this post was submitted on 23 Nov 2024
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KEY POINTS

  • Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
  • Customers believed the accounts were backed by the full faith and credit of the U.S. government.
  • CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
  • While there’s not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits.
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[–] [email protected] 2 points 1 month ago (1 children)

Isn't $10k like one months mortgage on a house in the bay area? And just swing by vegas... plenty of people spending that kind of money. It may seem like a different kind of life, but often it is just a different location. They often live a lot like the rest of us... thier emergency fund might last 2 months instead of one, but they are still pretty close to broke if they lose thier job. When someone starts dropping $100k... that is a different life.

[–] [email protected] 5 points 1 month ago (2 children)

Damn I guess I’m broke then. Thought I was doing alright.

[–] [email protected] 2 points 1 month ago (1 children)

Yeah, the number of people who area few missed paychecks or less away from being broke according to articles I have read is alarmingly high. Even tons of people earning 6 figures. Housing and food are such a high percentage of peoples expenses these days.

[–] [email protected] 2 points 1 month ago (1 children)

6 figures is getting by these days

[–] [email protected] 2 points 1 month ago

Yeah, like in new york city you can't afford a house on a low six figure income. But in mississippi you can buy a masion. The discrepancy is insane. I guess I am lucky because I don't like big cities and can work remote.

[–] [email protected] 1 points 3 weeks ago (1 children)

Here is someone living that different life than the rest of us... https://news.slashdot.org/story/24/11/29/1323218/crypto-entrepreneur-eats-6-million-banana-on-stage 6 mil... just instructions. Didn't even come with the banana apparently. And it wasn't for charity either.

[–] [email protected] 2 points 3 weeks ago (1 children)

I remember this. Stupid haha. Makes me think about the pharma bro who bought the Wu Tang record

[–] [email protected] 1 points 3 weeks ago (1 children)

Yeah, both were really spending other people's money that they got through fraud and such.

[–] [email protected] 2 points 3 weeks ago (1 children)

Some people say there is no way to be an ethical billionaire

[–] [email protected] 1 points 3 weeks ago

I think it's fair to say if there is a way, it's a corner case. Like maybe one of Elon's many kids turns out okay and ends up inheriting a few billion.
Unlike the saturday morning cartoons from when I grew up... evil pays.