rhettmelton]

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

[@asdf8asdf8asdf8asdf]

“ learn to mine as soon as possible…” 🤣🤣🤣 Never change Fireship. Never.

[@icaromendes1250]

"U guys gonna thank me a a few years from now..."

[@SirDamatoIII]

Always gold! Still salivating over the promised SvelteKit deep dive vid, can’t wait!

[@qwerty74]

OK. I'm liking this.

[@Linuxdirk]

And the video, too.

[@AntonioRamirez-kb8gf]

OK, this is epic

[@asobu000]

Me also

[@ferdinand.keller]

These news report are really awesome. I want more !

[@ozzyfromspace]

As a software engineer turned coal miner, I approve this message

[@DOOT_II]

rock and stone

[@TaliyahP]

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.

[@zenxel]

I knew all my years of grinding in minecraft wasn't for nothing 💪

[@MAC0071234]

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

[@fltfathin]

working programming + self-sustaining farming/ herding + trade job freelance sounds like a good meta

[@BBWahoo]

Coding for the Queen

[@icemelt7ful]

I disagree about mining as a good job, he should have suggested farming, it has better working conditions.

[@stevesherman1743]

@@icemelt7ful Farming will be illegal for individuals; only corporations will be able to do tgat

[@B1TCH35K1LL3R]

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 :(

[@bkcy18]

I'm really sorry to hear that. Hope they reach out soon. Hang in there mate, and try to apply elsewhere in the meantime.

[@404Yon]

The software developers yearn for the mines

[@RealJohnnyDingo]

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.

[@monad_tcp]

​​@@RealJohnnyDingohat landscape? The demand is for coal. A dirty underground coal mine where's hot, humidy and there's no sun light.

[@Eazydatdude91]

So glad I watched this! Going to be starting my first day at my mining bootcamp tomorrow!

[@amphibia95]

"mining bootcamp" 😂😂😂

[@monad_tcp]

People love bootcamps, where do I get a bootcamp creation bootcamp?

[@thefocuschic3234]

"All you needed was sliders and powerpoints on why a Tinder for horses makes the world a better place". ROFL

[@SouthGuy-ty3cl]

I was waiting for you to talk about this.

[@NotoriousBlake]

Always good news, thank you.

[@technoself81]

fr 🤣

[@albertchosenko8514]

This happened before in history, (don't remember when), a ton of people withdrew money in a haste and collapsed the bank.

[@drmonkeys852]

Great depression. Classic 1930s.

[@vikketikv9486]

Hi great vid i always get happy when you upload

[@felipeozalmeida]

- Is it all Minecraft? - Always has been.

[@MirkoRaimoViaggi]

Best summary ever on this topic 🔝

[@fauge7]

My startup used this bank... Paychecks might not go through on time this week

[@RealJohnnyDingo]

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...

[@bigd8122]

The FDIC will allow all depositors access to their money Monday

[@fauge7]

@@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?

[@uturniaphobic]

Those low-yield bonds are everywhere. In pensions, other banks, other countries, the FR even has a bunch on their balance sheet.

[@d3layd]

Best breakdown yet. Top 10 greatest code reports of all time

[@bradledford]

Christ I LOL'ed on the Learn to Mine at that end. This is some world-class comedy right here.

[@siddharth-gandhi]

If only some activist investors made a report on this earlier.

[@jayy1980]

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…

[@TheJimmyCartel]

It's actually pretty massive news. Ftx level even.

[@tatzecom]

@@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

[@meetzaveri734]

they were busy making report for adani to cripple indian economy

[@micelumail5829]

gotta admit you nailed it connecting the dots; now can we have another js framework please?

[@arturomedina2055]

Strange are the times we are living........

[@shahhaque5242]

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...

[@djudju8047]

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."

[@byronglendon3947]

Brilliant!!! …Great video 👏

[@storage9578]

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.

[@OperationDarkside]

I'm getting mixed signals here. Like, we're doomed, but it's fine somehow. Should I panic calmly?

[@TheOneWhoMightBe]

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.

[@jordankelly4684]

Yeah, fear causes more problems than it fixes

[@KingThrillgore]

Peter Thiel caused this.

[@anthony452]

Great interview on Thursday with a technical on Tuesday. Of course this would happen....

[@dariusdareme]

Love this kind of content from you.

[@augusto256]

Can't wait for the mining tutorial! ⛏️

[@ern0plus4]

Which is the best mining framework?

[@augusto256]

@@ern0plus4 That's why Google launched Carbon.

[@alexsmith-rs6zq]

@@ern0plus4 🤣🤣🤣

[@user-mo5et2mg9u]

Love these code report vids, keep up the great content

[@yannalaplageable]

Excellent ! Tank you

[@MLGJuggernautgaming]

been looking for a job after college for 6 months now and it the news makes me more and more worried

[@ericboadu8525]

I share ur pain 😅 I just wanna have a job and earn a honest living but this shit is stressing

[@prgnify]

Can you make 100s of mining next? I think I'll need it.

[@switzerland]

Your technical analysis is top notch, (pun intended)

[@markomihajlovic1749]

Thank you Fireship for inspiring me to give up on programming and become a farmer

[@meatyspartanguy]

Aw man I was going to start learning to code tomorrow! Oh well I guess I'll have to find something else to do.

[@Megararo65]

Thanks for the great news. Time to invest into rope companies because loop ropes may go up in the near future ;)

[@asparshraj9016]

Oooooo that was dark....

[@Megararo65]

@@asparshraj9016 Thanks

[@andredavis3350]

that #learntomine joke at the end was priceless 🤣🤣🤣

[@Dr.Cosmar]

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...

[@molizanee]

Another good video from Fireship!

[@GeneralJohny]

Is Pickaxes and Shovels in 100 seconds going to be on this channel or are you making a new one?

[@Lord_Omni]

Brilliant ending o) I am moving from full stack developer to a stock market trader. Looking promising now, but will see.

[@yoyoma2026]

Excellent analysis!

[@SaitamaTheLegend]

The ending! Pure gold! Good thing I know how to mine

[@WolfPhoenix0]

Legit never knew Silicon Valley had its own bank until now. With the current economic climate, it was destined to fail though. 😂

[@michawhite7613]

​@@Codymeister11 That's like, an oxymoron

[@dipanjanghosal1662]

@Codymeister11 long term, lmao. I have a bad feeling about this

[@porcorosso4330]

to be honest, if it wasn't for their PR mistakes, they might have been able to avoid this...

[@johnvandenberg1448]

As of late your videos have become a great way to feel shit about being a programmer.

[@okachobe1]

It's the economic landscape and he's just relating news. Don't go big tech go for tech in non tech companies :)

[@willmattwood]

@Sadik.H Yeah we're fucked.

[@leeow3n]

the constant call to panic and worry is just background noise to me now...

[@lucioussmoothy]

Good stuff as always

[@ExpensivePizza]

"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

[@maurodriguesxr]

The funny thing is that, currently, crypto asset's liquidity comes from bank loans.

[@alainportant6412]

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.

[@PrograError]

​@@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...

[@ExpensivePizza]

@@alainportant6412 Bitcoin and crypto are not the same thing. Bitcoin is alive and well and still ticking along as it has always done.

[@navibongo9354]

@@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. -.-

[@darkquaesar2460]

The company my Ex works for had all their investor's cash in SVB. I think it's great.

[@cryMoreLoL]

Miserable much?

[@Illmare]

Bro I'm just starting my career and the whole industry is collapsing. I'm seriously considering going into factory work.

[@bigd8122]

It's just the rowdy side of the industry going wild, most jobs are outside "tech" companies.

[@junyangchin6993]

Thanks Jeff. I just sold my laptop for 2 shovels hope this will be worthwhile

[@almazingsk8er]

The only thing missing from the Doomed Tech Startup Starter Pack is the, "do you have time to sync?" slack/microsoft teams message

[@jrcharneycom]

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."

[@GreyDeathVaccine]

Because banks are institutions of public trust ;-)

[@carsonfranklin6239]

We'll see if I can pull anything out on Monday.

[@zuma206]

God bless Jeffship for giving us hope!

[@1stblackpm]

Silicon Valley Bank is the Logan Paul Crypto Zoo of Banks

[@abh1yan]

😂

[@riodweber]

I think you mean SilverGate

[@parker5548]

Not true. SVB‘s balance sheet was relatively inline with other banks in terms of risk.

[@sammy_0561]

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...

[@dd0n396]

That part was him joking.

[@darkwraithcovenantindustries]

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.

[@mrgalaxy396]

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.

[@SkullHyphy]

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?

[@jessh4016]

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.

[@kale.online]

Why am I getting the most thorough unbiased report from the meme coding channel? Ok keep it up

[@quantumastrologer5599]

I'm super sure this is crazy interesting concerning power shifts in the usa but i don't know the first thing about it.

[@JohnneyleeRollins]

At least we aren’t bailing them out🎉

[@1stblackpm]

Don’t jinx it 😢😂

[@c0t0d0s7]

Too fail to big?

[@benchoflemons398]

@@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“.

[@piratesmanX]

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.

[@NeoHellPoet]

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.

[@rulofmg]

ironically tech jobs would be replaced faster by AI than a miner would

[@balintg]

you get it boy!

[@leadappdev4852]

“Those are IOU’s” Such nostalgia 🥲

[@me0101001000]

"And nothing can go wrong" *crash* "OH NO IT ALL WENT WRONG"

[@EdgarVerona]

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?

[@NormCantoral]

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.

[@AttackOnTyler]

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

[@EdgarVerona]

@@earld1403 what? That is crazy, is that for real?

[@ChasmChaos]

@@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.

[@dipanjanghosal1662]

Hopefully stack overflow adds this to their survey

[@bailey5526]

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!!

[@NeoHellPoet]

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.

[@AkshayPaunikar]

I have already started learning mining thank you

[@dacb-ue9xq]

nothing unpredictable. it had to come at end such way

[@phillipotey9736]

I know that last part about depression or hyperinflation was taken lightheartedly but... it's legit.

[@trader2137]

hyperinflation is not possible, even if FED prints 10 trillion, it will stabilize over the next 2 years or so

[@cryMoreLoL]

@@trader2137 🤣 wtf are you smoking? 🤦‍♂

[@akinfabunmi8186]

@@cryMoreLoL He's smoking shit bro, lol

[@cryMoreLoL]

@@akinfabunmi8186 fr! He’s using Biden admin math 🤣

[@trader2137]

@@cryMoreLoL supply & demand equilibrium does not involve hyperinflation if you print 10T, ignorants

[@JosiahL87]

You have just the best sense of humor. I love it.

[@Arthur-eg7uy]

we were waiting for this

[@Adomas_B]

Thanks for the weekly AI existential dread

[@titan5064]

I've been always polite in my chatgpt queries

[@MCasterAnd]

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

[@NeoHellPoet]

Wrong bank.

[@densepixel]

Unfortunately when some people hit the floor, it's still in a penthouse.

[@kimayapanash8998]

The last line is gonna give me nightmares