[extropy-chat] Noisy future day (was: silent night)

[Hal Finney]

Robin writes:
> Problem is, the sort of markets can't generate enough revenue to
> pay such a high cost.  So the idea is to bring down the cost.  The
> lower the cost, the more chances a market can pay that cost.  And
> so the "more" legal such betting becomes.

Part of the problem is that the benefits of the market are distributed
and do not return only to its creators.  Anyone who can see the market
prices gains value from this information about the future.  In that sense,
running a futures market is a public good.  It is no wonder that such
markets are under-provided in our society.

Hal