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Yeah we actually studied the FNB program when we were setting out to develop Yotta. Basically, it got shut down because it got so popular in its ~2 years of ope

Yeah we actually studied the FNB program when we were setting out to develop Yotta. Basically, it got shut down because it got so popular in its ~2 years of operation and was taking away from the National Lottery. The difference in the U.S is that there has been legislation explicitly supporting prize-linked savings, which didn't exist in South Africa. It was more of a grey area there. A great academic read on the FNB MaMa program here: http://beniverson.org/papers/MaMa.pdf http://beniverson.org/papers/MaMa.pdf

vdalal 6y ago
I love the hack to lottery-fy savings. Few comments: 1. Product: It in the wide spectrum anywhere between savings account <-> lottery. In your mind, is it closer to one edge vs. other? - Per my read and based on the rate (0.2%) offered, it is closer to the lottery end 2. Web page: "Savings + rate >15-100x banks + Win $10 mil" is what could be a turn off. Depending on the answer above, fix the headline 3. math on how this works: Show ONE public account with $ (say median of all accounts on Yotta or $100 for simplicity) that you would fund and track it in realtime with APY 4. FAQ: Could be more direct. Yes, one will need a Yotta account 5. FAQ: "3rd party “A” rated insurance carrier": May help you if you can reveal who on your website & theirs too 6. FAQ: In one answer, it say 15x and in another it say 20x (Chase or Wells Fargo) 7. 7 digits = 10 ^ 7 #s: if one can get 1000 users with $250K each, is the $10 mil guaranteed? :) Edit: for readability
- adammoelis 6y ago
  Thanks for this. 1. We don't really think of it as being closer to one vs the other. From a front-end perspective, it's closer to a lottery/sweepstakes. But from a back-end perspective it's more of a savings account with a twist. So maybe I'd say right smack in the middle of that spectrum on a blended basis. 2. Thanks for the feedback here 3. Good idea. I like that 4. Fair 5. Agreed. Will update 6. Thanks - will fix that 7. I think your math is off on this one. Numbers are 1-70 and the special number YottaBall is 1-25, so lots more combos than that.

vdalal 6y ago

I love the hack to lottery-fy savings. Few comments: 1. Product: It in the wide spectrum anywhere between savings account <-> lottery. In your mind, is it closer to one edge vs. other? - Per my read and based on the rate (0.2%) offered, it is closer to the lottery end 2. Web page: "Savings + rate >15-100x banks + Win $10 mil" is what could be a turn off. Depending on the answer above, fix the headline 3. math on how this works: Show ONE public account with $ (say median of all accounts on Yotta or $100 for simplicity) that you would fund and track it in realtime with APY 4. FAQ: Could be more direct. Yes, one will need a Yotta account 5. FAQ: "3rd party “A” rated insurance carrier": May help you if you can reveal who on your website & theirs too 6. FAQ: In one answer, it say 15x and in another it say 20x (Chase or Wells Fargo) 7. 7 digits = 10 ^ 7 #s: if one can get 1000 users with $250K each, is the $10 mil guaranteed? :) Edit: for readability

adammoelis 6y ago
Thanks for this. 1. We don't really think of it as being closer to one vs the other. From a front-end perspective, it's closer to a lottery/sweepstakes. But from a back-end perspective it's more of a savings account with a twist. So maybe I'd say right smack in the middle of that spectrum on a blended basis. 2. Thanks for the feedback here 3. Good idea. I like that 4. Fair 5. Agreed. Will update 6. Thanks - will fix that 7. I think your math is off on this one. Numbers are 1-70 and the special number YottaBall is 1-25, so lots more combos than that.