BitShares Forum
Main => General Discussion => Topic started by: dichalcog3nid3 on December 11, 2015, 05:04:29 pm
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to follow and expand on today's philosophical discussion from the town hall mumble.
is it accurate to say that futarchy (https://en.wikipedia.org/wiki/Futarchy) is the type of government adopted by BTS? will we be using the wisdom of prediction markets for sorting out our internal affairs?
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I don't understand this. Through vote, aren't we already doing some kind of prediction market? People vote with the hope of choosing the best option for themselves. That already happens nowadays. I don't understand why is it called Futarchy and mentions prediction market, making it seem like it's something different when to me, it seems it's already what's done in a democracy for example.
Or is the difference that actual money is involved? That way the top 1% could manipulate everything-
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There is the model where you can create a prediciton market (MPA) for a certain set of comittee memebers and and another prediction market (MPA) for another set of comittee members. What is predicted is the BTS price for both cases, on a specific date and time. Only the market (if any) gets settled that actually is realized (meaning respective set of comitee members have been in charge). Another condition could be made that the respective set of comitee members has to have been in charge at least x days from when the markets are created till the settlement date.
I have these weird thoughts from https://www.youtube.com/watch?v=mUUk0jSndoc Maybe I got it wrong?