The Incredible Tantrum Venture Capitalists Threw Over Silicon Valley Bank
Remind me why, exactly, these guys have so much control over technological innovation?
Hasnain says:
Great read.
“It’s not obvious to me why venture capitalists should be so in control of what tech gets funded, who designs it, how it gets developed, why it gets deployed, and where the returns go. If it is simply a question of capital, we can and should explore alternatives to the privately run VC system prioritizing tech that degrades and commodifies more of our life, gambles on these developments with other people’s money, and in the blink of an eye causes regular panics that threaten to upend life for countless people. If it is a question of talent, we can and should recognize that these people are not any smarter or more talented than us—they just have more capital to throw at problems, better connections to ensure things work out their way, and less shame preventing them from pursuing what they want. If it is a question of politics, then we should ask whether a system that subsidizes a bunch of well-connected, wealthy libertarians as they enrich one another with lottery tickets is truly the only way we can and should develop technology. I hope not.”
Posted on 2023-03-13T21:56:48+0000
Influencer Parents and The Kids Who Had Their Childhood Made Into Content
“Nothing they do now is going to take back the years of work I had to put in.”
Hasnain says:
I feel so bad for this kid.
“Claire, whose name has been changed to protect her privacy, has never known a life that doesn’t include a camera being pointed in her direction. The first time she went viral, she was a toddler. When the family’s channel started to rake in the views, Claire says both her parents left their jobs because the revenue from the YouTube channel was enough to support the family and to land them a nicer house and new car. “That’s not fair that I have to support everyone,” she said. “I try not to be resentful but I kind of [am].” Once, she told her dad she didn’t want to do YouTube videos anymore and he told her they would have to move out of their house and her parents would have to go back to work, leaving no money for “nice things.”
When the family is together, the YouTube channel is what they talk about. Claire says her father has told her he may be her father, but he’s also her boss. “It’s a lot of pressure,” she said. When Claire turns 18 and can move out on her own, she’s considering going no-contact with her parents. Once she doesn’t live with them anymore, she plans to speak out publicly about being the star of a YouTube channel. She’ll even use her real name. Claire wants people to know how her childhood was overshadowed by social media stardom that she didn’t choose. And she wants her parents to know: “nothing they do now is going to take back the years of work I had to put in.””
Posted on 2023-03-11T03:10:09+0000
Startup Bank Had a Startup Bank Run
One problem for Silicon Valley Bank is that its customers had too much cash, and now they don’t.
Hasnain says:
Matt Levine with a great take on the SVB situation as usual.
“Also, I am sorry to be rude, but there is another reason that it is maybe not great to be the Bank of Startups, which is that nobody on Earth is more of a herd animal than Silicon Valley venture capitalists. What you want, as a bank, is a certain amount of diversity among your depositors. If some depositors get spooked and take their money out, and other depositors evaluate your balance sheet and decide things are fine and keep their money in, and lots more depositors keep their money in because they simply don’t pay attention to banking news, then you have a shot at muddling through your problems.
But if all of your depositors are startups with the same handful of venture capitalists on their boards, and all those venture capitalists are competing with each other to Add Value and Be Influencers and Do The Current Thing by calling all their portfolio companies to say “hey, did you hear, everyone’s taking money out of Silicon Valley Bank, you should too,” then all of your depositors will take their money out at the same time.”
Posted on 2023-03-11T02:16:35+0000
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
Hasnain says:
Yikes. So long, SVB. This is going to hurt a bunch of companies
“As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959.”
Posted on 2023-03-10T17:12:56+0000
Inside the secret working group that helped push anti-trans laws across the country
Leaked emails give a glimpse of the religious-right networks behind transgender healthcare bans.
Hasnain says:
Wonder what other horrifying stories will come out as people go through the 2600 pages of emails.
““I have no doubt this will be an uphill battle when we get to session,” Deutsch warned the group. “As always, please do not share this with the media. The longer we can fly under the radar the better.”
The message was one in a trove of emails obtained by Mother Jones between Deutsch and representatives of a network of activists and organizations at the forefront of the anti-trans movement. They show the degree to which these activists shaped Deutsch’s repressive legislation, a version of which was signed into law in February, and the tactics, alliances, and goals of a movement that has sought to foist their agenda on a national scale. “
Posted on 2023-03-09T01:28:13+0000
Essay | Why Children Need Nurturing Fathers
Research shows that a strong paternal connection helps young people to manage their emotions and deal with mental-health crises.
Hasnain says:
“Boys can be especially affected by whether fathers are part of the emotional equation. Our culture often tells men that softer emotions are weak, so fathers may have to give sons explicit “permission to feel,” says Marc Brackett, director of the Yale Center for Emotional Intelligence. Because many men didn’t grow up with an emotionally warm male role model, they may lack confidence in their own abilities to be sensitive caregivers, which can hold them back. “When women take on the role of being the sole emotional caregivers, the only one who can comfort a child, the one who talks about emotions, it further entrenches the idea that the expression of vulnerable feelings belongs in the domain of women,” says Lisa Damour, author of “The Emotional Lives of Teenagers: Raising Connected, Capable, and Compassionate Adolescents.” She adds, “It’s not enough to encourage our sons to share their inner worlds. The men they look up to and respect need to show them how it’s done.””
Posted on 2023-03-08T18:10:45+0000
Final Fantasy XVI has a medieval approach to diversity
Giant rideable chickens: yes. People of color: no.
Hasnain says:
“It’s easy to see where Yoshida’s sentiments in his IGN interview fall apart. I could trot out the standard response that gets used whenever a work of fantasy fails to include people of color in the name of “historical accuracy,” aka “blah blah blah, it doesn’t make sense that chocobos, Eikons, and magic are permitted but people of color is a step too far.””
Posted on 2023-03-01T23:43:29+0000
Keep your AI claims in check
A creature is formed of clay. A puppet becomes a boy. A monster rises in a lab. A computer takes over a spaceship. And all manner of robots serve or control us.
Hasnain says:
I wonder/hope this was written with a few specific companies in mind. Refreshingly well written, especially coming from the government.
"Are you aware of the risks? You need to know about the reasonably foreseeable risks and impact of your AI product before putting it on the market. If something goes wrong – maybe it fails or yields biased results – you can’t just blame a third-party developer of the technology. And you can’t say you’re not responsible because that technology is a “black box” you can’t understand or didn’t know how to test."
Posted on 2023-02-27T23:47:26+0000
The legacy of fy_iceworld, Counter-Strike's divisive and hugely popular custom map
I remember playing a Counter-Strike map in 2001 called fy_iceworld. It was a small simple grey killbox of a map that vi…
Hasnain says:
Ah, the nostalgia.
“This is perhaps the central tragedy of fy_iceworld. The game industry benefits from its legacy, but the conditions that spurred its influence no longer exist. Call of Duty: Modern Warfare 2019 does not offer a freely downloadable level editor for players to make new custom maps, nor does it allow a decentralized network of player-managed multiplayer servers to distribute these custom maps. We can only play what someone else has decided for us. This climate change has ensured that there will never be another fy_iceworld.”
Posted on 2023-02-25T06:17:07+0000
Justice Department Says Google Destroyed Evidence Related to Antitrust Lawsuit
The department alleges Google had a past practice of setting employee chats to auto-delete.
Hasnain says:
From the court memo - yikes.
Although I guess this is nice for google employees that chats can finally get retained so they can easily find useful info.
"> The Federal Rules of Civil Procedure required Google to suspend its auto-delete practices in mid-2019, when the company reasonably anticipated this litigation. Google did not. Instead, as described above, Google abdicated its burden to individual custodians to preserve potentially relevant chats. Few, if any, document custodians did so. That is, few custodians, if any, manually changed, on a chat-by-chat basis, the history default from off to on. This means that for nearly four years, Google systematically destroyed an entire category of written communications every 24 hours.
> All this time, Google falsely told the United States that Google had “put a legal hold in place” that “suspends auto-deletion.”"
Posted on 2023-02-25T00:48:03+0000