General > General Technical Chat
Silicon Valley Bank Collapses
vk6zgo:
--- Quote from: jonovid on March 17, 2023, 03:40:04 am ---had a look under the bed. just not the space for hoarding more gold and silver.
as for Cramer's recommendations are like re-shuffling deck chairs on the titanic.
--- End quote ---
You can't put it under the bed---that's where the Commies are! ;D
vk6zgo:
By the way, & completely off topic.
Do you know the difference between a Rich Scotsman, a poor Scotsman & a dead Scotsman?
A rich Scotsman has a canopy over his bed.
A poor Scotsman has a "can o' pee" under his bed.
&
A dead Scotsman cannae pee at all. ;D
tooki:
--- Quote from: james_s on March 16, 2023, 04:43:29 pm ---
--- Quote from: EEVblog on March 16, 2023, 10:36:38 am ---
--- Quote from: tom66 on March 16, 2023, 10:26:19 am ---Meh. We've had so many try to make crypto a success and all I see is one scam after another. Any financial industry would be shaken by a major bank collapsing but effectively from crypto in the space of just a decade we've seen Terra/Luna crash, FTX completely implode, Celsius bankruptcy, Mt.Gox theft, numerous rug pull coins, and many more. There's a reason banks are regulated, and if crypto is to succeed it will need to be tightly regulated, which kinda defeats the whole point so I'm not sure whether crypto in the current form ever makes any sense except for criminal activity.
--- End quote ---
Crypt is a direct threat to governments and their coming CBDC's, they'll take every opportunity they can to shut it down.
--- End quote ---
My problem with crypto is the massive amount of energy wasted mining it. I am fundamentally bothered by the idea of expending HUGE amounts of electricity to run hardware that does useless busy work, and that alone is enough that I personally would like to see the whole thing shut down. It is far too volatile to be useful as currency, most of the economic activity and profits are from just speculating on the currency itself.
--- End quote ---
I was just discussing this with a friend last night (who didn’t know about this issue), and I came across the figure of it taking 1200kWh to process a bitcoin transaction. :o And that the entire bitcoin network uses more power than Argentina.
Apparently, a lot of mining is now done on custom ASICs whose useful lifespan is just 1.3 years before it’s no longer economical to run. So mining a bitcoin also creates lots of e-waste.
I think it’s crazy, when you think that this nonsense has wiped out all of the progress made by e.g. mandating very low standby current on chargers at idle. Our poor little planet can’t handle bitcoin’s future.
vad:
--- Quote from: tooki on March 17, 2023, 07:51:28 am ---I was just discussing this with a friend last night (who didn’t know about this issue), and I came across the figure of it taking 1200kWh to process a bitcoin transaction. :o And that the entire bitcoin network uses more power than Argentina.
Apparently, a lot of mining is now done on custom ASICs whose useful lifespan is just 1.3 years before it’s no longer economical to run. So mining a bitcoin also creates lots of e-waste.
I think it’s crazy, when you think that this nonsense has wiped out all of the progress made by e.g. mandating very low standby current on chargers at idle. Our poor little planet can’t handle bitcoin’s future.
--- End quote ---
I wonder how this compares to resource wastage and environmental impact of gold mining.
TimFox:
Back to the SVB failure:
I accidentally posted this comment to another thread, but it belongs here.
Several right-wing American politicians stated that SVB failed due to "wokeness".
The New York Times fact-check department, pooping the party, checked the normal "D&I" and "ESG" scorekeepers for the financial industry and found SVB parked right near the middle/median of its peer group.
Facts are for losers.
Blaming risk management is always easy in hindsight.
In foresight, risk management, like safety, is often considered a cost center, rather than prudent management.
However, there are some risk management algorithms and tools that may not use appropriate statistical distributions: the risk probability of future not-yet-announced interest-rate changes may not be normally distributed.
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