In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Augur is designed to be the most ambitious blockchain predictions market yet. It intends to collect data from Political Forecasts, Event Hedging, Weather Prediction, and Company Forecasting.
Anybody can go into Augur’s Ethereum blockchain platform and create a prediction market. That’s where the weird markets about Betty White’s murder came from. A person can take odds on any event.
Sports betting can be big business in the United States; The New York Times estimated the value of illegal sport wagers in the USA at $150 billion a year. The potential market for such betting is huge; there were 57.4 million fantasy-sports players in North America in 2016, according to an Ipsos Public Affairs poll commissioned by the Fantasy Sports Trade Association.
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The thinking behind a prediction market is that the wisdom of the crowd can determine the outcome. and collecting bets is the best means of learning what the wisdom of the crowd.
The belief is that markets are the more efficient mechanism for gauging human opinion, and that taking bets is the best way to get honest results from a survey.
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The foundation’s goal is to create a global ecosystem of Smart Tokens that will allow everybody on Earth to have access to money with liquidity. Liquidity crises such as inflation are the cause of many of the world’s economic problems.
Effects of this might be the collapse of political systems, or economic chaos. One obvious development will be that many countries would no longer have a national currency. Instead, each citizen would use whatever money best served his or her needs.
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