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Yotta Bank and the Problem with Fintech (Patrick Boyle) [video]
- TwoNineFive 2y agoTerrible video.
- wqtz 2y ago23 minute video. If Patrick Boyle follows the hamburger rule of content, his video is mostly just bread. I will wait for the Plain Bagel video.
- buggy6257 2y agoThat’s fine the rest of us will enjoy ourselves watching his content.
- bediger4000 2y agoI'm with the GP here. Patrick Boyle isn't very interesting visually, he does some repetitive gesturing with one hand, and he rarely blinks, which I find unsettling. The presentation is slow relative to reading, as well.
- cactusplant7374 2y agoWhich are not very good qualities for an aspiring rapper.
- oc_elder 2y agoGlad someone mentioned the true focus of the channel
- echelon 2y agoPatrick Boyle is informative, amiable, self-deprecating, and witty. Even if he's not your cup of tea, he's a great YouTuber and I'm glad he's making videos.
- throwawaymaths 2y agoThis video in particular has some golden jokes delivered with perfect timing.
- hooverd 2y agoPerhaps cutting in some subway surfers footage and "satisfying" videos would make it easier to watch? It worked for Parenti.
- gruez 2y ago[flagged]
- mxschumacher 2y agowhere's the fun in summarizing the content? You're missing out on all the great humour in the video
- ackbar03 2y agoI've got a casino you can deposit your life savings with if you want
- immibis 2y agoIt's called the stock market.
- mxschumacher 2y agoPatrick Boyle's videos contain lots of subtle humour, reading a summary that only covers the hard facts means missing out on lots of goodies
- daft_pink 2y agoI don’t really understand how the company that’s supposed to be holding your money vaporized 99.8% of it. I watched that video, but I don’t really get it.
- unyttigfjelltol 2y agoThe overall recovery rate apparently is higher (like 70%?) and any shortfall at all is odd and requires an explanation. The reference to 99.8% shortfalls is related to Synapse being the record keeping system for deposits and failing to keep those records in a way that is reasonably accessible now that the company is in bankruptcy. So, anyone relying on missing records functionally has zero recovery because there are no records.
- daft_pink 2y agoSo you are saying that most people got 70% of their money but the school teacher that deposited 280k and was left with $500 is a unique case for some reason? This is what I don’t grasp, how do you signup for 0.2% interest and then 99.8% of her funds are missing? This seems like a Ponzi scheme not a bank failure with terrible interest rates.
- TuringNYC 2y ago>> I don’t really understand how the company that’s supposed to be holding your money vaporized 99.8% of it. I watched that video, but I don’t really get it. Not only that, but the company has prominent executives and directors and none seem to be in trouble https://www.crunchbase.com/organization/yotta-saving https://www.crunchbase.com/organization/yotta-saving This hugely shakes my confidence in all emerging Fintech.
- 1oooqooq 2y agoand the current president own them decisive-campaign-donation sized favors
- jowea 2y agoWhat I gathered is that the answer is that nobody knows, since Yotta, Synapse and the actual bank are pointing fingers at each other and since Synapse outright collapsed they pay for an audit. I'm too lazy to check it myself, but I assume there's some court documents with the judge trying to figure out what to do.
- mxschumacher 2y agopretty impressive how Marc Andreessen gets so many basic facts wrong and how Rogan's platform then blasts this misinformation out to its tens and millions of followers
- from-nibly 2y agoI mean it feels pretty obvious that he's lying since Joe has to ask him for specific examples like 5 times.
- cko 2y agoIt seems Rogan lets his guests cook and sits back with amusement.
- dylan604 2y agoI've seen a few articles on the Yotta/Synapse situation that focus on the people that have lost money while completely ignoring any of the prize-linked type of setup. The people are quoted as being told it was FDIC insured, it was a normal bank, etc. Then the articles describing the prize drawings started to surface. Was the prize-linked stuff part of the fine text or are people twisting the story as an attempt to lessen their shame? I don't trust any of the fintech apps at all, but I've never looked at any of their sites to see how blatant or how hidden their "oh yeah, we're not a real bank" details are.
- financetechbro 2y agoThe prize aspect of Yotta is irrelevant to the issue of missing funds. Theoretically this could happen with any fintech
- dylan604 2y agoIt's not exactly irrelevant, as it does signal someone gamifying finance which just raises all sorts of red flags for me. At that point, I'd be much more suspicious of anything else they said. This isn't a free toaster. This is someone playing with money in a way that is just suspect. After all of that to then find out that the company isn't a bank yet claims FDIC insured while using a 3rd party to handle to the money because they aren't actually licensed for that while still claiming to be a bank? It's so bewildering I'm typing run on sentences
- kiba 2y agoIt's literally just interest rate disguised as prizes. A real bank is handling the money behind the scene and that's where the money is insured.
- dylan604 2y agoSeriously? If it was insured, we wouldn't be in this place of customers losing all of their money. So whoever claimed they were insured lied.
- iancmceachern 2y agoI didn't know rap channels were popular on HN
- dghlsakjg 2y agoI feel like an old man, but what is the joke with Patrick Boyle and rap comments?
- cko 2y agoI think it started with Razzlekhan the Bitcoin launderer.
- seanhunter 2y agoPatrick Boyle has a running joke about how his goal is for his channel to be the number one channel on you tube covering rap and related topics but he sometimes gets distracted by other things. I think it started because of him making fun of people like influencers and their attempts to do things like rap, and rappers who shill crypto schemes. He basically covers what you might call popular finance topics but with an extremely dry sense of humour. You might say he’s a bit like a youtube version of Matt Levine but his jokes are perhaps more deadpan. To get a general idea of his usual schtick a good example is his coverage of neom the line https://youtu.be/Ak4on5uTaTg?si=OL3yP1yd-6nfO4bf https://youtu.be/Ak4on5uTaTg?si=OL3yP1yd-6nfO4bf
- dghlsakjg 2y agoGotcha. I like his coverage, just hadn’t gotten into his fandom enough to get all the rap references
- freefaler 2y agoYeah, as mentioned by him here: https://youtu.be/Ak4on5uTaTg?t=186 https://youtu.be/Ak4on5uTaTg?t=186 "...I don't usually cover topics like that on this channel. As regular viewers know, my videos are mostly about rap and rapping, with my goal being to become the number one crypto-nerd gangster rap channel on YouTube. However, sometimes I do get distracted by other topics. Anyhow, Bloomberg reported this week that Saudi Arabia is scaling back its medium-term ambitions."
- from-nibly 2y agoWeird that people are only focusing on whether or not the consumers justifiably lost their money. What about the blatant fraud? Yotta was being fradulent by saying their funds were FDIC insured, and I have a really hard time believing that synapse wasn't involved in fraud/embezzlement. Keeping records was their only job and they didn't do it at all. At the very minimum they told their customers (yotta ) they said they would keep track of the money and they didn't. That feels pretty clear to me. People don't "deserve" to be lied to. No one "deserves" to have their money stolen. That's the kind of thing rapists say about people they rape. Also Fraud is bad. Technically not fraud doesn't buy you any good boy points, it just keeps you from losing lawsuits. Whether or not the consumers "should have known" is pretty irrelevant to whether or not people got scammed. But if that makes everyone feel better about the high amount of scaming that goes on in SV, then do what you are going to do. /rant
- matwood 2y agoAnd to add, if any customer funds are gone that’s also theft on top of the fraud. It may be hard to figure out who is owed what, but the money should not be gone.
- pkkkzip 2y agothe difference between yotta and coinbase is the time it takes for users to lose their net worth. For Yotta it took over a year. For Coinbase, it will take over a decade.
- rowancarson 2y ago[dead]
- Elizabeth0147 2y ago[dead]
- Elizabeth0147 2y ago[dead]
- rob32747 2y ago[flagged]