Sharing wealth...

Soldato
Joined
8 Sep 2003
Posts
22,921
Location
150 yds from OcUK
Hi guys.

I've been thinking about a way to have the chance to share some wealth. It would involve a number of people joining in. Would be a min of 100 people, but could be up to 500 max.

The idea is for the one person to be picked.... they are each given £10 from every other member. Thus meaning that they get £5,000 (based on it being 500 people) and then 1 week/ 1month later that person then picks a second person, then they all get £10 from the others...
The chance of winning the prize is not bad, but the problem is... ensuring the early winners don't dissapear after they have won their donation.

It is a concept which I find interesting, and a fun way to possibly make some cash, it is kind of like a lottery draw, but without the crazy low odds. The odds are 500/1 granted it is not great, but eventually everybody wins. I suppose the 500 people is maybe too much.
100 people seems more feasable.

However the trust and loyality would be the major issue here, that once people win they don't bale out.

I know it would never happen; but would be fun if you could find a way to harness is securely and safely I suppose.

The way I see it is... it's a chance of winning some cash early on, long term you actually wouldn't make any profit, but the perception of £10 a week, and the early winners will feel quids in!
 
Soldato
Joined
17 Jun 2012
Posts
11,259
Or we could just have a community whip round, anybody really stuck gets £10 from 100 members without the lottery part. Anyway, money is the root of all evil and all that.
 
Caporegime
Joined
28 Jun 2005
Posts
48,104
Location
On the hoods
Didn't the Egyptians invent this?

It's not a pyramid scheme. More like over time everyone gets £5,000 at some point but over time they end up giving £5,000, so my concern is it's a bit zero sum.

Or we could just have a community whip round, anybody really stuck gets £10 from 100 members without the lottery part. Anyway, money is the root of all evil and all that.

The love of money is the root of all kinds of evil.

Totally different statement.
 
Soldato
Joined
17 Jun 2012
Posts
11,259
It's not a pyramid scheme. More like over time everyone gets £5,000 at some point but over time they end up giving £5,000, so my concern is it's a bit zero sum.



The love of money is the root of all kinds of evil.

Totally different statement.

Depends on what Bible version, not the King James version, another debate for more qualified people, look on YT.
 
Soldato
Joined
8 Nov 2006
Posts
22,979
Location
London
I don't get the point?

Why doesn't everyone just save £10 every week?

If someone wants £5k now, then we could invent banks where people put their money who then lends the money out. The saving/borrowing rate we could call interest.

We could invent a legal system that ensures people that borrow £5k now still have to pay a regular payment until that debt is paid.
 
Caporegime
Joined
29 Jan 2008
Posts
58,912
to counter the previous comments this isn't a pyramid scheme or Ponzi scheme - people do seem to throw in those terms presumably without understanding what they mean in place of simply saying 'scam'

I wouldn't call it a scam either it not far off being a lottery without any profit for the organiser - there is 0ev to participating in this... 'in the long run' everyone is expected to get their stake back and end up flat, though given that we live finite lives and a scheme like this probably won't last too long then a few people will win and most people will lose

anyway I think you'd may get in trouble for running something like this without a license
 
Soldato
Joined
8 Nov 2006
Posts
22,979
Location
London
I think my system is better as people can get £5k now or later, depending on their needs.

Sound like it might catch on?
 
Caporegime
Joined
29 Jan 2008
Posts
58,912
premium bonds are at least slightly +ev

this scheme you're simply getting back what you put in in the first place albeit missing out on interest and taking on some dubious credit risk in trusting the other 100 people to carry on with the pointless exercise in the first place
 
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