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There is crossover in finance with crypto web3 blahblahblah. But I wouldn’t conflate the larger innovation in tech with that. It and VR/AR have gobbled a lot of

There is crossover in finance with crypto web3 blahblahblah. But I wouldn’t conflate the larger innovation in tech with that. It and VR/AR have gobbled a lot of attention, but meanwhile we’re on the edge of what will be a total transformation in the next 10-20 years with AI. I didn’t think we’d be here in 2023 but it’s quite clear the rate of innovation is now insane. That’s just one area - just about every industry has tech running through it now in a way that wasn’t the case 10 years ago. A lot of it is quite boring so you don’t see it in the news, but that doesn’t mean it’s not happening or these companies are scam or worthless… far from it. I don’t think SVB was subject to the SBF type person, or certainly it wasn’t the case their money was tied up in a blockchain. I don’t think it’s fair to call them grifters even if they fucked up by building a model for a pre inflation world. I’m fine letting SBF et al go bust; it was pure speculation. But pension funds, hundreds of diverse startups, wineries and farmers don’t deserve to go down with one of the top 20 biggest banks. The domino effect is too massive.

lordfrito 4y ago
Agreed, GPT etc. (I hate calling it AI) is going to be transformative and disruptive in the classic sense. And I too am surprised that we'd be here in 2023. Agreed SVB wasn't subject to SBF type people. But I think that a lot of tech narratives/buzzwords get thrown around (Web 3.0, transformation, green economy, etc) when in actuality its just the same old sociopathic wall street behavior, dressed up in new jargon. I've seen articles talking about how the SVB board knew something was up. Their risk committee met more than 18 times in 2022 (up from 7 in 2021). Yet they had no chief risk officer? [1] And I agree, not fair when average people get caught up in this. Which is why I'm a fan of holding the people responsible accountable, so we can avoid a repeat of this in the future. Bailouts just encourage further bad behavior. [1] https://www.forbes.com/sites/noahbarsky/2023/03/12/silicon-valley-bank-proxy-shows-boards-secret-yearlong-risk-panic/?sh=1d27d6071e7b https://www.forbes.com/sites/noahbarsky/2023/03/12/silicon-v...

lordfrito 4y ago

Agreed, GPT etc. (I hate calling it AI) is going to be transformative and disruptive in the classic sense. And I too am surprised that we'd be here in 2023. Agreed SVB wasn't subject to SBF type people. But I think that a lot of tech narratives/buzzwords get thrown around (Web 3.0, transformation, green economy, etc) when in actuality its just the same old sociopathic wall street behavior, dressed up in new jargon. I've seen articles talking about how the SVB board knew something was up. Their risk committee met more than 18 times in 2022 (up from 7 in 2021). Yet they had no chief risk officer? [1] And I agree, not fair when average people get caught up in this. Which is why I'm a fan of holding the people responsible accountable, so we can avoid a repeat of this in the future. Bailouts just encourage further bad behavior. [1] https://www.forbes.com/sites/noahbarsky/2023/03/12/silicon-valley-bank-proxy-shows-boards-secret-yearlong-risk-panic/?sh=1d27d6071e7b https://www.forbes.com/sites/noahbarsky/2023/03/12/silicon-v...