BitShares Forum
Main => General Discussion => Topic started by: bitacer on November 23, 2015, 09:37:36 am
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Hi Everyone , I need some help for a little project of mine. You see in my country there is a very common investment scheme used by lots of ordinary people, I mean a lot. Small circle of people who know and trust each other get together and every predetermined period they pay a member a sum money,gold or something of value. The number of members in the circle is restricted by the natural necessity to know every each member so the scheme can work . Using multi-signature permissions and authorities can we make this scheme work in a way that the scheme is not restricted by the numbers of people? Any ideas will be appreciated. I believe this simple implementation will attract many ordinary users.thanks
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Using multi-signature permissions and authorities can we make this scheme work in a way that the scheme is not restricted by the numbers of people?
I don't understand this.. How the scheme is restricted by the NUMBERS of people now?
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Using multi-signature permissions and authorities can we make this scheme work in a way that the scheme is not restricted by the numbers of people?
I don't understand this.. How the scheme is restricted by the NUMBERS of people now?
Lets say the pay period is once a month , every month one member gets paid by the rest and waits his turn until cycle is completed. In practice earlier member who gets paid the sum does not leave the scheme until the cycle is completed, because of social pressure or could be legal contract , usually they all know and trust each other so the dont put it on paper, I am wondering if use blockchain to remove the need for trust and all participants understand this fact we can increase the number of participants or more important than that we can get strangers to join this scheme. I am not sure if get the idea across.
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I guess the number of participants is limited to the agreed the length of pay cycle, but even if the number is only 12 , can we provide a platform where many more groups can be formed by total strangers
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Looks like some kind of smart contract.
1. everyone other pays the one for what? if it's paid because that the one provided some kind of service to others, others may want that money(after subtracted costs which the one already paid for providing the service) goes into an "public" account with multi-signature permissions and authorities, and release it after the cycle completed. In this case it's fair for everyone to get his/her money at the end of every cycle. However, the latter ones in the cycle will get some benefit because they will get their money sooner than the earlier ones.
2. in above practice, the cycle is maintained manually by the people involved. Maybe it is possible to make it automatically?
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My bad, its done for saving purposes. Probably evolved as a cultural tradition but its pretty common. I dont know why it works but it does, maybe they see it more effective than a savings account just because a member wont be leaving until a cycle is fully completed. Maybe its a social phenomenon, but what ever the reason is its very common.
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My bad, its done for saving purposes. Probably evolved as a cultural tradition but its pretty common. I dont know why it works but it does, maybe they see it more effective than a savings account just because a member wont be leaving until a cycle is fully completed. Maybe its a social phenomenon, but what ever the reason is its very common.
It makes sense. Distributed risk. If one person gets robbed each person only loses 1/Circle_Size of their savings.
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Lets say 5 close friends decide to implement this scheme for 10 dollars for every 7 days. That would mean:
1. week - member A is paid $40 by the rest of the group (B-$10, C-$10, D-$10, E-$10)
2. week- member B is paid $40 by A,C,D,E
3. week- member C is paid $40 by A,B,D,E
4. week- member D is paid $40 by A,B,C,E
5. week- member E is paid $40 by A,B,C,D
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Lets say 5 close friends decide to implement this scheme for 10 dollars for every 7 days. That would mean:
1. week - member A is paid $40 by the rest of the group (B-$10, C-$10, D-$10, E-$10)
2. week- member B is paid $40 by A,C,D,E
3. week- member C is paid $40 by A,B,D,E
4. week- member D is paid $40 by A,B,C,E
5. week- member E is paid $40 by A,B,C,D
Good example.
So, what do you want to do as a project? Automatic-money-transfer? Lock some money from everyone's wallet and release it to others' wallet periodically? Or everyone deposit some money to the "system" in advance and the "system" periodically return them some money?
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Small circle of people who know and trust each other
That's your problem with scaling / bringing this idea into cryptocurrencies.
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Lets say 5 close friends decide to implement this scheme for 10 dollars for every 7 days. That would mean:
1. week - member A is paid $40 by the rest of the group (B-$10, C-$10, D-$10, E-$10)
2. week- member B is paid $40 by A,C,D,E
3. week- member C is paid $40 by A,B,D,E
4. week- member D is paid $40 by A,B,C,E
5. week- member E is paid $40 by A,B,C,D
Good example.
So, what do you want to do as a project? Automatic-money-transfer? Lock some money from everyone's wallet and release it to others' wallet periodically? Or everyone deposit some money to the "system" in advance and the "system" periodically return them some money?
So the idea is to form such a circle with strangers, but how do we make a member stick around till the end. Some sort of locking funds will be necessary, I guess a participant will be required to make a deposit but what amount and will that be acceptable by participants I do not know. Because the purpose is to save. What kind of incentive mechanism can be offered ? Every week (e.g.) a member will receive a lump sum . This will be equivalent to a regular savings account, correct me if I am wrong but real life bank should work something like this ? (not a fractional reserve one !) In this case no parties pay interest and the bitshares (as a bank that provides this service) earns fees. I am just brainstorming ...
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Lets say 5 close friends decide to implement this scheme for 10 dollars for every 7 days. That would mean:
1. week - member A is paid $40 by the rest of the group (B-$10, C-$10, D-$10, E-$10)
2. week- member B is paid $40 by A,C,D,E
3. week- member C is paid $40 by A,B,D,E
4. week- member D is paid $40 by A,B,C,E
5. week- member E is paid $40 by A,B,C,D
Looks to me like a nice social credit scheme. Your friends sponsor you for getting drunk in a pub every 5th week, you pay your debt during weeks 1-4.
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:)