Genuine question, why is this called a "prediction market" and not just a gambling exchange?
As far as I can tell, this is no different from BetFair et al who let punters bet against each other on the outcome of the next football match? (apart from "oooh! blockchain!" and "oooh! decentralised!")
I've read a lot of articles about this over the years and seen lots of lofty words about how this will change X/the world forever, or enable some new economic model Y or whatever, but as far as I can tell its just the same old grotty gambling we've had for thousands of years already except its better because blockchain?
As far as I can tell, this is no different from BetFair et al who let punters bet against each other on the outcome of the next football match? (apart from "oooh! blockchain!" and "oooh! decentralised!")
I've read a lot of articles about this over the years and seen lots of lofty words about how this will change X/the world forever, or enable some new economic model Y or whatever, but as far as I can tell its just the same old grotty gambling we've had for thousands of years already except its better because blockchain?
What have I missed?