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Savings account + lottery

Nice Guy Eddie

By Nice Guy Eddie
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Nice Guy Eddie

Nice Guy Eddie 13419

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32 minutes ago, bernorange said:

@Nice Guy Eddie which coins/exchanges are you playing?  This is different from staking, correct?

Yes, different from staking. I use Celsius and Blockfi to earn interest. My main coins there are BTC, ETH, DAI and USDC. I also have MATIC on Celsius, which I'm bullish on the coin and they pay 14%.  The coin is up 100% recently. And I use the Kraken exchange to earn 12% on DOT. Overall I see a trend towards lower interest rates.

My interest earning coins above isn't my entire investment in each coin. I keep most of my balance in non-interest wallets just in case something goes wrong with these services. I understand why they can pay more than FDIC-backed savings accounts but 14% keeps me somewhat skeptical. What these "banks" do with the deposits is somewhat obscured. Yes, they make money off loans but they must be chasing yields on defi exchanges as well. Those yields can make 10% look like Chase savings accounts.

 

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The Royal We

The Royal We 3066

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45 minutes ago, bernorange said:

Wow.  I just checked the Kraken exchange and they are offering an estimated 20% APY on staking KAVA.  That seems a bit unreal.

I did a quick dive on it a few weeks back and couldn't get myself comfortable enough, mainly because of the old "if it seems too good to be true" mantra.

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Viper

Viper 12035

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32 minutes ago, B00M said:

I-savings bonds at TreasuryDirect.gov at 3.54% 

My yotta has consistently returned 1%

that's not bad, but they're very different savings vehicles. If you want to make more return and don't care about liquidity, an index fund would probably be even better and not be limited to $10,000 a year

Edited by Viper
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B00M

B00M 6349

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17 minutes ago, Viper said:

that's not bad, but they're very different savings vehicles. If you want to make more return and don't care about liquidity, an index fund would probably be even better and not be limited to $10,000 a year

i-bonds are really only locked up for 12 months and the interest rate went up from 1.68% to 3.54% this month. I assumed most of us were fucking with yotta because we didn't want to put this bucket of money into stocks/index funds

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Viper

Viper 12035

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1 hour ago, B00M said:

i-bonds are really only locked up for 12 months and the interest rate went up from 1.68% to 3.54% this month. I assumed most of us were fucking with yotta because we didn't want to put this bucket of money into stocks/index funds

true, seems like a really good CD. I could probably put some savings there as a semi liquid savings.

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Viper

Viper 12035

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8 minutes ago, Nice Guy Eddie said:

After Saturday’s drawing, we’ve hit the 4th highest Yotta prize: $3000 but we have to share with others so it’s $250 instead. If 7 hits tonight, we jump to the 3rd prize of 10k.

 

It's a real nice bonus after the ticket amount change gave me the lowest win I'd ever had last week.

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Nice Guy Eddie

Nice Guy Eddie 13419

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4 minutes ago, Viper said:

It's a real nice bonus after the ticket amount change gave me the lowest win I'd ever had last week.

Yep, last week was bad. I’ve dropped my balance below 10k now even though the expected return above 10k would seem like it’s still better than most savings accounts. I’m not going to reward Yotta by them reducing my chances.

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CBT

CBT 1281

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Posted

Anyone else get this email? I moved everything I had in my 'core' bucket into it.

Quote
We are excited to offer you the opportunity to be one of the first people to use the Yotta Crypto Yield Bucket!
Cash you move into this bucket earns 2.5x the number of tickets as cash in regular buckets.
There are no fees ever and you can transfer between regular buckets and the Crypto Yield Bucket instantly at a 1:1 ratio in one tap any time.
The Crypto Bucket harnesses the power of digital asset markets to earn higher yields, allowing for better ticket ratios! Transferring money into the Yotta Crypto Savings Bucket earns 1 ticket for every $10 you deposit, rather than $25.
Note that unlike normal buckets, the Crypto Bucket is not FDIC insured. Your cash is converted to USDC, a stablecoin issued by a consortium including Coinbase and Circle, that is backed 1:1 with USD cash equivalents and is redeemable at $1 any time. USDC reserves are regularly audited by Grant Thornton LLP, one of the largest accounting and advisory firms in the US. You can withdraw from your Crypto Bucket back to regular buckets at any time.
USDC is the second most widely accepted stablecoin, with over $42 billion in circulation. We work with partners like Compound and Wyre to power Crypto Buckets.
To learn more about Crypto Buckets, check out https://www.withyotta.com/crypto-buckets and click the button below on your phone to check it out.
If you have any issues, please reply to this email, and we will help you out!

 

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Nice Guy Eddie

Nice Guy Eddie 13419

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received the invite but haven't decided what to do.

Smart of Yotta to do this. With USD deposits they have less options for investments and have to maintain reserve requirements.  When they get a depositor to switch to crypto stablecoins and all of that changes. They can find double digit returns.

Part of my hesitation to switch to this is that I can already get a guaranteed 9% return on Blockfi on stablecoins. Yotta's return most likely will be lower.  Obligatory Blockfi referral link: https://blockfi.com/?ref=78a590f1  Sticking with Yotta and USD makes this part of my emergency funds more secure since it's FDIC insured as long as I keep the money in USD.

@Viper @CBT

 

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B00M

B00M 6349

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11 minutes ago, nineliveslost said:

can you sell I savings bonds whenever you want ?

Gotta hold 1 year. After that the only penalty is 3 months interest, so if you buy them regularly then yeah, effectively... Issue now is that you're limited to $10k per year per SSN.  

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TwiceHorn

TwiceHorn 31350

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Just now, B00M said:

Gotta hold 1 year. After that the only penalty is 3 months interest, so if you buy them regularly then yeah, effectively... Issue now is that you're limited to $10k per year per SSN.  

The three-months interest only if you redeem in first five years.

And, you do have to buy them through TreasuryDirect.

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Nice Guy Eddie

Nice Guy Eddie 13419

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With the rise in interest rates, Yotta becomes less attractive. It's still better than other savings accounts but the difference isn't as much. My Marcus savings just rose to .75% and there are some banks offering 1% again.

If Yotta wants to be more competitive, they need to up the prizes.

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gsoda3

gsoda3 3238

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14 minutes ago, Nice Guy Eddie said:

With the rise in interest rates, Yotta becomes less attractive. It's still better than other savings accounts but the difference isn't as much. My Marcus savings just rose to .75% and there are some banks offering 1% again.

If Yotta wants to be more competitive, they need to up the prizes.

i started moving money out of yotta a few months ago. 

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Nice Guy Eddie

Nice Guy Eddie 13419

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If anyone has their funds in crypto with Yotta,  I would consider moving them to the US dollar, fdic insured side of Yotta. If Yotta had any crypto funds with Celsius or invested in non-stable coins, their crypto side could be very underwater right now. If the funds were with Celsius, it may end being north of a 80% loss.

anyway, moving it to US dollar eliminates that complete risk at the cost of 1-3 point loss of interest.  You can always switch back if you think Yotta crypto is on solid ground in the future. 
 

@Viper fyi.

Edited by Nice Guy Eddie
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nineliveslost

nineliveslost 2748

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14 hours ago, Nice Guy Eddie said:

If anyone has their funds in crypto with Yotta,  I would consider moving them to the US dollar, fdic insured side of Yotta. If Yotta had any crypto funds with Celsius or invested in non-stable coins, their crypto side could be very underwater right now. If the funds were with Celsius, it may end being north of a 80% loss.

anyway, moving it to US dollar eliminates that complete risk at the cost of 1-3 point loss of interest.  You can always switch back if you think Yotta crypto is on solid ground in the future. 
 

@Viper fyi.

I thought they were off of the crypto coin that was backed with the us dollar rate 

 

According to yotta they convert your money to USDC stable coins which are pegged 1:1 with the US dollar

Edited by nineliveslost
added Yotta info
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Nice Guy Eddie

Nice Guy Eddie 13419

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1 hour ago, nineliveslost said:

I thought they were off of the crypto coin that was backed with the us dollar rate 

 

According to yotta they convert your money to USDC stable coins which are pegged 1:1 with the US dollar

Im not saying that usdc isn’t worth a dollar. I’m saying that you don’t know where Yotta has stored that usdc in order to earn enough to pay 4%.  Celsius had billions (usd value) of crypto holdings paying high interest for crypto investors and they’re now refusing withdrawals.

IF, and it’s a big IF, Yotta had placed any non-fdic deposits on Celsius, Yotta doesn’t have a way to pay back their crypto savers.  If you use crypto buckets on Yotta, there is zero insurance. Yotta can just tell you the funds are gone due to an external problem. 

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nineliveslost

nineliveslost 2748

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1 minute ago, Nice Guy Eddie said:

Im not saying that usdc isn’t worth a dollar. I’m saying that you don’t know where Yotta has stored that usdc in order to earn enough to pay 4%.  Celsius had billions (usd value) of crypto holdings paying high interest for crypto investors and they’re now refusing withdrawals.

IF, and it’s a big IF, Yotta had placed any non-fdic deposits on Celsius, Yotta doesn’t have a way to pay back their crypto savers.  If you use crypto buckets on Yotta, there is zero insurance. Yotta can just tell you the funds are gone due to an external problem. 

I see what you are saying. Looks like I am moving mine

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Nice Guy Eddie

Nice Guy Eddie 13419

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Is everyone still using Yotta? I find their benefits decreasing each month as high yield savings accounts have now hit 2%. I understand that the difference between any of these accounts is relatively minimal but I like to optimize the income my emergency fund earns. As an aside I’ve been [edit: unable] to find a decent analysis of current Yotta returns.

in my case, I continue to withdrawal Yotta funds every few mondays or so.  FYI, Monday morning is the best time to withdrawal. On other days, Yotta will penalize you by deleting your best tickets. 

Edited by Nice Guy Eddie
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Johnny Chimpo

Johnny Chimpo 478

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I’m in it but I changed to the biggest ticket pool I could find to try and normalize out the return percentages. Sorry surly brothers. The Reddit ticket pool has about 300,000 tickets in it. I’m getting around 2.4% based off the last few months of being in it. I also have a high yield savings account with Synchrony Bank but they seem to lag on their interest rate raises. 

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