I think the next big crowdsourcing app is going to be Google's Health page. It falls right along your notion of looking for another opinion but might also cut down on a lot of leg work + money: something we over at MilkYourMoney.com are tackling daily.
The only problem is when the crowd runs off of a cliff (a la sub-prime, Bear Sterns, etc.).
Question: Where does being contrarian fit into this?
Steve (Brip Blap)
· 1 year ago
@No Debt Plan: True, and I guess that's a critical distinction to be made: being contrarian is more about how you use the information that you've gathered, crowdsourced or otherwise, instead of the way in which it's gathered. If I want to be contrarian about the stock market I'm still going to examine mass population attitudes (the run-up in gold is a good example of something exhibiting "dumb" crowd activity).
Mike Malina
· 1 year ago
You mention Hollywood Stock exchange, but what they're doing at Media Predict is more interesting (www.mediapredict.com).
They've gotten media companies to use a market system to actually put out content. So the crowd takes the role of editor, A&R rep, and more.
I think market-based investment systems are the way to go for crowdsourcing. Mere voting (like at Digg) isn't a good way to drive decisions -- people have no incentive to give good information.
All Comments
Here is Google Blog's announcement: http://googleblog.blogspot.com/2008/02/google-h...
Question: Where does being contrarian fit into this?
They've gotten media companies to use a market system to actually put out content. So the crowd takes the role of editor, A&R rep, and more.
I think market-based investment systems are the way to go for crowdsourcing. Mere voting (like at Digg) isn't a good way to drive decisions -- people have no incentive to give good information.