Sztorc: Digital Cash and Prediction Markets Share Similar Histories
Bloq Economist and Bitcoin Hivemind creator Paul Sztorc has been fascinated with prediction markets for many years, and he views these mechanisms for the creation of “event derivatives” as an essential public good. Although Sztorc had been a supporter of centralized prediction market InTradein the past, he now sees the need for a blockchain-based....
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Prediction markets sound crazy. People “bet” on what the future will be, and the reported results end up accurate predicting the future. Truthcoin's Paul Sztorc, a decentralized prediction market pioneer, recently joined Epicenter Bitcoin to chat about how the future might look if these markets get off the ground. But first, he explained how prediction markets, such as Truthcoin, work. As Sztorc put it, “a prediction market is a market for buying and selling predictions just like you can buy and sell anything you want—orange juice or milk.” Users put their money where their mouth is; they....
Projects that re-invent the Bitcoin blockchain are “like adding a fifth wheel to a car” and “disrespectful to Satoshi Nakamoto,” says Hivemind and Drivechain founder Paul Sztorc. ‘Giant Graveyard of Projects’. The creator of the two Bitcoin sidechain projects made the remarks about non-Bitcoin blockchains in an interview with Tuur Demeester of Adamant....
Most people in the Bitcoin community know Paul Sztorc for his work on the Truthcoin concept (now backed by Roger Ver and currently in development as Bitcoin Hivemind), but the former Yale statistician also recently joined blockchain startup Bloq (of which Bitcoin Core contributor Jeff Garzik is a co-founder) under the role of economist. In a recent message to the Bitcoin development mailing list, Sztorc attempted to jump-start the conversation on a potential BIP (Bitcoin Improvement Proposal) to enable two-way pegged sidechains on the Bitcoin network. Sztorc noted the inclusion of a new....
Some people say money is the root of all evil. Others say its a necessary evil. Most can agree that it's an important human innovation. But it hasn't been widely acknowledged that the human desire for money can actually be used to peer into the future. A Prediction Market (PM) is a place where people can bet on the outcome of an event. If they guess correctly, they win money. If they guess incorrectly, they lose money. People care about their money, so the market price of an event gives us a good answer to the question "Will this outcome happen or not?" It's not magic. It's the economics....
Bitcoin.com chatted with the Chief Scientist of prediction market protocol Hivemind. Paul Sztorc, who also works with the blockchain firm Bloq, gives our readers an update on Hivemind, his work on peer-to-peer sidechains, Blockstream’s Liquid, Segregated Witness and more. ‘Sidechains Will Allow People to Work on What They Want’. Bitcoin.com (BC): What’s....