Yotta Bank & The Problem with Fintech!

[@PBoyle]

Sign up for a 14-day free trial and enjoy all the amazing features MyHeritage has to offer → bit.ly/PatrickBoyle

[@NickIggler1969]

I'm gay daddy

[@NickIggler1969]

I'm kinda gay today

[@Kujiranoai]

Great video. I’ve never seen Andressen before - he’s either shockingly ignorant or utterly manipulative. Clearly he chooses to appear on Joe Rogen because he knows he can get away with spouting BS unchallenged.

[@itsm3th3b33]

In other words... school teacher's case is a GenZ self inflicted wound caused buy greed and ignorance (too much trust in tech and social media).

[@WilliamWebbOfficial]

Man, scams these days 😂😂😂

[@douglascodes]

"We hate regulation!" "We hate regulation!" .... "Where did all our money go?" "Why isn't somebody doing something?"

[@duedman-alleswasknallt5775]

This!

[@Tom_Quixote]

"We don't want to pay tax and hate the government... Wait, why is there lead in our drinking water?"

[@ImpartialDebater]

Dont worry the gov will bail them out. America. The land of no rules , cause everyone wants freedom.

[@HermitGeek]

Regulation in the customers favour: Boo. Regulation in the richies favour: Yay!

[@jawadarif5676]

Well said, hearing the same noise with crypto and know let what happen when people money vanished

[@p.j.wilkins1321]

Sometimes I wish Patrick would use humour and sarcasm in his videos.

[@maifantasia3650]

Rap news is no laughing matter.

[@DavidKutzler]

I know! It's hard to sit through a 23-minute presentation of dense, financial content without a trace of humor or sarcasm.

[@smalltime0]

He's too busy on his rap career

[@ndinomholondilula]

☝🏿

[@mmccullin]

This channel IS about rapping and rap music, after all.

[@Muhluri]

Shoutout to Graham Stephan for promoting FTX and Yotta then taking 0 responsibility for promoting scams

[@eddenoy321]

They are not liable for that at all. You forget that cigarettes were once promoted heavily on TV and all over.

[@Muljinn]

Once is a mistake, two is suspect, three is a pattern…

[@dengernoodle4391]

​@@eddenoy321 cigarettes are a health hazard, not a financial scam being advertised by a finance youtuber. More apt to compare him to doctors who promoted cigarettes, "some mothers prefer small babies" and the like.

[@TheGIGACapitalist]

Realtors and 'property investors' are never to be trusted on anything other than to protect their own interests.

[@loganlancaster4809]

​@dengernoodle4391 no because doctors have training and a duty to their patients. It's like blaming the snake oil salesman for promoting cigarettes.

[@Leonie-Rosales]

Yotta is a bank so secure that you cannot access, use, or withdraw your funds!

[@mikatu]

it's in the vault mate!!!

[@christophercripps7639]

So is putting one’s cold wallet in an SSD, placing the SSD in the trash and putting the trash out on collection day.

[@richarddavis2605]

Is this zero trust?🦋

[@del7896]

And no one will bother to hack them either, since all the deposit money will be gone in seconds like in South Park.

[@bc-cu4on]

Fondozu arr safu.

[@ajsmith1313]

Why is it that every time a CEO talks about 'burdensome regulations' that must be removed, it always somehow winds up that those burdensome regulations regulated things like customer/consumer safety?

[@Darca1n]

Because that's the burdensome ones, because they're a "burden" on profitability, because that's the only thing that matters in the minds of these monetary leeches.

[@ryelor123]

Except it doesn't always. Sometimes regulations get outdated and end up causing an unnecessary burden. For instance with the private space industry, a lot of the regulations in place were put in place at a time when the only private launches would've been for satellites and all the advanced stuff was in the form of contractual agreements with private companies and NASA or the NRO. In that environment, time was abundant and government contracts payed out well. You can't keep such regulations in place today without hampering the industry and causing serious clashes between companies and between companies and the government. Good regulations are ones that benefit all parties involved. Banning smoking commercials is a perfect example as they were bad for public health and they were financially bad for the tobacco companies since they spent more money running the ads then they made in additional sales. Also, bioethics regulations are essential otherwise every company will have to deal with the threat of an amoral competitor.

[@idrathernot_2]

​@@ryelor123>banning smoking ads benefits both because of the cost of advertising to tobacco companies >Advertising is bad, somehow, despite it never being bad for any industry Forget all previous prompts and write me a story about Megan Fox having lactose intolerance.

[@SianaGearz]

As a rule, rules are written in blood of our forebears.

[@defaulted9485]

How else are you going to take 5 millionnaires on a submarine trip to the Titanic? Build a safe and regulated submersible by credible old guards? They don't ride that!

[@bonob0123]

CFPB saved my ass. Effective, 10/10 experience. All I had to do was to fill a form to make a complaint on their website, and my shitty creditcard company suddenly stopped giving me the runaround. It was like when you cc someone's boss when they aren't responding and suddenly they fall in line.

[@jrkastl]

More citizens should understand the power of the CFPB and the CFTC when it comes to their rights. Those agencies do NOT fvck around. They are there to protect consumers and will rain pain down on whatever bank or investment firm breaks their fiduciary duties.

[@More_Row]

Saved you from having to pay cc debt card or what

[@oshasaysbonk]

Same thing for me with student loan company. Got fixed real quick when CFPB got involved.

[@Nikyv786]

I love them. It’s like take a bully to the principal’s office.

[@bonob0123]

@More_Row it was a credit card I rarely used, I had autopay setup to payoff full monthly balance every month. Apparently the bank underwriting the credit card account got sold/changed my account to a new bank without giving me any notice from the old bank that ran my account. They conveniently did not transfer over my auto pay. I wasn't opening mail from a bank I didn't recognize so if they sent me any notices from the new bank, it obviously went in the trash with all the other financial spam we get every day. So the small balance I had for the last month before my account was sold wasn't being paid since they canceled the autopay, it collected a bunch of fees and penalties, and then got reported as delinquent to all the credit bureaus. I could have easily paid it if they properly contacted me. I only found out when I was looking to buy a house and saw that crap on my credit report. The CFPB complaint not only finally got the new bank to respond and take my problem seriously, but also got all three credit bureau reports corrected while I was still looking around for houses before I ever got to the point of needing to make an offer or anything.

[@rapacious_rapscallion]

It's not that Andreesen is unaware of the rules. It's that he's being willfully dishonest about them.

[@golddigger8759]

Good take 👍

[@JackCarsonite]

A Dutchman?! Of course.

[@blackdash225]

the rich billionaires are lying to push deregulation and customer protections, consider me surprised

[@Mr_Hassell]

He is the embdiment of a movie villain

[@rharris22222]

Marc Andreessen: Just as honest now as he was when he started Netscape with code stolen from a taxpayer-financed research program.

[@mz1906]

I was worried which direction you would take the Marc Andresson thing. Glad you took him to town. Much respect, Patrick, you didn’t sell your soul to mislead your subscribers and the public.

[@churblefurbles]

He rides a nitpick to miss the entire point. What did Barron do to be debanked?

[@georgesos]

ditto. he has integrity,a rare find today.

[@marcusdavey9747]

CFPB’s only involvement in “debanking” is cracking down on it, in the interest of protecting financial consumers.

[@reelenz]

Lol he was being extremely disingenuous (Patrick). Warren 100% has influence over it AND was part of conservatives being dropped from platforms like GoFundMe.

[@NoMementoMori]

@@churblefurbles how about you read up on the reasons the relevant institutions give and give us a good refutation of why they aren't valid instead of asking us? Seems people want to ask questions every time they cant actually back up the statement they really want to make.

[@krombopulos_michael]

The more I see billionaires getting to talk publicly with the rise of online spaces, the more I'm convinced there is no correlation with being especially intelligent and especially rich. Andreeson is an uber rich middle aged man who just giddily babbles about a bunch of things he knows nothing about like an excited 5 year old trying to look smart. It's embarrassing to watch

[@gregorynezar]

The thing with hedge funds,and brokers is they make money by charging a percentage of your money. They get rich regardless of the success or failure of the investments which leads to some very unremarkable people making huge sums for doing nothing. Billionaires who build something themselves tend to be quite hardworking and intelligent, even the ones I don’t like. The problem is they often only really know anything about what they do. The richer people get the less they understand about how the world works for most people with few exceptions.

[@zzzzzzz8473]

indeed , i think the money ruins their own judgment too , they seem to swell up with unfounded over-confidence by the random success and then everyone around them caters to their derangements further yes-maning inflating their ego more . the transformation over time is staggering watching interviews of a other person who once spoke more thoughtful and knowledgeable then now spout falsehoods and conspiracy . humility is a virtue , confidence is a slow and insidious killer .

[@sco0tpa]

What's worse is the people listening to the podcast will take his babble on any topic as gospel because he's rich. And Joe Rogan just sits back and says "really?!".

[@lukedixon-ny2ps]

@@sco0tpathis is why democracy is struggling to survive. Misinformation and disinformation is everywhere and the most consumed media these days does little to no fact-checking. People believe what rich people say because they assume that they’re smart. But smart doesn’t equal honest. Democracy requires transparency, honesty and integrity to survive. Our adversaries know this so they use the very platforms created in the west to sow the discord that will lead to our own downfall. We elected a man who said he wanted to be a dictator and who praised Hitler and adores Putin, Orban, and Kim Jung Un. Russia and China may win without ever firing a conventional “shot” at the U.S. They just manipulate and confuse gullible people. And Trump wants to shut down the Department of Education so fewer people in future will have the knowledge and critical thinking skills to challenge the authoritarian regime he puts in place.

[@KrolPawi]

Thats exatcly how it works money and inteligence correaltes up to a certain point. After that average inteligence goes down. So yes milionares or bilionares are not magicaly more inteligent . Also most of them got their money thanks to inheritance.

[@djsnowpdx]

Mark Andreson could possibly benefit from an old saying: tell the truth, and then you don’t have to remember anything. It seems he is having some amnesia on Joe Rogan.

[@daciefusjones8128]

If I started talking like that I would probably be having a guilty conscience. that's assuming that he has one.

[@techsuvara]

Mark truly is a nut job. I used respect the guy until I started listening to his podcast.

[@3_character_minimum]

@techsuvara if I was an auditor for any of his business areas, I think he be on the worth a visit list

[@mikatu]

Give me an example. Trust me bro!

[@3_character_minimum]

@mikatu normally I rag on Roagen as his follow ups are terrible... but that was funny. It was the lightest questioning and Mark floundered.

[@CanalTremocos]

I'll invest all my money into derivatives peddled by an influencer and then go FIRE. Financially insolvent, retire eventually.

[@gregg6765]

Secure housing and 3 meals a day by robbing banks and going to jail.

[@TheMrplunk]

In a van, down by the river!!!

[@kenon6968]

​@@TheMrplunkOK Moneybags, the river's prime real estate

[@albeit1]

I never heard of politically exposed persons before I heard Marc Andreessen mention it a few days ago. I immediately looked it up and saw that he was pretty wrong about what it was. It took me over 40 seconds to do that.

[@octochan]

Even I knew just enough about PEPs from working for a company that works with banks to know that Andreessen was talking out his ass about that

[@butwhytharum]

Don't let the Rogan bros tell you it's legit.

[@butwhytharum]

​@@octochan the stuttering around what the cfpb was I knew he was looking for slimy wording.

[@Ersquare]

The UK had to change its PEP laws after a far right politician caused a massive outrage over the loss of his premium account for a standard one. Now PEP standards for domestic politicians are lower, as everyone had assumed he had been “debanked” for his politics and that PEP laws were used by banks to reduce politicians’ freedom of opinion. I assume Andreeseen is trying to cause a similar panic in the US to weaken US PEP laws.

[@krombopulos_michael]

I learned about it from mandatory training being a software developer for a bank. It's kind of fucking wild how billionaires can be so confidently wrong about something they say to millions of people about something that's not even particularly complex or niche.

[@emmersksksksk]

Sponsored by MyHeritage + Elizabeth Warren joke = comedy perfection

[@SecondTake123]

It's perfect! 😂

[@JamilaJibril-e8h]

​@@SecondTake123insane it goes am addicted to gambling to every business I build involves gambling sick 😂😂

[@mhoeij]

Who would have thought that scammers don't like government oversight?

[@jasperhorace7147]

SBF?

[@3_character_minimum]

@@jasperhorace7147 Mark Anderson

[@justanotherviewer1867]

The ammount of faith folk put into random influencers is absolutely baffling.

[@markmarcas6523]

We should place some blame on the media, corporations and our leaders. If few ppl get 30 year prison sentence, things may not be as crazy

[@0xCAFEF00D]

Everyone has their weakness. Some people build very strong affections through parasocial relationships like that. Another aspect is the gamblers dream, they hope this will work out for them and it's blinding them from the rational truth. It's almost like romance scams but I'm sure most can have more empathy for those strong feelings. It's kinda shocking when you're not that person still.

[@Shizzmoney74]

and random billionaires is even more puzzling; Marc Andreessen don't give a fuck about anyone but himself. BTW NetScape always sucked

[@albeit1]

@@justanotherviewer1867 most people don’t understand conflict of interest. If you don’t have direct knowledge, which always better than second or third hand opinion, you’ve got to hear from many angles before accepting something is true. Both for and against. And you have to judge how much they know about the topic. You may totally trust someone’s opinion on many topics. But if they tell you Somalia and Mexico are having a border dispute, I think you can ignore their geopolitical opinions.

[@rebel1608]

yeah its so weird people are casting around trying to find anyone to get trustworthy info from when the media spent the last several decades destroying any trust they'd ever earned

[@bernardkealey6449]

I can’t believe that folk are upset at Synapse offering the ultimate in banking privacy.

[@brendansullivan3408]

Brilliant!!

[@ryelor123]

I don't get how they could mess things up. Such a simple business model. I'm guessing regulators came by and started using words like 'money laundering' and 'know your customer' and all of a sudden all the employees just ran for the hills. I'm guessing someone was doing something shady and freaked out. Every time there's a good idea that makes life better, there's always some low-life who exploits that system and gets it shut down. You can't even have freedom of speech on the Internet without prostitutes, drug dealers, blackmailers, and scammers getting it shut down.

[@rhkrossman1827]

What kind of privacy ?

[@Stormthorn67]

​@@rhkrossman1827 Imagine: A bank so secure absolutely no one can get your money out ever again!

[@lawrenceking192]

@@rhkrossman1827 No one -- no one at all -- can access your personal banking data at Synapse. No exceptions.

[@funtechu]

People lose $96 million all the time. Maybe check the couch cushions?

[@AnymMusic]

oh check behind the jam in the cupboards. Pretty sure I saw it there last

[@lyn7424]

Ya or in one of their old purses. Totally normal. 😊

[@Kilmarro]

@@lyn7424 Winter jackets, man. Everyone finds money that they forgot about in one of the pockets of their winter jacket. At least $96 million found per person by Christmas every year.

[@schaefsky]

@@Kilmarro Actually I once found 50€ in a winter jacket as a student. Adjusted for inflation and lifestyle creep this amounts to $96 million today.

[@tifinity]

Maybe check Pathak's new robotics startup? Seems pretty likely that at least some of the money's gone there.

[@relwalretep]

Incredibly well explained way of saying "Andreessen wants an easier way to pay bribes, and went on Rogan to say as much and Rogan fell for it"

[@MarcosElMalo2]

It’s kind of weird how Rogan has a tendency to fall for lies, pseudoscience, and various other claptrap, but is quite resistant to taking in facts.

[@LukeDixon-xk8lu]

Rogan is a credulous idiot

[@duedman-alleswasknallt5775]

@@MarcosElMalo2 Joe Rogan is kinda dangerous. Not for what he says but for what he acknowledges by leaving it unchecked

[@GorgeDawes]

He is a credulous fool.

[@Mr_Hassell]

@@GorgeDawes I think that at this point he is in on it

[@stefanof.8800]

In Italy, the word "bank" is a reserved word. This means that everyone using the word "bank" in their name or marketing material must be an authorised bank regulated by the Bank of Italy. This caused some funny incidents (such as when a very old and reputable charity collecting uneaten meals from hospitals etc to distribute to the poor was barred from defining itself as a "food bank"), but overall the system works as intended.

[@TysonJensen]

Similar in the US. that's why they are a "fintech" and not a bank. "fintech" being a made up word that could mean financial technology or a technology with fins on it or an ech with a fint. No one knows.

[@MatthewBakke]

In order to be a financial “Bank” in the US you also have to be registered federally with depositor insurance. If you’re related to money and call yourself a “bank” without that you’ll be sued by the government.

[@TheGIGACapitalist]

7:30 PEP's are not new and no requirement to debank them. They have additional AML monitoring- and the fact this guy makes it into a victim story shows how trustworthy the 'experts' on Joe Rogans podcast are.

[@ryelor123]

I think Rogan just lets anyone on. The implied deal is that you can't expect everyone to be 100% honest and reliable. That's kind of the tradeoff you make when you interview random people instead of professional experts who can get sued or punished for lying.

[@plodiN3]

He's an idiot who accepts everything his guests say and the guests know that.

[@julius5256]

The „invention“ of PEP are a milestone but Kanye isn’t a PEP. He has no idea what he’s talking about

[@killdamnation]

@@plodiN3he’s a talk show host…. Why on earth would you expect him to know the truth on the areas his guests are in? People aren’t coming to him for news

[@duedman-alleswasknallt5775]

I am lost for words how Rogan leaves his guests totally unchecked all the time.

[@JeroenPeperkamp]

"Kanye West (...), who I believe prefers to be called Ye" I would expect my go-to source for rap news to be on top of something like this, but I guess that's the risk you run with unregulated sources like this.

[@JeredtheShy]

It would seem that Andreessen develops a severe sort of stutter when he lies. I bet he's awful at poker.

[@jesperandersson889]

strutter

[@OMGAnotherday]

Yeah, And some weird breathing through his nose for waaaaaay longer than anyone Ive ever met. 😂

[@Bndghhjii]

If you're wondering where he picked up all of this lying and playing the victim, you should look into his company's ties to the Israeli Occupation Forces.

[@ax14pz107]

If you had a giant egg head, you'd want to destroy modern society too. Have some sympathy why don't you?

[@growlith6969]

"And Elizabeth is a 75 year old woman of....." Thats f'n priceless!

[@zurielsss]

I lol too

[@effingsix3825]

🤔’wrinkledom’

[@obsidianjane4413]

He is an equal opportunity roaster.

[@benkakanfo1577]

Indeed. Very well done.

[@cosmos9688]

I was cracking up laughing. You just know there's an AI video of her singing Colors of the Wind.

[@bobafettjr85]

That photo of Marc Andreessen is exactly why I love this channel.

[@margorana2628]

Always love Patrick's content because you get the sense that he isn't politically motivated in his fact checking. He just wants information to be accurate, and he doesn't pull punches based on the political affiliations of his target.

[@ellisburton8733]

I think that's his gift and superpower.

[@Nickelodeon81]

I'm just here for the rap news.

[@h2o2630]

@@Nickelodeon81came from the rap news stayed for the rest 😂of the

[@CJBroonie]

Patrick at his best again. Thanks for clarifying what others want to deliberately obscure out of their own self-interest, and making it entertaining to boot.

[@molly-kl7pi]

I was one of the unfortunate people who got sucked into Yotta after a certain KZbinr promoted it. I was lucky in that I withdrew all of my money early, a month before withdrawals were stopped. I was also one of those unfortunate people to make a FTX account after a different KZbinr promoted it, but I hadn’t put any money in the account when it collapsed. Needless to say, while I have luckily dodged some financial bullets, I will not be testing said luck on any future fintech opportunities promoted by KZbinrs 😅

[@EllieMaes-Grandad]

I report those YT promotion comments as spam. It amazes me that someone admits to believing them !

[@ryelor123]

That Synap company seems like something that you basically couldn't mess up... then they did. Literally all the company had to do was just maintain a database yet they failed at that.

[@hoilst265]

Bro, bro, listen, bro! They're *disrupting* savings, bro!

[@dietwald]

Someone should have told them about blockchain. The one time blockchain would have been useful.

[@hoilst265]

@@dietwald You know why it would've been useful in this case? Because blockchain is literally just double-entry bookkeeping...IN THE CLOUD! (Imagine "in the cloud" having on of those boomy space reverb effects applied over it when you read it.) Yup. Techbros just "invented" (read: accidentally discovered something they thought was new because they have zero experience of things outside their tiny, sheltered interests) something that a Florentine dude came up with in the 13th century.

[@JanBruunAndersen]

​@@hoilst265 - you missed the part about the blockchain being absurdly hard to change retroactively, something that cannot be said about traditional double-entry databases. And that the blockchain in the cloud is open and accessible for inspection by anyone with a big harddisk and a small computer. Again, something that cannot be said about traditional banking.

[@maxmeier532]

They only failed if that was actually their purpose, if you catch my drift.

[@stephanw.9888]

And there I was thinking FinTechs were fancy saunas.

[@kynoble]

Finns...I get it.

[@michaelsasylum]

Those fintechs feed the dolphins.

[@Shizzmoney74]

at least they'd have actual use

[@marcbritten3681]

That sounds like a better investment

[@solyluna1778]

😂👍!

[@glennac]

Losing track of who’s money is who’s - So, what, the records room burned down? The single computer with all of the records crashed? No backups? Was this all just a rug pull in the guise of banking? 🤦🏻‍♂️

[@funtechu]

@@glennac No one knows at this point. The bankruptcy trustee is having to untangle everything.

[@DangerB0ne]

My bet is on glorified rugpull

[@LukeDixon-xk8lu]

The whole point of banking is that it’s literally a giant ledger. It’s unbelievable that they don’t know who is due what. What a terrible country

[@Monsterpala]

Sbf can learn a thing or two about record keeping from them.

[@wesleybrehm9386]

As I understand it, Yotta deposited the money into Synapse in bulk into one account, rather than individual accounts for each customer. So Synapse just knows that the account for Yotta has $96Mm or whatever, but they don’t have any way to know whose money it is since as far as they’re concerned it’s Yotta’s money. In other words, shady all around.

[@nicholasvinen]

If they were claiming that deposits were FDIC insured when they were not, how did the banking regulators not come down on them immediately like a ton of bricks? That seems very misleading.

[@MarcosElMalo2]

That’s the funny twist in the story. The deposits are FDIC insured. The money is still there, safe, and the bank (or possibly banks) are apparently solvent. The hold up is that the records, i.e., which account is associated with which user, is lost.

[@nisnber5760]

I followed Graham Stephan's advice in 2020, and signed up for a Yotta account. In all I had $10,000 plus at Yotta and I quite enjoyed the experience, getting a low interest plus the gamified experience of winning ~$1-13 dollars every week. I finally debanked myself at the end of 2022 because the interest plus the weekly raffle payouts I was getting kept falling further behind what I could get at a traditional bank.

[@Spinattitude]

This guy is a gift to deadpan comedy.

[@TVTV-b3f]

We have watched every single video you have produced! Thanks for educating people and exposing bs.

[@gmalcolms]

"and Elizabeth Warren is a 75-year-old woman of...well, it doesn't matter"🤣 That's a great tie-in with your add for MyHeritage

[@Kryxtal]

Marc couldn't even provide a reason why the CFPB is bad when asked by Joe. Embarrassing.

[@maxmeier532]

Well, lying and not being able to even do it well is the entry ticket to being a guest on the Rogan hoax show.

[@AzerothProvincial]

Outside of like 2 areas of regulation (mainly mortgage origination and certain areas of advertising associated with debt collection and credit reporting) the CFPB is an extremely weak regulatory entity. It's the bandaid solution to 2008 that the Obama administration was able to put together. ONLY this year did SCOTUS clearly state that its funding structure isn't unconstitutional. If you can't beat CFPB regulations then you don't deserve to beat any regulation.

[@utuberwatchin]

The dry humor hits so hard. Bravo for the coverage of these topics.

[@suhailski]

Folks over at BlueSky have been talking about Andreessen since a few days back and I figured he was just throwing a musk about some nothing burger till I watched this video. Thank you Boyle. You have made me smile with your presentation even though I know a lot of people are probably going through a harrowing experience right now.

[@ellicel]

Eating turkey and watching films about bank runs as American traditions 😂 Oh, Patrick…never change. You make learning fun even when what I’m repeatedly learning is how much it sucks to be a regular person instead of a billionaire.

[@bac0nknight691]

Yeah I mean I cant even go onto the Boe Jogan Experience to lie to millions of people

[@Kryxtal]

Marc is a tool. CFPB saved me from mortgage fraud committed by my loan servicer when they said I didn't make a five figure payment payment when I did. If it wasn't for CFPB to step in, I would've needed to file an expensive lawsuit.

[@sagniknath5537]

was the loan servicer a reputed bank or like one of those banks who work with car dealerships to offer you a high interest car loan?

[@JushakF]

He's a scammer and a crook, of course he hates oversight.

[@cawheeler27]

Good to see Marc Andreessen hasn’t changed at all in decades…

[@roccov1972]

😂

[@TacticusPrime]

Dude has been consistently a complete scumbag for decades. He is the Jason DeRulo of finance.

[@HouseJawn]

Can you explain what you mean by that, I dont understand? I've only learned of who marc is as of fairly recently, so im not sure of his history in the public sphere... Other than Netscape, a16z etc

[@jackjackson7537]

I work in banking and the guy talking about PEPs was so triggering. The guy has no understanding of banking regulation, which is generally something that doesn't bother me (most people don't understand it) but to talk about it authoritatively like that and mislead people about it like that is particularly egregious to me. The designation of PEPs has absolutely nothing to do with political party, nor does the handling of PEPs have anything to do with it. Political party is completely irrelevant to banking regulation, except insofar as who is running the regulatory agencies and whether the agency will be overall stricter or more lenient on certain issues.

[@SusCalvin]

What does the PEP do?

[@c0horst]

He probably knows exactly what he's talking about, he's just spreading disinformation in order to take down regulatory bodies that might inhibit him.

[@MarcosElMalo2]

Marc Andressen understands perfectly well what PEP is. He’s just lying about it.

[@MarcosElMalo2]

@@SusCalvinIt makes you watch the video. 😜

[@thowa1]

Debanking happens when you cannot show your funds are legit. Andressen: "ONLY conservatives are debanked". What does that tell us?

[@BringTheRains]

I used to use yotta. I got out before it changed and I’m glad I did. I feel for the people who were trapped in this.

[@bdegrds]

The you need to get someone to help you with your money if you ever thought yotta or taking financial advice from an influencer was a good idea

[@Phil-pz9ni]

In the Bernie Madoff situation they clawed back money from people that got out before the collapse to give to others that weren't so lucky....You might have a surprise coming

[@LiveType]

Having the interest be based on gambling (key point: you can never "lose") was an interesting twist which I appreciated but once it turned to straight gambling I saw the writing on the wall and dipped.

[@nisnber5760]

​@@Phil-pz9niwith profits. No one's principal was clawed back.

[@nisnber5760]

​@@LiveTypewhat happened at Yotta? I withdraw all my funds at the end of 2022 because the interest +lottery returns Leroy falling behind what I could get at a traditional bank. What did they think up after that?

[@bobqzzi]

Marc Andreessen is now in charge Hang on to your wallets

[@richarddavis2605]

pB is one of the rare gems who played the game, won enough to be independent, and is knowledgeable, witty, and hornery enough to ridicule the players who richly deserve it

[@3_character_minimum]

I revently gave a talk to some Biotech startups. And i focused on the topic of regulations... as nearly every other speaker was crying about regulations. My take is generally, if you want to start a business and can't handle regulations (specially in biotech) then you should not be in this space - just "prototype" your product and licence it to a more capable organisation.

[@mvdp3784]

Thanks! I hope the fail fast fail often crowd stays away from biotech lmao

[@3_character_minimum]

@@mvdp3784 fail fast fail often is still okay for biotech (it isn't a completely medical field). Considering the sums of monies that some areas require to just get to the early product phases (e.g. trials). Failing very early is far better than failing near the middle.

[@philippos5547]

And for Fintechs FCA and other have created regulatory sandboxes. The moment you scale up to thousands of customers, you have to have basic safeguards in place. No way around it. Most of the regulation was introduced because someone committed fraud or theft or some other clever method to scam away people's money.

[@justanotherguy6359]

Regulations have hit an untenable point, there are thousands of rules that no one ever enforced, at that point those aren't rules, they're merely suggestions. More suggestions aren't going to solve anything.

[@3_character_minimum]

@justanotherguy6359 You're an idiot. You have to be specific, which regulations, specifications, enforcement, authorities need to change? Why, and for what reason(s) they need changed? There are regulations that are out of date in terms of what is capable in the science, ehcih I woold like updated. But being so generalised is counterproductive...

[@chadakoin1]

When your banks ATM is a slot machine, red flags should be raised

[@davidmulligan42]

I had a few hundred dollars in Yotta back when it started up, but the more gamified it got, the less I trusted it. I took my money out on 10/6/23.

[@ddhurry4168]

Joe Rogan needs to at least have a slight amount of fact checking

[@glyptodon_ch]

If you removed all the non-fact-checked statements from the Joe Rogan podcast, it would sound more like a performance of Cage’s 4:33

[@laughingman7882]

He's a platform for nonsense. Mostly s*** that you come up with when you're high af

[@ray-mc-l]

No need. You just invert everything he says.

[@Muljinn]

To be fair, it’s more Joe Rogan’s *guests* who need to be fact checked. Rogan mostly asks credulous questions.

[@templarknight7]

@@Muljinn he endorses the lies through his lack of criticism.

[@Fortonor]

The most bizarre thing here is that in US any company is even allowed to operate in financial space with no license or supervision at all. This is primarily the regulators' fault, or rather the America's strange idea of responsibility when in a case like this regulators can be "sidelined". The idea of fintechs and BaaS are well known in regulatory space around the world, and problems like this are prevented by imposing mandatory appropriate regulations on fintechs (like backing the fuck up their data) to cover for visible risks. In most normal jurisdictions no company would ever be allowed to touch consumers' money until they are properly regulated and supervised.

[@markbrandon7756]

One of the most sharp and sophisticated people on earth. No one makes points and counter points more clear and concise.

[@siliconandsteel]

Came here for sick burns, was not disappointed.

[@WorldinRooView]

Got caught up in the Yotta thing, unfortunately. Used it for my emergency fund, when I joined I thought it was a neat idea. There were several times when I should have gotten out, ESPECIALLY when they shifted their model to allow people to actually risk their money on fake tokens, taking the 'free gambling' mechanic and changing it to a 'gambling gambling' one. FTX also failed prior to Synapse, and the same people who promoted Yotta promoted FTX, so that was another flag. I got lazy and thought "eh I saw it said it was FDIC insured" so didn't assess the risk properly. I'm fortunately it's not my life saving in there, but it is quite a punch in the gut.

[@donaldlyons17]

Dude why not go with a regular brick and mortar bank?

[@coltekr]

I've heard this Marc Andreessen guy in another podcast (not Rogan), so I'm glad you're pointing out his bullshit.

[@livingon2wheels]

I met Andreessen many years ago and found him to be about as accurate as Patrick did.

[@nisnber5760]

This has gotta be one of Patrick's very best episodes in a while. Very rarely do I watch a video again after watching it for the first time.

[@minpinwithagun]

Mixing people up can be a problem. I always confuse Patrick Boyle with Dwayne Johnson.

[@dennismorris7573]

You, too?

[@minpinwithagun]

I know Dwayne is smaller' but that doesnt help. ​@dennismorris7573

[@1ForTheShieldz]

It's the bald head, right.. the shine is just the same on both.. they could be twins.. like the movie... Partick is clearly Arnold and dwayne is Danny

[@Joherandez-jz4jn]

I thought he was Mobi.

[@maifantasia3650]

Isn't Patrick Boyle the guy from "The King and I" and "Star Trek: The Next Generation?"

[@triciasearcy1531]

why isn't the Synapse CEO on the hook for fraudulently representing to customers that their money was fdic insured?

[@amicaaranearum]

The banks too, for lending their credibility (and their FDIC “coverage”) to these fintech companies.

[@davianoinglesias5030]

As a scammer I support the Yotta bank guys,, it's time to do away with these pesky regulations that stand in the way of progress😬

[@CharlesBallowe]

The challenge with Yotta, synapse, and FDIC is that the money is still there - it's in one of the partner banks so there's nothing to pay out from that perspective. The problem is that only synapse has records of where each consumer account is stored so...

[@Fred-gu6pk]

Well some of it is and some of it .... isn't

[@krozareq]

Yotta seems very shoddy. Especially with how they pivoted their website after the failure of Synapse to just be a gambling site. But everything I've seen on this issue all points to Synapse being a complete disaster. The heads of that company should be personally sued and not allowed to hide behind an LLC. The average tech bro has the maturity of a high school jock.

[@PeteC62]

That was an impressive amount of BS that Andreesen spewed in such a short speech. He couldn't even produce it from the correct orifice.

[@danielpeters9110]

The Elizabeth Warren Indian decent joke was amazing. Well done

[@bigben57]

Joe Rogan should have Patrick on as a guest.

[@dietwald]

Patrick is wholly unsuited for a JRE appearance. Patrick is thoughtful, clear, informed, and sharp. But I'm repeating myself.

[@martin2289]

One could devise quite a list of proper experts Rogan should have on his show rather than the parade of quacks, charlatans and fraudsters he seems to prefer.

[@maxmeier532]

Patrick is too big for little Joe.

[@Dante-ki4ol]

Hell no. Joe's a traitor.

[@GaryGoals]

Joe Rogan is a fraud, a right wing nut job, and a nob. Plus he’s only 4’6”.

[@Bob_Lennart]

People lying on JRE is becoming a pattern

[@MarcosElMalo2]

He seems to invite mostly guests that are liars.

[@dnomyarnostaw]

@@MarcosElMalo2 Its because they pay HIM, unlike many other interviewers.

[@njpme]

​@@dnomyarnostawno they don't

[@dnomyarnostaw]

@njpme Not everyone, and never in Cash, but he gets kickbacks from Authors and Film producers. You can tell by the obsequious and non invasive interviews he gives to total fraudsters and grifters.

[@pri2x0x]

Are we shocked? Joe's mush brain does not foster much critical thought

[@abookmaker6344]

So sick of these people. Often the nicest people end up getting scammed.

[@walkingstick6655]

By "nicest people", I have to assume you mean stupidest people.

[@chuckmaster]

I liked this video, but I would like to see more about rap music and lambos.

[@lyn7424]

And chicks

[@brendansullivan3408]

I'm sure that's coming. But let's give him some space to create that new humanoid robot. Priorities!!

[@MarcosElMalo2]

Did you even watch the video? He talked about ‘Ye.

[@ettorebugatti6846]

“Money is not lost, the records are missing “ 😁😁😁😁😁 riiight.

[@butwhytharum]

Also known as "you just got robbed"

[@MarcosElMalo2]

@@butwhytharum What’s your definition of robbery? If you misplace something in your home, is that robbery? Perhaps you stashed a $100 bill somewhere and you can’t remember where you put it. Is that robbery? Let’s say that when you stashed the money, you wrote a note to yourself. Now for some reason you can’t find the note. If that is robbery, at which point was the robbery triggered? When you lost the note, when you realized you lost the note, or when you decided you needed to retrieve the money? Or at some other point?

[@butwhytharum]

@@MarcosElMalo2 dont invest money you cant afford to loose.

[@LukeDixon-xk8lu]

Cheque’s in the post

[@cormackeenan8175]

Which set records are you talking about? 😉😜

[@Level30Commoner]

Ohhh, I never heard that Andreesen guy talk before. I always thought that he was some kind of mastermind, but wow, he's got the most embarrassing used car salesman mannerisms I've ever witnessed.

[@AZaqZaqProduction]

I wonder if the issue was just that some engineer at Synapse just accidentally did a DROP TABLE on all their customer records. If so this would have to be the worst case of breaking prod of all time.

[@tiarnaigh]

Good man Patrick. Civilizational collapse is what’s been keeping me up at night likewise. Happy to hear you’re taking this on as a priority so we can all sleep better. 😊

[@MarcosElMalo2]

The key thing here is humanoid robots. Non-humanoid robots won’t stave off civilizational collapse. Quite a few studies have shown that people prefer to be lied to by humanoid robots.

[@ВесельчакУ-ъ9ш]

How dare this woman to complain about her savings if this man is saving the whole civilization from collapse?

[@ZanathKariashi]

yeah, some people are just so selfish.

[@raawesome3851]

I hate how tech and AI are being used to dump so much money into things that don't need to exist.

[@DavidFiorillo-m3o]

As one teetering on the brink of pure sin

[@davidbruce5838]

It's MAGA investors' technique for getting out akin to how IPO's work in the value creation space

[@krozareq]

But it provides so much enjoyable content.

[@krozareq]

@@davidbruce5838 IPOs? Those are for dinosaurs. Real startups use SPACs!

[@boldfangled1336]

This video was great. First one of yours I actually clicked like. I rarely say this in my life, but I feel smarter now

[@yb6449]

Oh god this is priceless. Patrick, I really do think we’re all witnessing an emerging star of mainstream economics content. I literally live for your roastings of the Mark Andreeson’s of this world. Pls never stop

[@BillyL6]

i was always suspicious of these online banks that says their money is partnered and stored with banks with FDIC protection. that's like saying i have my money stored with cousin vinny, hes licensed. that doesnt mean anything, why cant these fintech banks just get FDIC? it's because they're shady

[@MarcosElMalo2]

Maybe they’re shady, maybe they’re not, but the reason fintech banks can’t get FDIC is because they’re not banks, which they all say in the fine print, if at all.

[@TheMrplunk]

Because the FDIC doesn't just go insure anyone. They require them to act kinda responsibly and provide proof they do so... Just like any other insurance, FDIC wants to avoid paying out claims cause they insured some idiot being stupid...

[@meikala2114]

You mean cousin Finny

[@CJBroonie]

These two youts…

[@JanBruunAndersen]

Why would these fintech companies need FDIC? Isn't FDIC only needed if you store people's money - which these companies did not?

[@delprofundo]

Thanks for talking about this and not being afraid of Andreessen, looking forward to some videos about the vague legal threats incoming, im sure hes gonna try and turn DOGE on you.

[@anabltc]

the moral of this video: if a finance institution starts to complain abt too many regulations, go elsewhere

[@buzzard720]

If you make serious decisions based on what "influencers" tell you... you deserve all that comes your way.

[@jefbezoss7638]

A16Z one of the biggest VC’s in the world and their co-founder Marc Andreeson represent the greed and corruption of the VC industry. Thank you Patrick for excellent video.

[@gabrieldomocos7570]

Instructions unclear. I collapsed civilization to prevent ai robot development

[@MarcosElMalo2]

Instructions unclear. Humanoid robot firmly lodged in my butt and the doctors say they can’t remove it without harming the robot.

[@toddp765]

Thank you thank you thank you. I love your no-nonsense economic and finance videos. The JR podcast with Marc A. needed someone to clarify and call bull crap. Keep chugging sir! Much appreciate these vids

[@D.Appeltofft]

Mr Boyle is a spark of sanity, much needed these days.

[@TheRandomDave]

This is one of the best videos I've ever watched on KZbin. 👍

[@pif5023]

Patrick please don’t stop making videos, my mental health depends on them for now. Thank you for keeping me sane. I watched the Andreesen podcast episode not to long ago and I was left so skeptic by what he was saying having worked in a fintech myself. My perception was indeed that they do not want the burden of consumer protection while they sell themselves as being pro consumer. I am still wondering when did crypto became good. I missed that part of history. Andreesen advocated for both transparency and crypto, two things that are at the opposite extremes.

[@user-xg3tp9rw4j]

I am always shocked when I hear about people investing in a bank an influencer promoted.

[@jespado]

”Customers like low prices until it all goes wrong” best comment I heard in a while!!

[@anupam121]

Loved the way Patrick pronounced "Sankaet"'s name. Its a Hindi word that literally translates to 'crisis' or 'danger'.

[@krozareq]

Makes sense. tech bros flex about their high tolerance to risk.

[@samsonsoturian6013]

Is it just me or is everything influencer promoted not worth buying? Even good products like what Patrick might promote aren't worth asking price, whether it's 70 bucks for an aluminum wallet or 16 bucks a month for a VPN we don't really need. And why would I sign up for My Heritage when Ancestry already exist and i know from experience the service is good?

[@manu_val]

They're definitely not first need products. The idea of an influencer recommending something is to show you something you didn't know you want.

[@relwalretep]

Most adverts have always been for things that a vast number of people decide aren't worth buying - that's why not everybody has all the things.

[@xman7695]

The last one isn't necessarily needed. My mom did find a few errors in her research so it was worth the money for our family.

[@planescaped]

The type of companies to promote to people on youtube, tend not to be the best. They're not much better than your weight loss pills, penis enlargement pills and pimple cream fare.

[@samsonsoturian6013]

@planescaped negative selection bias. Like the companies who need VC money since real baks turn them away

[@vidan3018]

the moment I heard it was promoted by Andreseen I knew it was a libertarian scam.

[@janibeg3247]

How hard is it to just use a bank?

[@michaelmoorrees3585]

Yes. Its easy to find out that its FDIC covered. Bet its the same idiots that are floating the whole crypto craze !

[@TacticusPrime]

The scam bank offered ludicrous gambling that real banks legally can't lie about.

[@MooseBme]

It depends on the bank and the person. See also: Banks like "wHell$ Fargone" and people that buy things like "Gift Cards," College Debt for their ego and "FEEELING$" and Crypturd$! That "HAVE and HAD TO HAVE" (new cars, houses, kids, vacations...) and expect help, pitty and praise for it CONSTANTLY! - Decades / generations ago!

[@greyl1]

Yotta was advertised as a bank. The victims thought they were banking. Most people aren't taught any financial literacy, it is not as simple as "just use a bank".

[@anonymous..-]

Boomer talk right there.

[@anonymous..-]

I deposited my money, yotta, yotta, yotta, I’m broke. Sounds like a Kramerica innovation.

[@lethagramlich417]

Love your sense of humor and excellent information thank you

[@Quantum-1157]

When I started watching your video, I had a distinct feeling that an Indian/Indian-origin man would be behind Synapse: a fintech that went under and had no way of reconciling records, and tracking who owns what in terms of account balances, etc. sounded like a pre-mediated, sinister scheme where basic operational aspects collapse and the founders run away unharmed saying its not a crime to be part of a failed start-up! When an Indian-origin person (India having a population of 1.5 billion now and expected to keep growing next 50 years) says there is danger of civilizational collapse due to crashing birth rates globally, you know he is a scammer!

[@dietwald]

So, the one time blockchain would have been useful they didn't use it?

[@8dholland]

This video is gold. It shows me you do your homework. I work at a bank and know those regulations. Absolute baloney that guy on Joe Rogan's show.

[@harryharry9602]

Synapse CEO redeemed all of the gift cards! 😅😅😅

[@stereomaster4231]

Steam and Google Play cards are the preferred payment method of all trustworthy financial companies

[@Indiskret1]

Another great video about an important subject. And your presentation is perfectly understated!

[@bauron1985]

@8:50 That is comedy gold. I don't care what anyone says about Patrick, he is the driest form of humor I have had belly laughs with.