adammoelis1

Don't play!

We offer a way to win a life changing amount of money via a lottery-like system in a savings account. We want to give people the feeling of the lottery in a healthy way. Hopefully we can become as big as Premium Bonds in the UK which has over $100B in deposits. It's a lofty goal to "crush the lottery" but I really hate the negative impact it has on society.

1) Crypto Buckets was a 100% optional product in which we made clear of the added risk vs. FDIC insured accounts. We never indulge in exploitative practices, but we do give our users options for the right offerings that might suit their needs and risk appetites. FDIC insured is one type of investment, Crypto Yield is another type of investment with a different risk profile. I don't believe everyone should have all their funds in FDIC insured accounts. There is 100% a place for higher yielding investment products in a consumer's portfolio. These higher yielding products come with higher risk of course.

As for the Hot Pot promotion, this was intended to be a fun promotion to have a growing rolling jackpot every week, attracting many people for the big jackpot aspect that draws people to PowerBall. This wasn't to our benefit - we paid out more than we did before by running it.

2) These weren't exploitative schemes. The Hot Pot promotion was temporary and when Crypto markets became volatile and the market environment changed materially from when it was launched, we made the decision not to offer it anymore out of an abundance of caution. We will always put our customers first in these decisions.

3) Thanks for the suggestion. We will consider this yes, but have not gotten to it yet.

4) If you are trying to maximize every last penny of your savings and not have any fun or entertainment factor, you can get more yield than Yotta. Yotta is intended to provide great value in the form of yield while also being exciting, fun, and social. You won't get that anywhere else from savings products. And no where else can you get the same upside from a savings account. So yes some people will get less than 3% and some will way more - this is part of the fun and we think this will help motivate people to save instead of play the lottery. Most consumer deposits right now sit in sub 0.10% yielding accounts and no one is motivated to save. We want to change that.

Yes. Ask your friends and they will know the answer.

No these systems are all well audited and secure. It's truly random.