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Indeed - what's your point? Since both generally involve using guesswork (however educated) in an attempt to increase wealth, it seems reasonable to draw a par
by danparsonson 17y ago
Indeed - what's your point? Since both generally involve using guesswork (however educated) in an attempt to increase wealth, it seems reasonable to draw a parallel between the two.
- eru 17y agoDepends on what you define as gambling. E.g. playing crap or betting on fair coin-flips is decidedly different from prediction markets or investment; because everyone agrees on the probabilities already, so there's no information aggregation and discovery.
- danparsonson 17y agoIt's the same basic process though isn't it? Making a bet on the basis of a guess about the future. Of course, it may be a very well educated guess or just a shot in the dark, but unless you can actually correctly predict the future, there is always some element of uncertainty involved.
- eru 17y agoIt's not about the uncertainty. But about aggregating information about that uncertainty through prices (in markets) or using that information to up your chances in, say, Poker. In `pure' gambling, like betting on a coin flip, everyone already has all information. So it's less interesting, and warrants a different category of game.