Fun fact: We use the same kind of insurance for the weekly $10,000,000 sweepstakes at Yotta: https://www.withyotta.com

The insurance companies actually love this since there's no element of skill involved so the odds of winning can be computed exactly

How do you make money? It seems too good to be true with all of the bonuses and promotions the site touts.

"Too good to be true" is definitely a problem we run into. We make money the same way any bank does, via lending out the deposits and via a small interchange fee charged to the merchant when customers use our cards. Our net prizes paid out are comparable with other high yield savings accounts / rewards credit cards but the random reward makes it (hopefully) more engaging

Funny that in one of the info cards it says "MILITARY-GRADE SECURITY" and then inside that same card: "Your account is protected by bank-grade encryption and authentication."

A unique marketing model nevertheless.

We only use first names and last initials along with cities for social proof to show that people are winning, and we only show when a ticket has won a notable amount so there's a fair amount of randomness to who shows up (currently >$10)

We also allow you to be completely anonymous from the privacy settings within the app.

Thanks. Can the information about the prize cutoff be added to the official rules or the FAQ?

Based on this, I think someone with $10000 deposited would appear in the winners list about 4 times a year, assuming those that win the $15 prize appear on the list of winners.

Yeah we will update this. Thanks for the feedback

I am so confused. Are you saying your company will reveal personal information, without a users consent? What if the user doesn't want to appear on the winners list? What if they withdraw their consent at a later point? What if they live in California (CCPA)?

In the UK, no such list is published. Nor is it published for lottery winners (you can opt to be anonymous, which is the default option).

You could also let people create nicknames for privacy.

I like this idea. Thanks for the suggestion

I'm the same way, I know the lottery is a terrible bet but I still find myself buying a ticket every now and then. This was one of the main motivations for starting Yotta for me.

Will definitely check out The Lottery in Babylon!

Got a potential bug report: Signed up for Yotta, and referred my wife. She added money to her account and bought tickets. I did not receive the 100 ticket referral bonus or, if I did, cannot figure out how to claim it.

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!

Say that again when mortgage insurance, utilities, and insurance companies all accept crypto.

Actually even then, it wouldn't make sense to hold your e-fund in a volatile asset.

Depends on goals and timeframe

As opposed to a virtual token?