wouldnt it be nice if we techies could come up collectively with a protocol that ran a decentralized set of model virtual machines MVMs as i call it that would track incoming payments to a website and outgoing money from a website and determine a score as to how scammy a given website was and like DNS records, this score would be taken into account to mark those scammy websites all over the world whose DNS records would be filtered out so that genuine users never run into them
I never really understood why people thought this was misleading. FDIC insurance would insure against the underlying bank failing, not Yotta or their fintech partners.
I never saw any marketing material claiming that Yotta (or their fintech partner: Synapse) was a licensed bank.
kmnc 3 hours ago [-]
YC is a scam mill, always has been. Every now and then one of those scams turns into a real business. It’s an effective model.
back2dafucha 2 hours ago [-]
This mentality is why I refuse to work in Silicon Valley.
You can fool some of the people all of the time.
But with Fake AI - tech has finally found its "waterloo".
I wont feel a damn bit sorry for any of these people when it blows.
reaperducer 3 hours ago [-]
I didn't know about Yotta, and looked it up …
Adam Moelis told CNBC in June 2024 that 85,000 Yotta customers, with a combined $112 million in deposits, could not access their funds.
There seems to be an analogous concept of the Second Law of Thermodynamics - everything in society will tend towards scams if not actively opposed.
jsheard 4 hours ago [-]
This is like a fractal scam, you've got gambling against the house (already a scam) with crypto (so there's no regulators to stop them rigging the games) and then instead of waiting for statistics to take their course they just run away with everyone's money.
Nextgrid 4 hours ago [-]
Don't forget the final dimension of the scam where they also scam the affiliates by doing a rug-pull. Scam-ception.
bombcar 3 hours ago [-]
Once you realize that many scams are scams against those looking to scam others it all becomes clear.
ronsor 1 hours ago [-]
Then is it ethical to create a scam to scam people who are trying to scam others?
bombcar 27 minutes ago [-]
That's what the scammers tell themselves; but those trying to scam are often not the smartest of the bunch, so you are taking advantage of them in some way.
quantummagic 1 hours ago [-]
Enroll in my online course, to get the answer to that any many other questions.
noduerme 3 hours ago [-]
Gambling against the house is not in itself a scam as long as the games aren't rigged and the odds and payouts are as advertised. A game with negative EV is not a scam if it's entered into knowingly by a player.
For my money, games where people pay to win worthless digital goods are far more scammy than a fair game of Blackjack in Vegas where you actually might come out up.
The other aspects you mentioned are the scam.
beeflet 1 hours ago [-]
Ironic that crypto gives people the tools for provably fair gambling
BobbyJo 46 minutes ago [-]
Seems like a recent thing IMO. Social media has caused some people's perception of reality to get so far out of whack that they think being denied Ferrari and a beach house is an act of persecution, and they are willing to go to any lengths go right that wrong.
burnte 4 hours ago [-]
Without regulation and enforcement many people will give the buyer less and less until they give the buyer nothing and it winds up a scam.
N_Lens 4 hours ago [-]
Scams definitely seem to be more entropic than honest enterprise.
thayne 2 hours ago [-]
I initially read the "scam" in the title as a verb. I.e. affiliates are scamming a gambling machine. Which would have been a much happier story IMO.
munchler 4 hours ago [-]
Any person or site that asks you to send money in order to “verify” yourself is a scam.
prasadjoglekar 4 hours ago [-]
Point taken, but USPS asks for $2 for an address change for verification.
3 hours ago [-]
reaperducer 3 hours ago [-]
You can change your address with USPS with no fee. You just fill out a form and mail it to Postmaster, $your_town. I did it just last year.
The $2 is only if you choose to do it online.
Bonus: Doing it with paper means you don't give your information to the address change web site operator, which sells it on to a million companies.
bombcar 3 hours ago [-]
Those coupons from change of address used to be sooooo good that I’d move from apt 1 to apt 2 (of my single family home) every few years just to get them.
tonetheman 4 hours ago [-]
Anything with crypto has a scam smell
Rendered at 04:22:36 GMT+0000 (Coordinated Universal Time) with Vercel.
I never really understood why people thought this was misleading. FDIC insurance would insure against the underlying bank failing, not Yotta or their fintech partners.
I never saw any marketing material claiming that Yotta (or their fintech partner: Synapse) was a licensed bank.
But with Fake AI - tech has finally found its "waterloo". I wont feel a damn bit sorry for any of these people when it blows.
Adam Moelis told CNBC in June 2024 that 85,000 Yotta customers, with a combined $112 million in deposits, could not access their funds.
https://en.m.wikipedia.org/wiki/Yotta_Technologies
Eep!
For my money, games where people pay to win worthless digital goods are far more scammy than a fair game of Blackjack in Vegas where you actually might come out up.
The other aspects you mentioned are the scam.
The $2 is only if you choose to do it online.
Bonus: Doing it with paper means you don't give your information to the address change web site operator, which sells it on to a million companies.