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No. This is how building societies work. You may not have £100,000 but if you get 1000 people with £100 then you can buy a house. Obviously the birthday syste
by benj111 1mo ago
No. This is how building societies work.
You may not have £100,000 but if you get 1000 people with £100 then you can buy a house.
Obviously the birthday system doesnt address the interest, but I'm sure your friends would be ok paying interest right?
- iwontberude 1mo ago[dead]
- rcktmrtn 1mo agoYes, but I think the missing ingredient is that building societies "bid" to decide who gets to go first. Whoever is willing to take the smallest loan/pay back fastest gets preference. Reinventing building societies seems very cool to me -- it's a little more nuanced than the birthday thing, but it's a system that can work with assets that generate value.