Charity + Prediction Markets
Posted by
Rafe Furst in
Alternative Institutions, Markets, Philanthropy on
April 21st, 2008 |
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A new prediction market site with a twist: your profits in the market get donated to the charity of your choice.
I was concerned that it may look noble but that they might be profiting from the bid/ask spread, so I wrote and asked them. Here is their response:
No fees, except the 5% on top of any funds put into your account. That fee does little more than cover the credit card processing charge. For example, if you want to put $5 into your account, you will be charged $5.25, and you will have $5 in your account to trade with. After a while, maybe you'll have grown your account to $50, all of which you can ask us to give away to the charity of your choice. No fees on donations. Another way of saying it is that 100% of the funds that are in trading accounts will eventually be given away to charities chosen by the winners.Very cool, I hope it takes off.
Related posts:
- Prediction Markets for Valuing Private Companies
- Peer-Review vs. Info Prizes and Markets
- Chasing the Dragon
- The New Philanthropy
- Revolutionizing Angel Funding
Rafe Furst
I believe the scientific method as currently practiced is incomplete. ”Science 2.0″ is emerging, and the lessons from complex systems theory are a big part of what’s missing. This has more than theoretical implications; the biggest challenges we face are due to a general ignorance of — and a willful dismissal of — the realities of an increasingly complex, interdependent world. To learn what else I’m interested in visit RafeFurst.com.