Many prediction markets look like markets, but as long as there is no CLOB, it is essentially the platform setting the prices.
Prices are smoothed out, divergences are averaged, and risks are hidden.
What you see is not judgment, but the “mean of the sentiment.”
But the value of predictions comes precisely from divergence.
CLOB pulls prediction markets back from voting systems to game systems.
In the order book, each order is a stance, a price willing to take on the risk of a judgment.
There is no “I think it’s possible,” only “I am willing to bet at this price.”
Depth is the density of diverg
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