Do we not have a wall street bets lemmy community?
AusFinance
Yotta, because its decent and scratches the lottery itch.
Looks like a gambling company. Smells like a gambling company. Says it uses "Gaming Labs" random number generators. Claims it's not a bank.
No thankyou, by definition for them to be profitable I have to put in more money than I get out.
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.
So it's less a pyramid, more a trapezoid?