adammoelis

7 ms·

1. 31.▲
   by adammoelis 6y ago

   Thanks for this. It seems some people have reached out to Evolve and Evolve has confirmed the partnership, so it's probably just a different agent you got that pointed you to Synapse. We do partner with Evolve through Synapse. Good ide
2. 32.▲
   by adammoelis 6y ago

   1) Absolutely. This could be something we do in the future. 2) Yes - some people have emailed Evolve directly. If you email them, they'll confirm the partnership. 3) We have a system where we send them an encrypted file that has all th
3. 33.▲
   by adammoelis 6y ago

   The tickets get applied for the following week's contest. You should see "100 pending tickets" on the home screen of your app. If not, shoot me an email and I'll get it resolved asap!
4. 34.▲
   by adammoelis 6y ago

   Every account holder has up to $250k in coverage from the FDIC. This is individually, not in aggregate. We say this on our website, but anyone who wants further confirmation could email Evolve directly and they would confirm this.
5. 35.▲
   by adammoelis 6y ago

   It's not the 10 cent prize that's motivating to people. It's the chance to win big. And in this care, no risk of loss, other than opportunity cost.
6. 36.▲
   by adammoelis 6y ago

   Not at the moment. Would that be useful for you?
7. 37.▲
   by adammoelis 6y ago

   Thanks! Hope you check it out
8. 38.▲
   by adammoelis 6y ago

   Open to chatting. Email me at adam@withyotta.com
9. 39.▲
   by adammoelis 6y ago

   Only in the US right now
10. 40.▲
    by adammoelis 6y ago

    Thanks - hope you check it out
11. 41.▲
    by adammoelis 6y ago

    Good idea. Trying some changes to help with this.
12. 42.▲
    by adammoelis 6y ago

    Unfortunately right now we are preventing fraud risk by only allowing one connected account at a time. You'd be surprised how often people try to commit fraud in banking apps.
13. 43.▲
    by adammoelis 6y ago

    Ah that makes a lot of sense. Would first name alone be fine? Is it the combo that is problematic?
14. 44.▲
    by adammoelis 6y ago

    That is a daily limit. We have limits for fraud prevention reasons. Thanks for the feedback on it not being clear you can type in a number. We should make that clearer.
15. 45.▲
    by adammoelis 6y ago

    We don't think anyone has done prize-linked savings the right way in the U.S. There were many search engines before Google and social networks before Facebook. We think it's mostly about execution here, and prize-linked savings is
16. 46.▲
    by adammoelis 6y ago

    Yeah some stats say 40% of Americans can't come up with $400 in an emergency, but the average household spends $640/yr on the lottery.
17. 47.▲
    by adammoelis 6y ago

    Thanks. We hope to create the same excitement in the U.S similar to Premium Bonds!
18. 48.▲
    by adammoelis 6y ago

    Agree to disagree I guess. Throw out the helping the world part. Your definition of gambling just seems off. By your definition, pretty much anything would be considered gambling? A generic savings account might return less than inflation a
19. 49.▲
    by adammoelis 6y ago

    While it's a good time to borrow, you still need accessible cash saved up for an emergency no matter what.
20. 50.▲
    by adammoelis 6y ago

    No this is just a mis-categorization of our site. We are not a gambling site. We've been trying to fix this issue. I think because of some of the language on our site ("win prizes" etc.) we have been improperly categorized as
21. 51.▲
    by adammoelis 6y ago

    Prizes are every week. Sunday nights the prizes get paid out
22. 52.▲
    by adammoelis 6y ago

    I think how much someone should save vs. invest depends so much on the person's circumstances. How big does your emergency fund need to be to give you general peace of mind in life? What are your goals? How long term vs. short term are
23. 53.▲
    by adammoelis 6y ago

    We definitely don't want people to start gambling. We hope that the riskless unlocking of upside that we provide shines through as a better option than risking money for upside, even if our overall upside is lower on an absolute basis.
24. 54.▲
    by adammoelis 6y ago

    We want the bulk of our all-in value to come from prizes, since that's really our differentiator. Should rates go down, we would likely lower the base rate first. Should rates go up, prizes would be the first to go up.
25. 55.▲
    by adammoelis 6y ago

    We don't verify for the smaller prizes. For bigger prizes, we verify after the fact and confirm with the winner.
26. 56.▲
    by adammoelis 6y ago

    Yes we did come across Bonus Bonds as well! They are almost as big in New Zealand I think as they are in the UK, with around 33% of the population participating. Also run by the gov.
27. 57.▲
    by adammoelis 6y ago

    This is interesting. Similar to us in some ways, but we don't lock up your cash. You can withdraw any time. And no fees. I'll read more about this capitalization bond concept though, since I hadn't seen it before.
28. 58.▲
    by adammoelis 6y ago

    - This is the average. Going along with your second question you can get a sense of the distribution by looking at the payouts and probabilities in the official rules ( https://www.withyotta.com/official-rules ) - It's p
29. 59.▲
    by adammoelis 6y ago

    The 0.20% is if you win no prizes at all. On average including prizes, the EV on an annualized basis is around 3% right now. We are subsidizing some of the prizes currently, which is why it's higher than other HYSAs. In the long run we
30. 60.▲
    by adammoelis 6y ago

    Yes this is exactly what we are going for. Would love to chat about more of any learnings you have from your digital piggy bank savings concept. Saw your e-mail and will follow up with you there.