189 sats \ 1 reply \ @KenyaCoin 29 Sep 2022 \ on: supertestnet/bitcoin-lottery-contract: A bitcoin lottery script with no escrow bitcoin
Hey, they've created a "Bitcoin susu"!
A "susu", or an informal financial scheme categorized as a "rotating savings and credit association" (ROSCA). Local implementations will go by different names, depending on the language and region where the associations operate. In general, think of a "Merry-go-round" (which is the name used in some places).
Susu (informal loan club)
https://en.wikipedia.org/wiki/Susu_(informal_loan_club)
Chama (investment) - Merry Go Round (ROSCA)
https://en.wikipedia.org/wiki/Chama_(investment)#Merry_Go_Round_(ROSCA)
The susu is kind of like a way of purchasing on lay-away:
How To Buy A Goat When You're Really Poor? Join A 'Merry-Go-Round'
https://www.npr.org/sections/goatsandsoda/2017/08/19/542436391/how-to-buy-a-goat-when-you-re-ultra-poor-join-a-merry-go-round
Here's a Tweet in a Twitter thread describing another instance of a merry-go-round:
They make contributions on Thursday, 100 into a pot. This group is a merry go round group of about 6 - 10 people. Their regular contribution goes into a pot that is aggregated weekly and one lucky member gets to walk away with the pot every week./20
Each member has a go until everyone has their turn at the pot of funds, hence the aptly named merry go round.1000 is handed every week to one person /21
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