Can prediction markets be good for society? | The Gray Area

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Subscribe to our channel! http://goo.gl/0bsAjO In today’s episode, guest host Miles Bryan speaks with professor Finn Brunton in a conversation based on his recent Harper’s article, “The Chaos Machine: Prediction Markets and the Triumph of Crypto-Anarchy.” The two explore alternative visions for prediction markets: as tools for gathering collective knowledge, or as a way to undermine the institutions we rely on. They discuss whether putting money on the line brings us closer to the truth, how betting can create incentives to manipulate events, and what we risk when more of our shared reality becomes something to wager on. Host: Miles Bryan, Vox Senior Producer and Reporter Guest: Finn Brunton, Professor at the University of California, Davis 00:00 Intro 03:45 The potential of prediction markets vs the reality 08:57 Who uses prediction markets? 13:51 A utopic vision of prediction markets 17:56 The inspiration for Polymarket 21:57 A darker vision for prediction markets 39:34 How could prediction markets work in the future? We would love to hear from you. To tell us what you thought of this episode, email us at thegrayarea@vox.com or leave us a voicemail at 1-800-214-5749. Your comments and questions help us make a better show. And you can watch new episodes of The Gray Area on YouTube. New episodes drop every Monday and Friday. Listen to The Gray Area ad-free by becoming a Vox Member: vox.com/members Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com. Watch our full video catalog: http://goo.gl/IZONyE Follow Vox on Facebook: http://goo.gl/U2g06o Or Twitter: http://goo.gl/XFrZ5H

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