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Lumifer comments on Open Thread, May 5 - 11, 2014 - Less Wrong
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Markets work because there are strong incentives to be right and it's quite painful to be wrong. This means that you must put at risk valuable things, usually money.
If you want the prediction markets to operate using "Bayes points", these points must be valuable and their supply must be limited. In other words, they must be like money. That's... going to be a problem.