That's what disappointed me when I tried reddit alternatives. Politics and culture wars were there too, but niche subs were nowhere to be found. They don't seem to understand what made reddit worse in the first place.
So I went back to reddit.
"What happened to the days when a THING was a THING?!"
https://en.wikipedia.org/wiki/Gorgon_Stare
https://longreads.com/2019/06/21/nothing-kept-me-up-at-night...
they can surveil an entire city in real-time with this and track where everybody is and who they are meeting with. No form of protest or movement against the government will be possible if it's scaled up
I expect to see this everywhere.
"- In 2021 SVB saw a mass influx in deposits, which jumped from $61.76bn at the end of 2019 to $189.20bn at the end of 2021.
- As deposits grew, SVB could not grow their loan book fast enough to generate the yield they wanted to see on this capital. As a result, they purchased a large amount (over $80bn!) in mortgage backed securities (MBS) with these deposits for their hold-to-maturity (HTM) portfolio.
- 97% of these MBS were 10+ year duration, with a weighted average yield of 1.56%.
- The issue is that as the Fed raised interest rates in 2022 and continued to do so through 2023, the value of SVB’s MBS plummeted. This is because investors can now purchase long-duration "risk-free" bonds from the Fed at a 2.5x higher yield.
- This is not a liquidity issue as long as SVB maintains their deposits, since these securities will pay out more than they cost eventually.
- However, yesterday afternoon, SVB announced that they had sold $21bn of their Available For Sale (AFS) securities at a $1.8bn loss, and were raising another $2.25bn in equity and debt. This came as a surprise to investors, who were under the impression that SVB had enough liquidity to avoid selling their AFS portfolio."
[1] - https://twitter.com/jamiequint/status/1633956163565002752
Yes, they sold the treasuries and took a bath. But if that was their best option, it speaks very poorly to the other "assets" they held on their balance sheet.
We may find out in the coming days that they had a big position in Silvergate, which went bankrupt yesterday, and they had to mark their position to zero, creating the need for liquidity.