News for hackers. Stuff that matters.

A comment on Yotta Bank and the Problem with Fintech (Patrick Boyle) [video]. Parent comment

Re:Yotta Bank and the Problem with Fintech (Patrick Boyle) [... by wat10000 on Sunday December 01, 2024 @12:05PM (#42289373)
Yotta claimed to be functionally equivalent to having a normal interest-bearing account with an excellent interest rate, and using a small portion of the interest to buy some lottery tickets. Buying lottery tickets might be dumb, perhaps even shameful (although I disagree as long as it’s not to excess), but it by no means implies that you deserve to lose your savings.
[ Parent | on HN ]
Re:Yotta Bank and the Problem with Fintech (Patrick Boyle) [... by kgwgk on Sunday December 01, 2024 @12:25PM (#42289473)
For what it's worth, some countries also offer "lottery bonds": https://en.wikipedia.org/wiki/Lottery_bond
[ Parent | on HN ]
Re:Yotta Bank and the Problem with Fintech (Patrick Boyle) [... by multjoy on Sunday December 01, 2024 @12:45PM (#42289602)
In the UK, those are Premium Bonds backed by HM Government. The day that they can't be redeemed is the day you have significantly bigger problems.
[ Parent | on HN ]
Re:Yotta Bank and the Problem with Fintech (Patrick Boyle) [... by wat10000 on Sunday December 01, 2024 @12:55PM (#42289678)
Yotta’s funds were backed by the US government. The trouble is that the link between Yotta’s funds and Yotta’s customers’ funds was somewhat more tenuous than they implied.
[ Parent | on HN ]