Youtuber Bank Wont Let You Withdraw Money | Asmongold Reacts

[@clumsykoala3699]

Japan does this thing on pachinko parlors. On the parlor you play for tokens, not money. Then on the next corner on the street there's this total unrelated ( cough cough) company that trades the tokens for prizes. No gambling allowed on Japan btw

[@cjyoung5635]

Slot gambling is banned but pretty sure cards, dice, mahjong and sports betting aren't.

[@Cosinegl]

It was the same in Russia for some time. People gambled not for money but for plushies and other toys. And coincidentally, in the same building, there was always another company willing to buy those toys for real money. But that loophole was quickly closed.

[@_Vengeance_]

Fun fact: that's also exactly why the gen 1 Pokemon games did the same thing with the game corner and the building where you swap your coins for prizes, that was done to emulate real-life.

[@635574]

​@@_Vengeance_ wtf I didnt know that existed

[@ArolzStreams]

That’s all run by the yakuza

[@ignskeletons]

If your bank looks like a casino, it's probably not a bank.

[@fabienherry6690]

I think it might have liked to roleplay as a bank but when they realised they weren't so they decided to go casino after all if they lose all their money they don't need to give them back their money xD

[@Real_MisterSir]

If it looks like a casino yet tells you you're not gambling with your money, that means THEY are the ones gambling with your money.

[@stanleylutzow3132]

more like a banker

[@DaniloBeirne]

The banks are the ones that gamble our money.

[@RoCkShaDoWWaLkEr]

Fractional Reserve Banking made banks literally into casinos though.....

[@randyravis8413]

Grandpa used to say, “if you can’t hold it you don’t own it”. Gotta get into that Great Depression mindset.

[@soulreaper55123]

He must love NFTs 😂

[@Alex_the_Dad]

Then explain my brick of enriched uranium

[@mmrchive]

​@@Alex_the_Dadyou can still hold it. It just doesn't mean you should

[@KCFoolStrike]

I can hold 72 radishes, I'm the richest man in the world

[@Cosinegl]

@@mmrchive If he held it before, he probably can't hold it now.

[@Tacosoncrack]

"Play the no-lose lottery" should have been enough of red flag. It's just the stupid filter at this point.

[@galeru]

One thing that a lot of ppl don't know about is that they stole the idea from a decentralized protocol called Pooltogether. It's been live for almost 5 years. It works because it's transparent. You try to do this without transparency, you get this fiasco.

[@Mega_Maybit]

Personally, one of my friends got me into yatto 4 years ago. I had no idea it was a youtube thing. It promised us that we would win money every week through a lottery system. Plus, with the lottery system, they promised us that we COULD win a million, and that we COULD win more than 4% APY. We usually did get more than 4%, so that was cool, and yotta worked for those first 4 years until this random crap happened. Had to be when I actually needed to tap into my savings too. Thank god I never set up auto invest. To call those who invested in yatto stupid is a little harsh though. My friend is super intelligent, so I trusted, him and he trusted yatto. Ultimately, we were just busy college students looking to invest our little money into something. Also overtime yatto changed a lot. It worked pretty well 4 years ago

[@Izelor]

Gambling is the tax paid by idiots.

[@matthewdancz9152]

Naive is a better term than "Stupid" is. Human beings are the smartest animals on Earth, calling anyone stupid is an insult to our species.

[@MichaelSegler]

imagine having "lose" and "lottery" in the very first sentence on the landing page. "Yeah, lets put our savings into that bank!"

[@saikimayu]

I love that Asmon's mental model of the world is directly mapped to WoW. It works so much better than it should lmao

[@annoyingtiger888x2]

That's honestly my favorite thing haha I love when he explains things using game terms

[@Blandco]

Sure I'll buy a t-shirt from a KZbinr... Do my banking based on the recommendations of a KZbinr? Probably not.

[@joshua41175]

I'll buy a backpack but I'm definitely not trusting a bro.

[@Jeez001]

Graham had lot of loyal followers ..

[@michaelrudolph7003]

I watched Graham's original video (I actually think he talked about the concept a couple of times) and it seemed like a cool way to get people into saving. The only problem here was that concept didn't make the bank money, and that they bailed on it without really explaining that to anyone and turned it into a casino instead where the locked up your money. The failure here wasn't even that the original concept was bad. Nothing about that caused the problem. The problem was that the owners did a 180 on their stated morality and then kept people's money against their will and won't return it.

[@piotrswat169]

@@Jeez001 All these people who lost that money don't even seem bothered by any of it.Another good reason to cross the boarder.

[@RandomNon-interestingguy]

​@@joshua41175wow, deep lore 🤣

[@WhiteFang103]

South Park: "Aaaand it's gone" intensifies 🤣

[@Ritters03]

Lmfao great episode

[@Valakor]

It's like that one preacher who said "Jesus hasn't returned because you haven't donated enough." Or something like that

[@Isingyoudie073]

That’s Jesse Duplantis. He baptized me at a motorcycle rally in some dirty ass lake. Also his buddy Kenneth Copeland was there and he baptized me again in that same dirty ass lake. 2nd time’s a charm.

[@vuton7670]

or voting for Biden thinking it will reduce gas/food prices lol

[@Suzuki_Hiakura]

he would also fly private jets over first class, because he wouldn't sully himself riding with the peasants... forget what the mega church person said specifically, but that is close enough lmao.

[@BasicMaffs]

@@Isingyoudie073You’re probably cursed now huh?

[@Isingyoudie073]

@@Suzuki_Hiakura “tube full of demons” that was good old Kenneth Copeland the guy who looks like the villain from _The Mask_

[@MurrayLime]

the "no lose" is for the "bank"

[@jamesholland8057]

Just like casinos.

[@ZucchiniCzar]

Beat me to it. 🤣

[@V4Now]

The house always wins.

[@Real_MisterSir]

the -bank- house

[@talkingtakotaco8611]

Not even a bank.

[@ChippiesBR]

In Australia theres laws around youtubers promoting financial products. And these problems went away. Funny how that works.

[@valornetwork508]

Every time I hear about Australia regulation I get a glimmer of Hope in government yall are in the future in consumer protections

[@SkellyHertz]

Except for video games, they are super restrictive there.

[@HashbeanSC2]

Those who give up freedom for safety deserve neither

[@medekhgui]

@@valornetwork508 We are DEFINITELY not perfect. It's a little overbearing for sure, and censorship here can be wild at times, especially in the games industry. But compared to America... we're doing OK.

[@yong9613]

​@@HashbeanSC2The citizens of a certain island are paying alright

[@DruuzilTechGames]

It's not gambling, it's "fun money losing mechanics".

[@Barrythebarnabas]

THIS

[@rainbowsnek]

lmao im stealing this one for next time my friend judges me for buying skins on my favourite game

[@whytho1690]

Unironically too accurate.

[@clive7394]

😂😂😂😂

[@miguelito2361]

lifetime online blackjack subscription

[@benjaminmatheny6683]

The issue seems to be that Synapse was skimming money off the top. i.e. Yotta deposits 50k from a customer, but Synapse only deposits 40k in Evolve. Keeping 10k for themselves. Banks pay into FDIC insurance based on the amount of money they have in deposits, so if FDIC is expected to cover this then they will need to raise the rates as essentially they are being asked to cover money that never actually got deposited in the bank itself. It's worth noting that as Synapse collapses and files for Chapter 7 bankruptcy the CEO is sending statements from a Resort on Santorini and their Legal counsel from Rome, Italy. Neither apparently could both to be in the country to oversee the closure of their business.

[@ToadstedCroaks]

I"m sure their lawyers advised them to avoid extradition.

[@nendymion]

But why would the FDIC even get involved? The bank didn't fail nor did they lose the customers money. They still have it all. Everything that's happening is because the middle man got disconnected from the bank and it's the middleman who has the ledger that lists who gets what.

[@fabienherry6690]

Yeah it look like the middle man was the orginal scammer and yotta went into crisis management in the WORST possible way : if people loose all their money in gambling their the problem go away xD

[@ualdayan]

@@fabienherry6690 Yotta's gambling wasn't for the amount you deposited, it was just on interest. Eg 'spin the wheel, do you get 1% interest this week or 10% interest' - with the average person's interest over the long term coming out to the same as any regular deposit account. The difference being it was "fun" to spin the wheel and that was in theory suppose to lead to more people wanting to save their money instead of spend it all.

[@fabienherry6690]

@@ualdayan Yeah but they transitioned from this to pure gambling ^^

[@phantonn5670]

"my savings are my safety net" . puts them in a bank made by an youtuber. mate your safety net had holes in it from the very beginning

[@trynnicus]

don't nets normally have holes?

[@warrenpeace2111]

A net is just a bunch of holes tied together with string

[@bzs187]

You would expect more common sense from people who has 10.000+ in there. Like, one of a dozens of bank in your city is not good for you?

[@karenamyx2205]

​@@trynnicus Thats why safety nets are a scam. What you need is a safety... sheet. Yeah. But real sturdy, so its extra safe. So like maybe a sheet of concrete. Now thats safe to fall on!

[@samoverbeek4778]

@@warrenpeace2111 I read this in Theo Von's voice

[@Nolen_Sorento]

A fool is parted with their money every minute.

[@jamesholland8057]

You are correct sir.

[@siliconhawk]

well at least it's not in the hand of the fool anymore i guess. if he has or has not makes little to no difference to be fair

[@TheAzrai]

That's based on olde timey numbers. Now it's every nanosecond.

[@Farmergreg4082]

​@@TheAzraimore like 100 every nanosecond ever since crypto became a thing

[@karenamyx2205]

Well, in order for someone to make money, someone else out there has to be parting with that money, right?

[@iambryguy4]

Graham Stephan, and Andrei Jikh should really have to face consequences for this. They should know better, and they both pushed FTX HARD. They don't give an eff

[@Cheesecake99YearsAgo]

Does that work in extreme capitalism? 😂

[@enmanuel1950]

There's two things that always ring true when it comes to investing money. a) If it sounds too good to be true it's probably not true. b) Never invest in a business you don't truly understand. You'd think that with all the frauds we've seen ever since the crypto boom, people would've learned this lesson and be more cautious especially when it comes to fintech, but sadly not. Ideally finance KZbinrs would dedicate their efforts to educate their audience on relevant financial concepts and let them make informed decisions on their own. Instead they shill products and services and their audiences blindly put their faith on them with no research or understanding of what they're investing on.

[@themangastand8475]

Not the same people. Every year there is a whole new batch of 18 year olds or new nieve 20 year olds to scam. Or a new boomer disocervs the Internet for the first time. These are different people​@@enmanuel1950

[@Jimothy-723]

@@Cheesecake99YearsAgoyou dont know what the word "capital," even means.

[@IRdatank]

FDIC insurance is more of an insurance for the bank. The banks pay the insurance premium. Clients sit with the knowledge that the vast majority of all held funds are insured at the federal level which means they won't jump and run to the bank at the first sign of trouble which means the bank will be able to adjust to sudden business issues. The bank will have time to sell off the various treasuries and bonds in order to cover whatever costs or withdrawals.

[@Agent_Chieftain]

Jason isn't a streamer. He only needs a webcam to participate in remote meetings that take maybe 30 minutes. And people who are good with money don't pay for extra quality they don't need.

[@joshuawoolridge8378]

Ya it seems asmondgold thinks everyone wants to be a youtuber/streamer

[@stevenB216]

[3:57] The money's gone. that's where it is. Just like the south park economy episode.

[@lavon9305]

If i lost 30 thousand dollars in anything id be in the News for the next MS

[@OntarioGuy430]

MS could be so many things - but I imagine it involves mass - 30k is a massive amount - I can picture you mean retaliation like in Beekeeper

[@GhostofJamesMadison]

​@@OntarioGuy430same

[@qwerty112311]

How would you afford the materials for such a venture

[@deleted01]

@@OntarioGuy430 A Massive Shout-out lol

[@doorknocker8920]

MS Microsoft?

[@sleelofwpg688]

Another thing about *depositors* being insured. The *users* aren't depositors with the second bank. Yotta is. They are depositors of yotta. Dunno if that distinction is covered in the regs.

[@casuallyfilthy]

Welcome back Asmonbald. We missed the melodious sound of your voice.

[@SpocksBro]

Our boi is back in his mouldy natural habitat.

[@Cooowop]

Baldmangold such an inspiration

[@jamesholland8057]

Melodious and maloderous.

[@casuallyfilthy]

@@jamesholland8057 ooooh that’s a good word. Imma use that shit now.

[@LeBronWooDs1137]

I know I was like when this dude getting back from the expo lol

[@1chemban]

Its all in that ledger, Users put the money into Yotta, Yotta put the money in to Evolve. Evolve has no idea who the money belongs to because its a single account under Yotta. Synapse is probably refusing to release the ledger because they are responsible for the missing funds. All that money missing from the account, who gets their money back?

[@saigyl9149]

South Park: "aaaaand, it's gone"

[@chubbs8477]

Say it with me, "Research".

[@ToadstedCroaks]

Research: 1. "Do your own research!" 2. "I did my own research!" 3. "Don't trust the researchers!"

[@TheAzrai]

y i gotta search wen iz already searched

[@stalinsbutterfly]

Interlinked.

[@SylverUI]

It's common sense

[@Eremiyah]

or just assume every "too good to be true" ads you see are scams. :D

[@bouji_]

There is a term to describe this "bank". It's called a ponzi scheme.

[@ne5560]

Yes it's the same scheme hidden in plain sight.

[@ToadstedCroaks]

And this is why neither institution is willing to admit that they bear the responsibility to pay these people back. They all know this money is being held by the cold dead hands of someone willing to see this go down to the very end in hopes they get to keep it.

[@soulreaper55123]

There are some grey lines since Synapse crapped out, but they could easily fix the situation by contacting Evolve directly. Tye fact that they haven't made any (meaningful) moves on the matter means you're essentially correct. It wasn't initially Yotta's fault, but preying on the situation and holding funds without accountability certainly puts them in the wrong.

[@StamperzChannel]

Welcome back. Not seeing you upload 5-6 times a day threw me off a bit 😂

[@jacobsharp9438]

This isnt even about the video topic, but with the lighting this guy has on him in the video, i legitimately thought it was AI for a second 😂. Whoever does his lighting is fucking great, looks like a movie.

[@orvilleredenpiller338]

"That's because they thought I was money laundering." IF EVER WE NEEDED 🚨CONTEXT 🚨IT'S RIGHT THE FUCK NOW.

[@deleted01]

They _claimed_ they thought he was money laundering

[@NoTimeAllTime]

In his defense, cashapp doesn’t think he is money laundering. So it is all good I guess.

[@johnrodgers2171]

Try and move 30 grand in and out of your bank and they'll think you're money laundering

[@joee_koolVODS]

@@johnrodgers2171 said like a champion shit they look at me funny the times I've taken out 3k

[@sand2025]

Probably PayPal. Think I've seen something about them doing stuff like that.

[@Sepzilla]

This is why I don't listen to any KZbinr 🤷 They are pseudo celebrities and while some may be smart or intelligent, a majority are not. This goes to show you lol

[@jamesholland8057]

Keep your money to yourself not online.

[@Wayfarer17683]

Also do not listen to real celebrities either

[@God__Emperor_]

You missed the most important one, no morals.

[@rasmusnilsson123]

Its not the tubers being dumb. Its the people

[@rasmusnilsson123]

This is not a scam. Its just a stupid bank. If you didnt know, banks are a "scam"

[@spindabear]

Where's the money Lebowski!?

[@jacobmcpherson7536]

Yeah but how does this affect the trout population

[@davidmingle5910]

negatively, if they invested money in this

[@barzillaiconcorde685]

You are absolutely right l. The Indians will be mad because of thier lost fish.​@@davidmingle5910

[@barzillaiconcorde685]

I agrree

[@prometheus1815]

Negatively. All this money couldve been invested to improve the trout population.

[@Zorro9129]

Not since 1929 has there been a better example of why fractional reserve banking is a scam.

[@GhostofJamesMadison]

Lmfao I'm starting a bank. You gotta knock on my back door and I only take cash. Thanks bye!

[@JuT11]

0:47 - "Why wouldn't you just put it in, like, Bank of America ?" - Cause these are people that have convinced themselves that they're smarter than everybody else by listening to financial youtubers..

[@paulfarr7]

Here in the UK we have Premium Bonds, which is basically a no lose lottery run by the Government.

[@anush_agrawal]

Because govt can create money

[@jimbo32234]

We actually have a no lose lottery in the UK called Premium Bonds. Its basically a savings account, and for every pound you have invested, you have a "lottery number" entered into a monthly draw. The bonds do not pay out an interest so your savings are stagnant unless you get a win. Top prize is £1,000,000. There is a maximum amount you can buy, I think the limit is £40k. The Premium bonds is regulated and backed by the UK Treasury. On average it pays out about the equivalent to a 3-4% interest rate.

[@tonysslime7633]

Sounds like your government is scamming you with a gambling lottery.

[@esmeecampbell7396]

Yeah Asmon really didn't understand this and wasn't actually thinking, he just went into "oh this is an obvious scam I'm so smart" dunk on it mode because it was a Coffeezilla video so he felt safe enough to do so. Yotta actually worked when it first started, it was a sensible option for people who didn't want to lock money away for a long period of time as the mathematical expected return was around 3% (very similar to NS&I) which at the time was about 1% more than savings accounts were paying. The problem was the intermediary stealing from customers and then going bankrupt and not telling Yotta.

[@imgonnapackit]

You are actually losing some amount though. The loss is what a traditional interest paying investment would have paid you minus your expected value of the sweepstakes entries. Thats the loss.

[@inkanthem]

Yooooo this app game created a bank to get all the players money before they even pay 💀

[@0__marley]

Our government is fucked in the UK - but at least they're smart enough to class these systems as actual gambling. All "sweepstakes" sites are classed as gambling sites in the UK, and if they don't pay the UK gambling licence, they get banned. Its madness that it's legal to loophole gambling laws this aay in the US lmao.

[@jomesias]

I swear the Simpsons already did an episode about this! Lisa’s college fund was invested in an online gambling website!! 😂😂

[@letric1290]

6:46 Is the best frame I’ve ever seen

[@jimgamez6731]

Blackjack isn't gambling? Better not tell Vegas that 😂

[@roftar]

Something similar happen to me at my work ... I told a customer it was in the hand of the other company, he said " They told me it was in your hand." Wasn't paid enough to care so I just shipped that in the hand of my boss.

[@djtoxicdhg]

Love to see that all these rich youtubers all take the sponserships without looking into it 1 bit like fucking markipliyer doods a mega millonair and hes takeing on scam adds just sick.

[@OdinWannaBe]

Markiplier ngl seems hypocrite

[@Aquageo555]

I feel like if he took the sponsorship before the issues started, it's fine. People are acting like he personally caused the issues.

[@themanbesidethelighthouse.388]

Rich youtubers? Out of touch much? A lot of rich people scam. Look at the goop company. Look at Donald trumps school. Look at a thousand other references. A fool and his money are easily separated.

[@RoboWulf]

The gazelle support group analogy made me laugh so hard

[@handle-056]

You finally back! My only news source 😂 love from 🇨🇳

[@konaqua122]

" A Ponzi scheme is a type of investment fraud in which investors are promised big profits at little or no risk. The money is not invested. Rather, the scam artist concentrates on attracting more investors. A growing number of victims is needed to pay out the supposed profits being distributed to earlier investors." This sounds very similar to what is happening.

[@crashzone6600]

"You watched my ad right?", " you didn't fast forward through the ad right?" Of course I do, all the ads on KZbin are scams. Why would I not have adblock or tap through an ad on a video, if all the ads are scams?

[@benjaminnave8192]

The story of Evolve Bank & Trust began in June 1925 when the bank, known then as First State Bank, became the primary financial institution in eastern Cross County, Arkansas. Its strength carried it through the Great Depression when an estimated 9,000 banks and financial institutions failed.

[@DonJuanDM]

"No lose lottery???" "Yep, it's fine. What can go wrong"

[@esmeecampbell7396]

OK so it actually DID used to work as a bank. It was "no lose" as I'll explain later. At the start it offered a 0.2% interest rate with a chance to win via the lottery, the more money you had the more tickets you got and it worked out at about a 3.6% return. Obviously to balance out the return and make it so they didn't just keep paying money out some people wouldn't win any money, however unlike when you buy a scratch card or lottery ticket and you've paid and then don't win any money this would be a free ticket given to you because you held money in an FDIC regulated account, it wouldn't cost you to play so it was "no lose" lottery. Obviously you could have put the money into stocks of Amazon and got a better return, there's a cost time benefit analysis but that's like saying if you put all your money into shares of Apple one year you "lost" money because it "only went up 9% and you could have put everything into Nvidia which went up 225%" that's a flawed thinking, you still won just not as much as you could have, but that doesn't mean you lost the lottery. THIS IS ACTUALLY A REAL THING they have it in the UK and have done for years called NS&I but the difference is it is a Government savings scheme not a private company running it. The return on NS&I works out at ~4% so still not the best for long term but at the start Yotta actually had a return about 1% above the nearest long term savings account, and meant you didn't have to lock the money away like you would with Government treasury bills which would give you a guaranteed 4%. THE PROBLEM and how it became a scam was they changed that system without telling people but not the "casino" nature of the bank itself.

[@chrisrose_krii_lun_aus]

Your local bank has very little liquid cash on hand. You have to wait for them to order it and get it in before you can get large sums. Then they report it to the IRS also. A bank is just a front. All of the money you have in the bank is invested and lent to others that bank there. They use your money to play the stock market, Lend for car and house loans. That's the main way they make their money. If everyone went and wanted their money at once it bankrupts banks and we have what happened in the 30s. I think it's funny they have armed guards at empty banks but not at schools. I tried getting enough a few years ago out of savings to buy a new vehicle and it was almost 2 weeks and I had to jump through a lot of hoops to get it. I only use banks now for just enough to pay my bills with. I have a safe at home that's I know a lot safer than a bank and it takes me a few minutes to make a withdrawal but then even buying a new vehicle it's hard to find a dealer that will take cash and let you buy a car straight out. They are so noisy with what or how you got your money even though I worked like a dog my whole life for mine.

[@Shadepariah]

18:25 You see, Asmongold, he's got his money in stocks/bonds/options and not streaming equipment. The webcam loses money sitting on your desk. He puts his money to work. We could all learn from him.

[@siliconhawk]

there is a reason he works at goldman Sachs yk

[@twitchyrats5252]

So a web cam is going to break that dudes bank account?

[@ObakuZenCenterUSA]

Webcams don't 'lost money sitting on your desk,' lol. That's not how things work.

[@Kazuki_22]

Webcam definitely is from a laptop/notebook/netbook. Most general work used laptop webcams have camera quality like that.

[@Brayness]

A lot of gambling sites that are not scams use the same sweepstakes loophole to technically be considered not gambling

[@alidan]

18:32 thats not a webcam from 2009, laptop webcams are almost universally dogshit.

[@Suchen_Wahrheit]

23:27 absolutely killed me. This shit ain't easy.

[@attest1315]

When you catch an Asmon vid within the first 20 mins of its posting Was waiting for him to talk about this one! Also somehow kept getting W pauses lol

[@edhahaz]

A middleman to banking using a a middleman for banking. What could go wrong

[@HitomiYuna1]

*do not trust any single sponserships from youtuber and ADS from random* they are all scam just trust yourself

[@KonglomeratYT]

Every ad I see is a scam? Dang. How am I still alive then? I've bought tons of things that have ads and I haven't been scammed since I was 8.

[@mkv2718]

9:56 literally waiting for my clinic to open 😂

[@Disneymagic24]

Yotta wasn’t gambling to begin with. It was basically, the more money you had saved, the more lottery tickets you got . Then weekly the numbers were revealed for money that got added to your account. Wasn’t till a few years later they added gambling stuff

[@ObakuZenCenterUSA]

Yeah, except that Yotta hasn't been around for many years, as you imply. So this 'Wasn't till a few years later,' stuff is total bullshit. They were literally only founded just over four years ago.

[@Disneymagic24]

@@ObakuZenCenterUSA a few years is usually referred to as " more than 2" lol

[@ObakuZenCenterUSA]

@@Disneymagic24 Don't be deliberately ignorant. Do better.

[@captainb.mccrea5480]

@@ObakuZenCenterUSAthey’re not? They’re right here, lmao. A few is considered 2+ their point still stands, it started legit, became a casino in a few years after

[@DarianWade]

Funny thing is that as soon as they start processing withdrawls again therell be a bank run and itll then likely fail

[@sleelofwpg688]

Lol the webcam bit. I still don't even have one. Makes me laugh every time I get one of those phishing emails saying they hacked my webcam and will post vids of me whacking off if I don't bitcoin them. It's always a good laugh. As well as the guy from the UN that wants to give me 16 million.

[@highdonny]

Oh no no no KZbinrs can most definitely be held accountable for sponsors. Look up the case of Matthew Hoover he's in jail because his sponsor was found by a court to be doing illegal things

[@trevorp8124]

I mean, you can still deposit, though. That's half the function of a bank, right?

[@kevint1910]

local agricultural lenders are the safest banks to use. they have most of their money in loans that turn over yearly and are backed by enough collateral to cover their balance sheets.

[@iROHxo]

You know who's also a scammer? thumbtack.

[@caycellyn]

Big time facts. Pay them immediately for a “direct lead” even if it doesn’t turn out to be anything. I can almost guarantee thumbtack employs people to pretend to be customers needing a service and in turn generating easy money to them

[@iROHxo]

@@caycellyn idk how that company exists they need to be investigated.

[@Gredunza]

I'm sorry, but if a bank is preventing its entire clientbase from withdrawing its money, which is literally the basic function of a bank, then the bank has failed. And regulators should step in.

[@Shat_Tastic]

HAHAHAHAHA a few years ago i remember seeing Stephen talking about this new bank. All I thought was this is a new scam :) People that got taken can rest assured that someone is spending ur money on some nice island

[@Drew-mu1ly]

Love all the extra comments asmon helped contribute to this amazing content! "dude should get a new webcam, looks like its from 2003." that is the input I am here for. "Hi, Jason" crazy, how can't I think of that. Definitely not lazy content

[@Yougottubed89]

Scam banking was always going to be big.

[@jamesholland8057]

One of America’s longest running traditions.

[@GhostofJamesMadison]

The Fed built a country around it!

[@GhostofJamesMadison]

​@@jamesholland8057only after a certain group of bankers fled to America was the petrol dollar and the Fed became a scam buisness

[@krozareq]

FinTech is just one step away from cryptobros and many cryptobros own some stake in FinTech.

[@amirrezarezaie]

When Asmon comes back, my depression goes away. Welcome back.

[@ray_donovan_v4]

Bruh. It's a ponzi scheme. The top wins. Always. The bottom loses. Always.

[@esmeecampbell7396]

OK so it actually DID used to work as a bank. It was "no lose" as I'll explain later. At the start it offered a 0.2% interest rate with a chance to win via the lottery, the more money you had the more tickets you got and it worked out at about a 3.6% return. Obviously to balance out the return and make it so they didn't just keep paying money out some people wouldn't win any money, however unlike when you buy a scratch card or lottery ticket and you've paid and then don't win any money this would be a free ticket given to you because you held money in an FDIC regulated account, it wouldn't cost you to play so it was "no lose" lottery. Obviously you could have put the money into stocks of Amazon and got a better return, there's a cost time benefit analysis but that's like saying if you put all your money into shares of Apple one year you "lost" money because it "only went up 9% and you could have put everything into Nvidia which went up 225%" that's a flawed thinking, you still won just not as much as you could have, but that doesn't mean you lost the lottery. THIS IS ACTUALLY A REAL THING they have it in the UK and have done for years called NS&I but the difference is it is a Government savings scheme not a private company running it. The return on NS&I works out at ~4% so still not the best for long term but at the start Yotta actually had a return about 1% above the nearest long term savings account, and meant you didn't have to lock the money away like you would with Government treasury bills which would give you a guaranteed 4%. THE PROBLEM and how it became a scam was they changed that system without telling people but not the "casino" nature of the bank itself.

[@BragoDaimao]

LMAO when you said " where the money go?", in my brain it sounded like "Where's the money Lebowski?!"

[@Time4rpgs]

Chase Bank and Bank of America are trash. Damn, didnt you just recently do some shark tank indie game show. Tell these mofos to put their money in Ally or Wealthfront Bank, got damn! 😂

[@JuneauGTW]

My wife and I no longer trust in person banks. Every time we have had an in person bank account, our money has been lost or stolen. Multiple times.

[@nahirigathering1392]

Was never this early. Just arrived in vegas from germany

[@TheFranMan0]

The "Lets go Gambling" Meme come to mind with this for me LOL

[@jimdoe3288]

Yeah put it in chase bank... they never been in trouble before lol

[@siliconhawk]

well big banks are held accountable by the law so it's not a one to one and the gov will bail you out in the worst case scenario. These influencers sh*t do not have any laws or regulations

[@XxJohn_HaloxX]

Graham be catching Ls left and right first SBF then Yotta lmao

[@orbitalreality]

i dont feel sorry for these people at all. common sense is rare these days

[@frycarson]

If you can't go in person to a physical location and yell at someone when something goes wrong, don't trust them to pretend to care.

[@khatabaied9526]

Bro fell off harder than, Yinlin on my face.

[@grownupgaming]

I’m amazed at the type of people putting money into yotta. At first glance they seem smart.

[@bitmau5]

put it all in Doge coin, fr. Like wtf. Wouldn't have been safer. Yadda-yadda-yadda, you've heard it all before lmao

[@nocturnal101ravenous6]

Its a Pyramid Scheme, they take the early money and invest keeping that money, the first set of givers are covered by later people banking the money and they just siphon money. The games are just a way to get people to bargain with the money. If they are saying No risk, or no loss then its usually no win.

[@KEYRI93]

White Boy Summer!

[@askmiller]

It's almost comical that the CEO said the no lose business model wasn't working and just dismissed the moral implications. Like bro, that means in order for your business to work, people have to lose money.

[@boiiofboii6736]

10 views in 50 seconds. Asmon realy fell off

[@lockman3962]

Lol

[@sunnymeee]

Only bozos keep yt notification on

[@adjwindu70]

2:34 you can almost see his irs mind spinning its gears

[@gonzaloflieller8022]

The world bank and youtuber together should ring some alarm

[@Jet_Art]

Now I gotta into Yotta, but like the CEO said the model wasn't as profitable and instead of trusting my savings into a vague model I just moved it back into my own savings account right before Yotta started gambling games into the model.

[@CryptikDesign]

Yotta 2+ years ago is vastly different than today. You used to get a lottery ticket for not dipping into your savings for every $20 in your account. Then every day they'd pick a random number, come Saturday night you'd have all the winning numbers and you could win something. Then they changed the system 2-3 times and gamified it more and more it was down hill.

[@Quidditch2888]

I would like to clarify that Yotta is not a “bank”. It is a fintech. The bank side of the bank is entirely Evolve. Yotta, through Synapse, disagrees with Evolve about the amounts of money. But what people are missing is that Evolve holds all legal responsibility for the funds since they are the bank. If Evolve can’t verify and validate all the funds they will be caught holding the liability for all of it. This is Synapse / Yotta’s problem.

[@PlaZma419]

Lol that hotel California comment was gold 😂

[@BWA85]

"it's a no lose lottery". You can never lose as in "roll a zero". You will always win something back on your spin, even if it is a fraction back of your spin value... So they ain't lying when they say "no lose" but they're also not giving the full truth of "You can still lose out on what you put in".

[@TheYashakami]

Asmon's ability to associate real world events into simpler and understandable wow comparisons is genius level

[@andresilvasophisma]

I hope KZbin uses this first case as an example and doesn't allow anyone else doing this. KZbin won't allow anymore of these scams, right? Right?

[@plasmahandoku1073]

Gran stephen was such a inspiration. That is why so many people trusted him and when he said he owned a bank or a portion it seemed trusted

[@Disneymagic24]

That’s half the reason I tried yotta cause he said it was good

[@jprosey]

side note . If you are sending money to a number that has came up in a scam . Cash app won’t let you send the money

[@Disneymagic24]

I actually used this back in the day because it was like 2020 and savings accounts were getting like 0.5% interest and this was supposed to get you more than that . Obviously not the case anymore but it was an interesting concept that ultimately never went anywhere

[@dafff08]

I don't even feel bad for these -fools- people. This screamed red flag from the get go. And after being on youtube for almost 2 decades, if i learned one thing, is to never ever buy a product/service that is advertised on this platform. Especially since I've seen my company advertising here as well.