Launch HN: Yotta Savings (YC S20) – Behavioral psychology to help people save

Post by adammoelis » Fri, Jul 10, 2020, 6:01 PM UTC

simonebrunozzi wrote: post #255

adammoelis wrote: post #254

Earlier quoted context omitted.

No this is just a mis-categorization of our site. We are not a gambling site. We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as a gambling site by automated scrapers, and some corporate internet providers block gambling sites. That's all that is.

I'm sorry to be that guy, but the way I see your service is exactly like a gambling site. The interest you pay is lower than inflation, meaning that I am giving you money to buy the chance of winning a big prize. That's gambling. You can genuinely think that you will be helping the world, I am not questioning your ethics because I don't know you. But I don't agree with you. I fundamentally believe that what you are o…

Post by grok22 » Fri, Jul 10, 2020, 6:19 PM UTC

simonebrunozzi wrote: post #255

adammoelis wrote: post #254

Earlier quoted context omitted.

No this is just a mis-categorization of our site. We are not a gambling site. We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as a gambling site by automated scrapers, and some corporate internet providers block gambling sites. That's all that is.

I'm sorry to be that guy, but the way I see your service is exactly like a gambling site. The interest you pay is lower than inflation, meaning that I am giving you money to buy the chance of winning a big prize. That's gambling. You can genuinely think that you will be helping the world, I am not questioning your ethics because I don't know you. But I don't agree with you. I fundamentally believe that what you are o…

Post by shawnk » Fri, Jul 10, 2020, 8:43 PM UTC

adammoelis wrote: post #257

jgalt212 wrote: post #210

Give where interest rates are, young people should be borrowing more (but not student debt), not saving more.

While it's a good time to borrow, you still need accessible cash saved up for an emergency no matter what.

Post by angrais » Fri, Jul 10, 2020, 9:26 PM UTC

doyleb wrote: post #84

lyrrad wrote: post #79

Section 14 of the official rules says that you can write for a list of winners. https://www.withyotta.com/official-rules Does that mean that one could essentially get a list of your customers (that won in a particular week) if someone requests the winners every week? Over time one could figure out about how much each customer has in their savings account. What information is released on the winners list? I'm not sure…

We only use first names and last initials along with cities for social proof to show that people are winning, and we only show when a ticket has won a notable amount so there's a fair amount of randomness to who shows up (currently >$10) We also allow you to be completely anonymous from the privacy settings within the app.

Post by jonwalch » Fri, Jul 10, 2020, 10:32 PM UTC

adammoelis wrote: post #194

jonwalch wrote: post #185

This is the best fintech app I've ever seen. If y'all could get the interest rate up, there would be no reason not to use this. I'm not using this today because I get 1.05% with Marcus.

There's some confusion we probably need to clear up on what our "rate" is. Our base rate if you win no prizes ever is 0.20%. Including the expected value of prizes it's above Marcus today.