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10 sats \ 3 replies \ @k00b 11 May 2023 \ on: NIP-99: Prediction markets (Draft) nostr
Can you ELI5 it for us?
Maybe @tldr can, haha
However, if you have 13 minutes, you can watch this video, it's really good: https://www.youtube.com/watch?v=xA27x7GRMZQ
Essentially, I want to see something like Augur (which is built on Ethereum) on nostr with lightning.
Then we can use the "wisdom of the crowd" to see what the free market thinks about upcoming events. Will Twitter go bankrupt in 2023? Will the Ukraine war end 2023? Does my professor know about LNURL-auth?
You can ask the market basically anything which has a definite outcome at some point in the future and people will put money to win while you get insights what people really think. At least in theory.
The video also mentions some drawbacks of prediction markets
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what do you use as an oracle?
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With oracle you mean who decides on the outcome of the event?
In that case, none. It's based on trust. I haven't found a way to make it trustless (yet?)
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