TL:DR but watched a few videos, but is the idea that you're only dealing with people who are trustworthy and verified, or have significant collateral, and that's the 'guarantee' that they'll return the funds to the pot at the end?
Is the foregone portion of the pot the 'interest' that is split? or is that interest on the rosca?
very very cool idea but also very very dense for the uninitiated!
hmm ok digesting a bit more and I understand the TLC better...so in the one video, both deposit 5 ether, and the one account bids 9/10.
the 1 eth gets divided amongst the participants (in this case 2) and the lowest bidder withdraws the ether.
so when the winning bidder repays, do they refill the pot? and do they repay the foregone portion of the pot as well? and then that 1 (in this case) gets split again?
Is that the incentive to wait your turn etc, because a low bid means high interest?
Do you set participation limits like number of times?
