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Nice Guy Eddie

By Nice Guy Eddie
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Nice Guy Eddie

Nice Guy Eddie 13419

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22 minutes ago, MC Fresh Breath said:

Hi.  Can I join ya’ll’s fancy pool?

 

Sure. I assume you have a Yotta account. Go to the original posts here if you don't. 

Next make sure you upgrade to the latest app version. Then send me your mobile # to me via private message. I will send you an invite. As long as you join by Monday and contribute tickets by early Monday afternoon, you will be in next week's pool.

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Nice Guy Eddie

Nice Guy Eddie 13419

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What do y'all think about switching our league from private to public?

I originally set it as private because I didn't know what public meant. Now I think the only difference is being invited by phone number vs having a link that can be shared with others. The downside of public would be that that non-Surly people could end up in the league. But does that really matter?

Are there any objections to switching to public? 

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Nice Guy Eddie

Nice Guy Eddie 13419

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I may have screwed up the pool for this week.  When I switched the pool from private to public early today, it showed that all of our tickets were going to be applied to the pool this week. The tickets have been drawn for the week, but at least for me, it doesn't show they've been applied to the pool.

Maybe this is just a tech glitch or maybe the pool won't be active again until next week. Sorry if I did this wrong.

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Nice Guy Eddie

Nice Guy Eddie 13419

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On 2/11/2021 at 5:50 PM, wild_turkey said:

I signed up and joined the pool. Is there any reason not to allocate all of my tickets to the pool? Just hold a small percentage back to give myself a slim chance of winning a good prize solo?

That or if you want to join a second pool. 

11 hours ago, 40acredropout said:

Not a great week for us, my dudes.  
 

I still long for the day we take down the Tesla.  I only own ~6% of the pool so I will make the most of my 1.8 days per month.  

Yep, not a good week when we can’t even match 4 thru Saturday. One of the 3 matches should hit tonight, along with all of the other Sunday night hits.

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CBT

CBT 1281

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On 2/11/2021 at 5:50 PM, wild_turkey said:

I signed up and joined the pool. Is there any reason not to allocate all of my tickets to the pool? Just hold a small percentage back to give myself a slim chance of winning a good prize solo?

Not really. The more you give to the pool, the lower your variance is going to be.

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wild_turkey

wild_turkey 3154

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Stupid newb question time... Last week was my initial deposit. I got 400 tickets and assigned 300 to the Surly pool and kept 100 individual. When I look back at the results, I won $0.90 based on 9 tickets that won $0.10 each.

a469241753e2ef7c527545e35095eaf6.jpg

I take it based on the breakdown that each of these were my individual tickets and none of them came from the Surly pool? Is that because the Surly pool didn’t win anything (seems unlikely for a pool that had over 5,000 tickets to win nothing and my individual tickets to win 9 times) or because I entered the pool mid-week and that means I didn’t get a cut of that week’s pool winnings?

It looks like based on active tickets for this week, there are ~32 pool tickets with 2 correct matches. I’m assuming those are pool tickets because they have an ‘S’ to the left side with the people icon. And since I have 300 of the 5,421 active pool tickets, I would get 5.534% of the pool’s winnings?

I made another deposit and assigned all 400 tickets to the Surly pool which I assume takes effect next week.

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Buzzrock

Buzzrock 14883

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I don’t think the bank is a scam, but I think they made a stupid mistake in calculating everyone’s annual return.  They’re claiming I made 6% annualized return for 2020.  There is no way I earned that much. Each month was between 1.2% and 1.6% annualized. If you annualize the individual months, you can’t just add them together to show the annualized total for the year.
it actually doesn’t inspire confidence when a bank cannot calculate returns. I bet we all see a revised % in the upcoming days.


Was this ever resolved?
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Nice Guy Eddie

Nice Guy Eddie 13419

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3 hours ago, Buzzrock said:

Has anyone calculated the rate of return after you back out income taxes? Seems like that could drop the RoR from 1.5 to 1.0 or so.

Is the assumption that no one is going to report this on their taxes unless they hit $600 in a week?

I assume they provide a 1099-INT if you hit $600 over the year. Even without that form, you're supposed to calculate your interest and report it yourself.  Most banks don't use the $600 threshold in order to prove a 1099. In my experience, they usually provide one for you as low as $10. It's a bit sketchy that Yotta must not have the resources to easily produce 1099s.  

3 hours ago, Buzzrock said:

 


Was this ever resolved?

 

No. They never came back with revised annual returns. I still stand by that I was never on track to earn 6% from them.

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  • 2 weeks later...
Nice Guy Eddie

Nice Guy Eddie 13419

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13 hours ago, gsoda3 said:

Has anyone else noticed a discrepancy between how many tickets you have and how many you should have? I think I'm off by like 400 tickets.
 

I haven't. If your balance is over 25k, the formula changes.  After 25k, you get 1 tickets for every $150 instead of every $25. They don't highlight this very well.

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A-Tex Devil

A-Tex Devil 2445

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Just joined.  In for the Tesla next week.  Surprised these guys don’t have competitors popping up.  
 

Has anyone done the math on how the yield goes down for deposits over $25k?  Or does it?  Seems like a weird disincentive bit maybe there is too much risk with all of those tickets out there. But blended return should still be just a really high yield account. 

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bernorange

bernorange 8351

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I got the following via email from Yotta today:

Quote

*Yotta Update*

Thank you for being a Yotta user! We are announcing a change to Yotta's ticket system.
Beginning May 3rd, you will earn 1 ticket for every $150 on your balance above $10,000. You will still earn 1 ticket per $25 on the first $10,000 in your account.
For example, if you have $11,000 in deposits, the first $10,000 will earn 400 tickets and the remaining $1,000 will earn an addiitonal 6 tickets for a total of 406 tickets.
*Why is it changing?*
Our ticket rates are tied to macroeconomic factors such as short term interest rates, which are at record lows.
We are making this change to maintain the size of our prizes in this environment.

I think I'm going to pull some funds from Yotta and buy some crypto or something.  Yotta has been severely underperforming for me the last few weeks.

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gsoda3

gsoda3 3238

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1 minute ago, bernorange said:

I got the following via email from Yotta today:

I think I'm going to pull some funds from Yotta and buy some crypto or something.  Yotta has been severely underperforming for me the last few weeks.

same here.  

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Nice Guy Eddie

Nice Guy Eddie 13419

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@Johnny Chimpo None of the following is fdic insured so there is risk. Crypto has stable coins that are pegged to the dollar. They slightly move but are usually between $.999 and $1.001. Basically a dollar. Anyway, there are crypto banks that pay up to 10% interest if you store them on their site. Risks include hacks or the crypto bank closing. They can also drop interest rates with little warning but that isn’t a principal risk.

They can pay these because they loan money out and participate in other decentralized finance (defi) activities.

Happy to write more but buyer beware. Some crypto people believe these are too risky if not scams.

 

Edited by Nice Guy Eddie
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