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Americans see their savings vanish in Synapse fintech crisis

14 pointsby twiddling6 months ago

2 comments

techfeathers6 months ago
I have a feeling you&#x27;re going to see a lot of this in the next ten years with fintech cozying up to big Gov. And it&#x27;s a weird dynamic to me. Stuff like this is why you have tight regulations.<p>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 &quot;I&#x27;m going to go with this new-fangled tech startup with high interest rates&quot; 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&#x27;s one thing when someone on wallstreetbets loses their life savings. It&#x27;s another thing when someone thinks their money is in a savings account.<p>But like, I&#x27;m at Yotta&#x27;s website and the hero text is &quot;Play games, win big&quot;. Not exactly a safe money vibe.
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xenospn6 months ago
No, I’m worried because I use Chime.