from Hacker News

Americans see their savings vanish in Synapse fintech crisis

by twiddling on 11/22/24, 4:16 PM with 5 comments

• by techfeathers on 11/22/24, 4:24 PM

  I have a feeling you're going to see a lot of this in the next ten years with fintech cozying up to big Gov. And it's a weird dynamic to me. Stuff like this is why you have tight regulations.

  Do I feel bad for the Fedex driver who lost her life savings? Yes, but like I keep most of my money in a relatively low risk low interest rate credit union. This exact decision making of "I'm going to go with this new-fangled tech startup with high interest rates" is exactly the kind of approach that gets you to risk your life savings. But it def. sucks that their approach seems to be praying on the vulnerable. It's one thing when someone on wallstreetbets loses their life savings. It's another thing when someone thinks their money is in a savings account.

  But like, I'm at Yotta's website and the hero text is "Play games, win big". Not exactly a safe money vibe.

• by xenospn on 11/22/24, 4:35 PM

  No, I’m worried because I use Chime.