South African currency
A well-known prediction market, the Hollywood Stock Exchange, a prediction market software created in 1996, is a good example of how prediction markets work: players buy or sell their prediction-shares, in this case connected to the movie industry, and influence the price of the predictions. The Hollywood Stock Exchange correctly predicted 39 out of 46 Oscar winners in 2006.
Prediction markets are based on crowdsourcing, making use of the wisdom of crowds. Studies have shown that the predictions which prediction market software generates is often more accurate than those of highly specialised experts. However, a prediction market will never replace experts – one should combine the wisdom of experts with the wisdom of crowds .
The accuracy of the predictions that a prediction market generates is depends mainly on a stimulation system and gamification. Participants that buy their „shares” cheap and sell them high add to the accuracy of the prediction. On the other side, participants that sell lower than the original price worsen the quality of the prediction, and as a result will lose credit and might be filtered out by the system.
The South African currency and exchange problem
Book (Nabu Press)
You might also like:
Dollar Declines After China Repeats Call for New2009-06-29 11:21:55 by Global_Reserve_Currency
The dollar declined the most against the euro in a month and dropped versus the yen after China repeated its call for a new global currency.
The Swiss franc declined against the euro and dollar this week as foreign-exchange analysts said the central bank sold its currency three times to support the economy. The greenback fell against most of its major counterparts after the Peoples Bank of China said yesterday the International Monetary Fund should manage more of members foreign-exchange reserves. The dollars status as a reserve currency is being questioned, said Benedikt Germanier, a foreign-exchange strategist in Stamford, Connecticut at UBS AG, the second- largest currency...
Zim gains from weaker rand — Fin24
AS the South African currency slumped to a six-month low against major currencies, among them the United States Dollar this week, Zimbabweans breathed a sigh of relief over the weakening rand – ecstatic that they would get more rands for their US …
Zimbabwe gets lift from weak Rand — New Zimbabwe.com
by City Press AS the South African currency slumped to a six-month low against major currencies, among them the United States Dollar this week, Zimbabweans breathed a sigh of relief over the weakening rand – ecstatic that they would get more rands for …
South Africa Foreign-Currency Reserves Drop as Gold Falls — Bloomberg
The South African currency has declined 2.7 percent against the dollar this year, adding to an 18 percent drop in 2011. The rand gained 12 percent against the dollar in 2010 and 29 percent in 2009. The volatility of the rand creates problems for …