In the cryptocurrency ecosystem, the concept of prediction markets is a topical subject. There are a few projects in the works hoping to build decentralized prediction markets such as Augur and Hivemind. One particular project, although not fully ‘trustless’ at the moment, Fairlay, has been moving a staggering amount of volume over the past few months with over 100 to 150 BTC per day at times.
Aggregating the Wisdom of the MajorityThis week news.Bitcoin.com spoke with the Fairlay CEO Gabriel Oliveira about the bitcoin prediction market and exchange he operates. The marketplace got its origin around three years ago. Oliveira tells us that Fairlay is basically a cryptocurrency infused prediction marketplace that allows sports betting in a digital asset environment. Users can create their own markets, bet on any event, and create insurance instruments and trade financial derivatives such as CFD and binary options, Oliveira emphasizes.
“With our platform, we specialise in getting reliable information for everyone by crowdsourcing predictions on a totally open market,” Oliveira explains to news.Bitcoin.com. “You can foresee the public confidence on various events such as crypto, economics, politics and general news — By using bitcoin we empower users to demonstrate where their confidence lies regarding a specific event by aggregating the wisdom of the majority.”
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https://news.bitcoin.com/bitcoin-prediction-market-fairlay-sees-sizable-volumesIs this like a survey company of some sorts? Well, I see this as a good strategy to encourage people to use their Bitcoins. Anyway, their baseline here is all about the usage of Bitcoin; and, in so doing, they will know where the trust of people lies based on the number of Bitcoin transactions. While I see this idea idyllic, I do not know if this is sustainable considering the fact that most Bitcoin investors do not use their Bitcoins as a payment system. In fact, Bitcoin investors see and treat Bitcoin as an asset that is capable of generating income for itself as time passes. Hence, as much as they can, they HODL their Bitcoins.
