🎲 Vote scaling could be used as a prediction market

This idea just came to me. If someone created a bot or a website that counts the average % of each vote weight, and people at the same time used that as a way of giving their prediction to a market or future event.

Img Source:

It could be used as a prediction market withing Steemit. Maybe even have its own section like https://steemit.com/market with different rules to the votes or different reward system than the "early bird gets the worm" but instead depending on their prediction, they would without a house edge be able to bet for 2 alternatives with their voting power and be able to receive 200% curation reward of their vote weight in Steem Power if they were right and bet on the outcome of the event or market. If they would choose wrong, their vote weight would go to the winner which depending on the odds could even win bigger rewards.

For example. Your vote which at 100% gives the author $1,00 on the prediction-market it would ask you to vote for A or B. Take max 10% of your total weighting power and place it on vote B. The event occurs, vote B wins with total amount of votes being 40% of the total value, he receives $0,10 x 2.5 = $0,25 in Steem Power or 50/50 in SD or whatever the consensus thinks. But out of the 100% you can drain in one day, to be able to recover in 5, you would only be able to use for instance 10% of it for prediction-market, or even lower depending on what the majority think fits.

Img Source:

With limits of how much of your voting power you can use on them per 5 days, it would give it its own value for people who want to invest their vote weight into the company further and like to predict the market.
It would wake discussion in the comments of the bets posts, drive in more users and give those who want to invest into Steemit way than just curating on posts and comments.

Moderation of a group of users considering the questions and predictions before greenlighting them on the market would probably be required to filter out spam and inappropriate ones.

Since it soon won't matter how many votes per day you give depending on the weigh % you choose, it could be used for something other than curating on author posts, in the future maybe even for other categories and side-apps. The limitations should be very low considering we are working on a blockchain that gives its users decentralized decision making on votes where there is no "one entity" making most of the profit while having its users work for nothing.

We could even try the prediction market right now, here in the comment section. I haven't actually thought this post through all that much, like I said the idea just came to me when using the voting slider. ( Btw, did you notice, even though people call it a slider, you can also click onto your % if you feel like you have a good touch and do it quicker than sliding :) )

Let's say that you the user reading this and you try to imagine if this came to life and existed in https://steemit.com/prediction-market (don't click, it doesn't work, I tried :P)

Which are the cons you can think of and what are the pros?

Post a comment with something you think this could be abused or wouldn't be useful or something else starting with [CON] "Comment here" and [PRO] "Comment here" and you readers vote on the CON or PRO with a percentage of how much you think it is true according to you. This time I can persoanlly go through all votes of all comments and give the results out later with an average number to each pros & cons.

See how easy it is to just come up with another use of the voting % feature? Now I can even use it as a survey if the users vote by the rules stated above in the comments. How crazy is that?

I have myself been around block-chain technology for some time now and active in many communities, I can tell you that block-chain technology can be used for so much and gives so little limitations that the inventions of its use are still at an early stage. Just waiting to be explored and used and then upgraded into the open-source code and whitepaper we've all read.

Feel free to follow me @acidyo for more future posts.
Ex reddit user who has found his new home.
Moderator on steem.chat

PS. I searched for any relevant posts about prediction market of your voting weight but a post of @steemitblog that was 3 months old was the only thing I found. Not sure if anyone has had this idea before.

PPS. If you want to use symbols in your text or titles, feel free to check out @blueorgy's post with the codes to them.