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smoofra comments on Arbitrage of prediction markets - Less Wrong
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what!? Why not?
Suppose the situation were that taw could make bets on the terms he wishes for - but only if he can convince 5 out of 9 rich people. How is this a market, and not some sort of bizarre committee or bureaucracy?
If I think I know a more efficient way to make a widget, I still need to convince somebody to put up the capital for my new widget factory.