Yeah, I mean digg.com still technically exists...
notleigh
joined 1 year ago
Ha, all good! I only noticed because I'd heard about Yotta a few years back and it just seemed like an interesting concept.
This is all a little irrelevant because Yotta isn't in Australia, but anyway...
I totally get the ick factor when looking at Yotta, because it is definitely using the same hooks as gambling. But it's sometimes been referred to as a "No-Lose Lottery":
You get paid interest, but less than a traditional savings account. The trade-off is that the more you save into your account, the more "tickets" you get to win a larger amount.
The key is they're targetting a market that isn't choosing between Yotta and a traditional savings account, they're trying to encourage people who would spend on straight gambling to put their money in an incentivised account.
Some more detail from the founders
It's definitely not as good as a proper savings account, but if it's a way of redirecting money away from gambling and into savings then I figure it's a net win for society.
I dig what Yotta is trying to do, but this is AusFinance, and they're US only right?
Godspeed ๐ซก