Originally posted by VectraMan
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Reply to: This is a really good idea
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Previously on "This is a really good idea"
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Originally posted by SpontaneousOrder View PostDumb scheme. Viable businesses don't need charity. Charity, in this context, is much more likely to misallocate scarce resources which would be better allocated somewhere else.
Amazon, eBay, google, apple all needed "charity" as you put it at some point.
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Dumb scheme. Viable businesses don't need charity. Charity, in this context, is much more likely to misallocate scarce resources which would be better allocated somewhere else.
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Originally posted by VectraMan View PostYou'd really invest if the chances of getting any money back was 5000:1? You wouldn't have money to invest for long.
These people also enjoy the benefits of living in a healthier local economy with lower unemployment. I'd say that's a sensible investment myself.Last edited by doodab; 25 November 2013, 12:28.
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Originally posted by doodab View PostThere is a pay off the same as any other investment. Lots of investors put money into companies based on lottery like odds of seeing a return
and lots of people (friends, family, founders) lend to startups interest free, or even give people money to start a business.
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Originally posted by VectraMan View PostSo why make it a lottery? Why not just encourage people to invest: you put in a pound, and if the company doesn't default on the loan, you get your pound back.
Originally posted by VectraMan View PostYes, because as above, people are suckered into doing it because they think they have a chance of winning the jackpot. No investor would put money into a company based on lottery like odds of seeing a return, and no investor would lend to a company on an interest free basis. This only works because the poor and stupid are making up the shortfall.
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Originally posted by eek View PostNope. I do about three such lotteries every week. all were sold to me as fund raising with a charitable elements rather than a chance to win a large sum of money.
Is it any more "gambling" than investing directly in the same businesses?
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Originally posted by VectraMan View PostExcept at it's heart it's gambling; it's still exploiting the weak and stupid as a way of raising money. The money might go towards good things, but then is propping up businesses and jobs that much more deserving than the "good causes" the national lottery raises money for?
Is it "propping up businesses" any more than bank lending to the same businesses?
I think the fact the money is loaned rather than granted makes it significantly different than the lottery.
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Originally posted by VectraMan View PostExcept at it's heart it's gambling; it's still exploiting the weak and stupid as a way of raising money. The money might go towards good things, but then is propping up businesses and jobs that much more deserving than the "good causes" the national lottery raises money for?
The great thing is that once the initial sign ups are organised the standing order will just continually collect the small weekly / monthly sums....
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Originally posted by doodab View PostIt's a community investing in itself rather than looking to others or wasting resources funding futile strikes. Really innovative idea IMO. I'm surprised it's been going 20 years and hasn't been emulated all over the country.
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It's a community investing in itself rather than looking to others or wasting resources funding futile strikes. Really innovative idea IMO. I'm surprised it's been going 20 years and hasn't been emulated all over the country.
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Originally posted by bless 'em all View PostWhat about the banks? They don't appear to be getting anything out of this? That'll have to change.
Love,
Dave C
Its Big Society isn't it.
I like it and its sounds like a really good initiative, anything that creates private sector jobs is normally good.
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