What the Tech? Reddit users winning money through 'millionairemakers' contest
The idea is basic math. If a million people all give you one dollar, you'd be a millionaire. Someone took that idea to, where else, the internet and social media.
There’s a sub called “r/millionairemakers” on Reddit, the most active social media network you may not know about.
Once the post was made four years ago, it went viral and other Reddit users hopped on board. Every month someone is chosen as a winner, and everyone gives them a dollar.
Here's how it works:
Around the start of each month, moderators begin a contest thread. Anyone wanting to play has 24 hours to leave a comment. Each person can enter only once.
After 24 hours moderators randomly choose a winner from everyone who leaves a comment. Everyone who entered is encouraged to donate a dollar to the winner paying through Paypal, Google Pay or bitcoin. No money goes through Reddit or anyone with the contest. Every dollar goes directly into the winner's paypal or bitcoin account.
It's above board and not considered to be a lottery since no one has to buy a ticket or pay an entry fee.
There have been 40 drawings since it started four years ago, but still no millionaire has been made and to this point, nowhere close to a million people have entered a monthly contest. The most recent contest drew 5044 comments and the winner received over $2,000. The biggest winner got over $11,000 in the second installment of the contest 4 years ago.
Not everyone who plays holds up their end of the contest. Many never pay their dollar. But some Reddit users pay more than their share after reading a post from the winner and how they plan to use the money.
Winner #37 wrote, "Seventy-five percent of the money is going towards my student loan debt. The other 25% will be donated to the American Cancer Society and to Feeding America."
If you would like to enter the contest yourself, click here to enter the contest on Reddit.