Thanks, but I don't need you to explain the theory behind prediction markets to me. I agree that by forcing people to put money behind their predictions, they will be less subject to bias. But even without those biases, we're really bad at predicting the future. I suppose prediction markets might make accurate short term predictions for events which we already know a lot about. But the events that make the most impact in business, politics, and technology are inherently unpredictable. So I can't see the benefit behind prediction markets.

Furthermore: Nothing changes the fact that it's still gambling. You aren't providing liquidity. You're not funding a business venture. You're just betting on the likelihood of something happening. It's still gambling, and you might as well bet on horses. A great choice if you've got money to lose, but don't care for horses much.