adammoelis

12 ms·

91.
by adammoelis 6y ago
Not yet, but we have plans to.
92.
by adammoelis 6y ago
We find most people aren't sensitive about the first name last initial thing, and it helps us in terms of social proof. If we get complaints, we could swap to opt-in vs. opt-out.
93.
by adammoelis 6y ago
Is the alternative you're referring to here saving money and using the interest generated to buy traditional lottery tickets?
94.
by adammoelis 6y ago
Yeah we will update this. Thanks for the feedback
95.
by adammoelis 6y ago
I like this idea. Thanks for the suggestion
96.
by adammoelis 6y ago
Thanks for flagging this. We will update these numbers, since you're right they have changed a lot recently
97.
by adammoelis 6y ago
Thanks for this. We'll look into it. Right now the numbers are selected by a third party that has no access to user number picks, so it's totally blind. But this could be useful for us in the future. Thanks for sharing.
98.
by adammoelis 6y ago
Good point. This wasn't intentionally made to be a short period of time. We will change this to allow for a longer period of time.
99.
by adammoelis 6y ago
Interesting - I haven't come across Capitalization Titles. I will definitely look into these now. Thanks for sharing
100.
by adammoelis 6y ago
The regulators actually lifted this cap recently, so it's now unlimited most places. But this is temporary from covid. They wanted people to have more flexible access to their funds given given the macro environment.
101.
by adammoelis 6y ago
Yup - but people still need to trust that we actually are FDIC insured. We've had some people contact our partner bank directly to verify they are working with us, for example. But hopefully as we get some PR and more word of mouth, we
102.
by adammoelis 6y ago
No - you would lose tickets on the withdrawal and get new ones on the deposit
103.
by adammoelis 6y ago
Yes you are right. In a worst case scenario where you never win a prize, you do have opportunity cost because you could have earned more from a Marcus or an Ally.
104.
by adammoelis 6y ago
Yes you can, but to win the jackpot prize (paid by an insurance company) you have to be considered a "resident" of the U.S. I'm not sure if a citizen automatically means you're considered a resident. But you can win all
105.
by adammoelis 6y ago
Thank you!
106.
by adammoelis 6y ago
Totally! We have thought about this a lot. It's too heavy a lift for us at the moment given the complexity, but this is something on our radar for sure. Appreciate the feedback.
107.
by adammoelis 6y ago
Having the backing of the government like with Premium Bonds is huge. Both for marketing and for trust. Building trust is definitely a challenge for us as a new company. Funds with Yotta are FDIC insured up to $250,000, which helps, and we
108.
by adammoelis 6y ago
We actually do integrate with existing banks right now. Getting your own bank charter is a very heavy lift. Maybe sometime down the road
109.
by adammoelis 6y ago
Yes. This is for fraud protection reasons. The way ACH works is pretty crazy and is easy to commit fraud with. Right now it's $2,000 per day. If you want to withdraw more than $2,000 per day, you can upload a driver's license to v
110.
by adammoelis 6y ago
Yeah. In order to offer prizes via a game of chance, you can't require "consideration" and so there needs to be a way to enter for free
111.
by adammoelis 6y ago
The insurance company we work with that is responsible for paying out the jackpot prize draws the winning numbers. They have no access to the numbers users have selected, so it's completely blind.
112.
by adammoelis 6y ago
There is a federal requirement with savings accounts that you can only make 6 withdrawals per month. Right now that has been lifted due to covid, so there is no limit. If you withdraw, you lose tickets so that is a deterrent to continuing t
113.
by adammoelis 6y ago
It's considered miscellaneous income. We issue you a 1099 if you win more than $600 in the calendar year
114.
by adammoelis 6y ago
We only use first names and last initials along with cities for social proof to show that people are winning. We do allow you to be completely anonymous from the privacy settings within the app. If you don't want your first name, last
115.
by adammoelis 6y ago
Yeah exactly. Almost any grand prize you see is really the sum of the annuity value. We kind of have to use the same practice in order to be competitive, and we think a lot of people assume it's the annuity value sum as well. ( https:&
116.
by adammoelis 6y ago
Thanks! Yes Long Game is similar, but we are trying to take a much simpler and more social product approach
117.
by adammoelis 6y ago
We can and may do this sometime soon. The official rules has the prizes and odds laid out, so you could back into it with some math.
118.
by adammoelis 6y ago
We have had this issue for sure, and it's a great point. Any suggestions to help us make it sound less scammy but that also communicates something similar?
119.
by adammoelis 6y ago
A fair point for sure. The rationale is the $10 million headline is the annuity value of the jackpot, and it's standard practice for sweepstakes or the PowerBall/MegaMillions contests to use the annuity value for promotion in mark
120.
by adammoelis 6y ago
Yeah fair point. Our all-in rate (base rate + prizes) will move with market cycles as well to match HYSAs

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