Prediction Markets + Market Predictions = Collective Forecasting That Pays Off

Rushkoff on Crowd Sourcing

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Douglas Rushkoff answering this year’s Edge question:

The Internet. I thought that it would change people. I thought it would allow us to build a new world through which we could model new behaviors, values, and relationships. … For now, at least, it’s turned out to be different. … The open source ethos has been reinterpreted through the lens of corporatism as “crowd sourcing” – meaning just another way to get people to do work for no compensation.

Unfortunately, that’s close to the truth for most play-money prediction market business plans.

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