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(US) Introducing Comingle: An opt-in UBI (Universal Basic Income) to provide a stable weekly income based upon users contributing 7% of their income (comingle.us)

submitted 1 year ago* (last edited 1 year ago) by centof@lemm.ee to c/personalfinance@lemmy.ml

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Comingle is an interesting idea that would act as a pseudo emergency fund to provide a stable week to week income for their users. It could act to stabilize your income if you have an irregular income or as an backup plan or insurance for when you lose a job or income source. It works by distributing the average of all their members contributions weekly to each user. Once the service starts, the end result will be a net gain for those with low income and a payment to provide a guaranteed monthly income for higher earners.

For those with low income, any amount of extra money can aid in the pursuit of opportunity and keep things from turning desperate.
For freelancers and gig-workers, reliable weekly income can ease the complications of sporadic cash-flow.
For those with more income, Comingle lets you help others, sends you a little extra cash on slow weeks, and provides a safety-net if things take a turn for the worse.

Disclaimer: I am not affiliated with them. I just got this in an email newsletter and was intrigued.

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[–] BlinkerFluid@lemmy.one 3 points 1 year ago* (last edited 1 year ago) (1 children)

It's been done in the crypto space over defi before, and in some regards, you could consider this a fiat version of PoolTogether, but everyone wins.

The thing with Defi liquidity pools vs this is, you know what a place like PoolTogether or Curve is doing to generate revenue, by offering your liquidity for fees and generating a profit from transactions.

You sell, I dunno, MATIC for ETH, someone has to supply the ETH, someone being the pool members, and they collect the fees for the transaction. It's just how defi works.

Banks work similarly, with firms using deposited money in the stock market, generating revenue for the bank.

You know what they're doing. You deposit for the security and insurance a bank provides. For crypto, the yield and gains the pools provide.

For this... ?

Unless they're more open, unless they're really a charity and this isn't a front, I have my doubts on the longevity of this project. Someone will always want theirs, and if it isn't at the beginning, it will just corrupt later.

[–] centof@lemm.ee 0 points 1 year ago (1 children)

It is very simple what they claim to do with your money: Average out the contributions and pay it back to its members. I would agree that when implemented you would need some transparency to show that the company isn't taking more the agreed upon amount. As far as their ownership they claim to be organizing to prevent exploitative capital.

From the about page.

A New Kind of Company for a New Kind of Economy As we solidify our corporate structure, we'll be adopting a steward-ownership model in which profits serve the mission of the company and protect it from extractive-capital. With legal safeguards built into the company's DNA, investors are fairly compensated with capped returns while decisions remain in the hands of a core, purpose-driven team along with all Comingle members.

[–] BlinkerFluid@lemmy.one 1 points 1 year ago

Well yeah, it's extremely probable what they claim. It's right there. I'm not discussing claims, I'm discussing the reality. They will need to prove themselves regardless of claims.