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Another aspect is dynamics. Perhaps when the market is created, there is no relevant insider info so all the trading is based on common knowledge. Once an insider enters, it's almost as if the market is "resolving", in one direction or another, just not with perfect certainty yet.
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That's the goal, isn't it?
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Is there a particular direction that the overconfident ought to be wrong in?
If so, that would be something to trade on. If not, it's not a problem, right?
Maybe all the overconfident are offering is incentive for insiders to participate.