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

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

#91

Post by lyrrad »

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.

Thanks. Can the information about the prize cutoff be added to the official rules or the FAQ?

Based on this, I think someone with $10000 deposited would appear in the winners list about 4 times a year, assuming those that win the $15 prize appear on the list of winners.

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

#92

Post by npongratz »

Section 8 of the official rules says:

> Potential winner will be notified via the App or using the email address / phone number provided with the entry or on file with the Sponsor. Failure by potential Sweepstakes winner to respond to the initial verification within two (2) days of notification will result in disqualification.

This rule, unfortunately, makes the savings scheme unattractive to someone who cannot access the "App" or email or phone for extended periods of time.

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

#93

Post by throwaway1777 »

unwoundmouse wrote: post #25
adammoelis wrote: post #24

Earlier quoted context omitted.

A fair point for sure. The rationale is the $10 million headline is the annuity value of the jackpot, and it's standard practice for sweepstakes or the PowerBall/MegaMillions contests to use the annuity value for promotion in marketing materials and on the website.

So if I buy into a 100m dollar powerball, I'm actually getting the net present value of 100m in 40 years? I'm amazed this is standard practice

With powerball I think you get the 100m spread out over 30 years or a lump sum now which is less.

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

#94

Post by adammoelis »

npongratz wrote: post #92

Section 8 of the official rules says: > Potential winner will be notified via the App or using the email address / phone number provided with the entry or on file with the Sponsor. Failure by potential Sweepstakes winner to respond to the initial verification within two (2) days of notification will result in disqualification. This rule, unfortunately, makes the savings scheme unattractive to someone who cannot acces…

Good point. This wasn't intentionally made to be a short period of time. We will change this to allow for a longer period of time.

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

#95

Post by adammoelis »

davidajackson wrote: post #87

Nice, by the way you could do the random number generation trustlessly, see for example: https://medium.com/@jgm.orinoco/participatory-random-numbers...

Thanks for this. We'll look into it. Right now the numbers are selected by a third party that has no access to user number picks, so it's totally blind. But this could be useful for us in the future. Thanks for sharing.

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

#96

Post by davidajackson »

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.

You could also let people create nicknames for privacy.

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

#97

Post by elektor »

This is a very cool idea, Adam and Ben.

I have one minor feedback: On the bank comparison portion of the site, you list Marcus as having 1.7% APY, when it is actually 1.05% APY. These savings rate having been pretty volatile in the past few months so it's understandable but I figure updating it to its current % makes your product look even better in comparison.

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

#98

Post by adammoelis »

elektor wrote: post #97

This is a very cool idea, Adam and Ben. I have one minor feedback: On the bank comparison portion of the site, you list Marcus as having 1.7% APY, when it is actually 1.05% APY. These savings rate having been pretty volatile in the past few months so it's understandable but I figure updating it to its current % makes your product look even better in comparison.

Thanks for flagging this. We will update these numbers, since you're right they have changed a lot recently

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

#99

Post by ac29 »

adammoelis wrote: post #94
npongratz wrote: post #92

Section 8 of the official rules says: > Potential winner will be notified via the App or using the email address / phone number provided with the entry or on file with the Sponsor. Failure by potential Sweepstakes winner to respond to the initial verification within two (2) days of notification will result in disqualification. This rule, unfortunately, makes the savings scheme unattractive to someone who cannot acces…

Good point. This wasn't intentionally made to be a short period of time. We will change this to allow for a longer period of time.

For reference, winner of large lottery prizes generally have 6 months to a year to collect winnings.

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

#100

Post by adammoelis »

davidajackson wrote: post #96
doyleb wrote: post #84

Earlier quoted context omitted.

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.

You could also let people create nicknames for privacy.

I like this idea. Thanks for the suggestion
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