Government Crushes Innovative Online Prediction Market

November 29, 2012   |  

This, folks, is absolutely disgusting. This is a perfect example of government crushing the free market. God forbid a private business out there provide a useful service which people are willing to pay for. This is especially jarring tome personally as at one point in my past I worked for a certain internet company which was in the process of launching a prediction market. If we were to launch that product today, we’d be shut down immediately. This is the economy under Barack Obama: we don’t like your business so we will shut you down: coal, intrade, what’s next? If they could, they’d shut down the oil companies.

Today, Americans were told that they must close their accounts. That happened because the federal government agency known as the “Commodity Futures Trading Commission” (CFTC) today sued the prediction market, where people from all over the world bet about things like who will win elections.

Intrade decided all its U.S. customers must now close their accounts and withdraw their money from the site.

That’s terrible news for all of us who want more input into what’s going to happen in the future. Bettors on have made incredibly accurate predictions about elections – because they, unlike TV pundits, have real money on the line. This year, I watched on election night as TV pundits said “too close to call… too close to call…” while the bettors on Intrade knew that it was not a close call.

via Government Crushes Innovative Online Prediction Market.

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