Affiliates flock to scam gambling machine

Mandatory reminder that YC itself has funded and is promoting (https://www.ycombinator.com/companies/yotta) a company that not only lost people's "savings" (despite misleading promises of FDIC insurance - which didn't actually cover their predictable failure mode: https://www.cnbc.com/2024/06/21/synapse-collapse-nearly-109m...) but is now operating an outright gambling scheme that is typically seen in unregulated Eastern-European casinos: https://members.withyotta.com/moonshot/.

> despite misleading promises of FDIC insurance

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.