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V_V comments on Futarchy and Unfriendly AI - Less Wrong Discussion
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I'm not a big fan of decision making by conditional prediction markets (btw, "futarchy" is an obscure, non-descriptive name. Better call it something like "prophetocracy"), but I think that proponents like Robin Hanson propose that the value system is not set once and for all but regularly updated by a democratically elected government. This should avoid the failure mode you are talking about.
"Futarchy" is the standard term for this governmental system. Perhaps Hanson should have chosen a different name, but that's the name its been going under for about a decade and I don't think "prophetocracy" would be an improvement.
It's not a very well know word, anyway. Would the cost of changing it outweigh the benefit of a relatively self-descriptive word?