Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Dotto
on 31/12/2015, 18:40:14 UTC

The market canalize dispersed knowledge with appropriate incentives.

When you ask people about what they don't know, it is a mess. But within the market, there is a selection process where knowledge is rewarded and ignorance is penalized, so the result is not a mere average, but a selection and an aggregation of refined knowledge.

The more you gather knowledgeable people around a problem*, the more you allow them to follow the path they deem the most promising**, the higher the probabilby is that the problem will be resolved in an efficient and creative way.

*by allow profit to play its incentive role
**by preventing a small group of people to reduce the options of other

And real life currencies are managed by a small group of people, not by the market. If you want Bitcoin to stay special, you should reject the power of a small group of people over it.

Great post