Can you think of an aspect of having a prediction market that REQUIRES there to be a single central website?
How would you deal with Validating and especially Resolving Questions?
One way to deal with Validating Questions would be to automatically allow questions that match an approved list of formats. To add to or amend the list of formats you'd circulate a proposed definition and allow other proposals to be added, then let people meeting some criteria (eg users with more than X bitcoins in escrow on currently outstanding bets) to vote the different definitions up or down over a 7 day period.
So, for example, one format might be: {DOW_JONES} on {FUTURE_DAY} will match {PRICE_RANGE}
Where, for example, {DOW_JONES} for a particular...
Intrade, the prediction market website, has shutdown. According to their website:
With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.
These circumstances require immediate further investigation, and may include financial irregularities which in accordance with Irish law oblige the directors to take the following actions:
During the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.
Here's a link to an article on the slashdot website with more information about it:
http://slashdot.org/topic/bi/intrade-shuts-down-under-murky-circumstances/
Has anyone looked into the feasibility of creating an open source version of something similar, using a distributed application and a microcurrency (such as bitcoin), that couldn't be shutdown?