Can Bitcoin Help Predict the Future?

Can Bitcoin Help Predict the Future?

Fancy taking a bet on bitcoin? Prediction markets are offering people the chance to wager on the virtual currency's fortunes, among other things - and you can even use your bitcoins to do it. Prediction markets rely on the wisdom of the crowd, the theory being that people can predict things better when in groups. Although this doesn't work in some cases (just ask all those who bought real estate during the bubble), proponents say that it has merit, nonetheless. How prediction markets work. In a typical prediction market, users make a bet, in some form or another. On Fairlay, for example, a....


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What can bitcoin learn from the failure of 'global' language Esperanto?

It's said that making economic policy is like trying to steer a car looking only in the rear-view mirror. Unsurprisingly, this can lead to some pretty spectacular crashes. It's this trickiness of trying to predict the future relying on not-strictly-comparable historical precedents that makes economic forecasting such an inexact science. But if it's difficult to predict how the market's going to behave with stacks of historical data to help, how much harder is it when there's no precedent at all? That's the situation that faced investors during the dotcom boom in the late nineties and is....

Tim Draper’s 2018 Bitcoin Price Prediction Still Unlikely Two Years Later

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Bitcoin: When There's No Way to Predict What Will Happen Next

Bitcoin is currently hovering at around $220. Recently, the question was asked whether or not a recent drop to $215 was the lowest we'll see. Many of us would certainly like to believe so, but if there is anything that bitcoin has taught us, it's that we can never be too sure, and more than anything we should never get too comfortable as it's nearly impossible to predict specifically what's going to happen next. The massive price drops over the last several weeks have continued to affect a great number of enthusiasts, and right when we all thought that things couldn't get any worse, they....

Quotes

Bitcoin may be the TCP/IP of money.

Paul Buchheit, Creator of Google’s Gmail Service