Why bet only imaginary money? (was Re: [extropy-chat] SETI:Firstradio signal from alien)

[Brett Paatsch]

> > Spike wrote:
> > >
> > > OK lets do it this way: lets wager using imaginary virtual
> > > dollars, sorta like Robin Hansen's IFX ideas futures (except
> > > they use actual virtual dollars.)
> >
> > Why only imaginary dollars and monopoly money?
> >
> > Robin's futures market seemed to me to be a good idea. Except
> > that the money wasn't real...
> > I can't do it effectively at this stage because there is no *real*
> > futures market.  Or is there? Does anyone know of one? Brett Paatsch
>
> Brett just set up a private real money IFX with
> individuals.  You could contact your buddies and
> agree to buy and sell each other ideas futures.
> All private transactions so governments won't think
> they deserve a cut.  Anyone who has friends and
> associates can play real money ideas futures.

If I only wanted to bet on sports or stuff that doesn't matter much
then I could bet with individuals now and wouldn't need a ideas
futures market.

If I only bet with friends and reputable associates then I could probably
keep governments out of it but it would be small scale.

It takes a certain number of market participants to make a market
work. In Australia I don't think there are enough people who understand
most of the future technological stuff that is of interest to transhumanists
(and has been of interest to me) to make up a viable market.

It also takes a certain amount of time and money invested to justify
setting up an internet based market.  (I wonder if that's why Robin didn't
push forward with his idea? ).

For me to do it, I'd have to learn how to do it technically, then do it.

There are skills I'd have to acquire first.  Before I would start on
something
like (taking the time and effort to create the actual market)  I'd want to
be
sure that there was enough people willing to bet real money.  I'd also
want to be sure that someone else isn't just about to do it.

It is one thing to want to buy or sell something, it is another to want to
go into the businesses of providing the market for buyers and sellers to
get together.

I *would* bet on someone else's market (like Robin's) if it was there and
real and I could check it out and do a bit of reasonable sensible due
diligence.


Brett Paatsch