Like many semi-decent ideas, it was never actually implemented.
I like your conceptualization better, and I also think compared to 6 or so years ago, EA now has both more money and more operational capacity, so I feel pretty good at partially or mostly refunding the earlier donors, particularly the ones who have fallen on hard times.
I wrote a prior version of this idea when I first got interested in EA: https://forum.effectivealtruism.org/posts/5jBa7chCZudMHWe39/donation-insurance
Like many semi-decent ideas, it was never actually implemented.
I like your conceptualization better, and I also think compared to 6 or so years ago, EA now has both more money and more operational capacity, so I feel pretty good at partially or mostly refunding the earlier donors, particularly the ones who have fallen on hard times.