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Vitalik: The prediction market is the social media antidote, providing a more rational and responsible aggregation of public opinion
BlockBeats News, December 21st, Ethereum founder Vitalik Buterin posted on Farcaster, stating that the prediction market is a remedy for dealing with crazy views on emotional topics, and used two screenshots as examples: Musk's previous post claiming that a UK civil war is "inevitable," while the Polymarket prediction market shows only a 3% probability of "Will there be a civil war in the UK in 2024?" (Vitalik believes that 3% is still too high, as some bettors bet to raise the probability). Vitalik mentioned that many users on social media exaggerate by claiming that "something will definitely happen" to create panic or attract attention, but they are not responsible for it; whereas the prediction market involves real money bets, tends to reflect real probabilities, and can counter these "crazy views."
Vitalik then elaborated on his overall view of the prediction market: compared to social media (where panic can be created without responsibility) and mainstream media (clickbait headlines), the prediction market has more of a "truth-seeking" incentive. Telling the truth can earn real rewards, while lying carries strong economic penalties. After discovering exaggerated news and checking Polymarket to find a very low probability, one can stay calm, or conversely, avoid false hope. The prediction market serves as the "antidote" to social media, providing a more rational and responsible way of aggregating public opinions.
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