#predictionmarkets

“the whole world, unfortunately, has become somewhat of a casino” says the man who ran multiple casinos, whose company plans to launch a prediction market, and who nominated a CFTC chair who celebrates prediction markets as part of a “golden age” for finance #PredictionMarkets

Prediction markets function as financial redistribution machines. A small cohort of traders capture most of the gains, while everyone else supplies the cash and the notion that this is collective intelligence. “The top 1 per cent of users capture about 84 per cent of all gains, while the top 0.1 per cent capture nearly 60 per cent. In effect, most participants lose money to a small group of sophisticated traders…” https://www.theglobeandmail.com/investing/personal-finance/article-the-investors-profiting-from-prediction-markets-the-top-1-of-course/ #finance #markets #futures #predictionMarkets