Friday, May 23, 2008

The Industry Standard is a prediction market, intersected with a reputation-based social network

What Company Is Offering:
Their prediction market is a place where, for entertainment purposes, you can bet on the chances of future events occurring or not occurring, using a virtual currency called "Standard Dollars". The predictions listed on the market are all related to the online economy, which touches nearly all businesses these days. If you see a prediction on the site where you believe you know the future outcome, place a bet and see if you are right. If your bet is correct, you’ll win more "Standard Dollars" to bet on other predictions, and your community rank will increase. If you’re really good, you may also win prizes.

How It Works:

When you are logged into the site, you can track your predictions where you’ve wagered bets by clicking on “My Predictions”, which may be found at the top of every page.
If you want to see a prediction on the site that you think would be relevant to The Industry Standard’s mission, you can suggest one at any time. The community will then vote to see if your suggestion should be added to the site. If the suggestion is well received, The Industry Standard team may convert the Suggestion into a Prediction. Once this happens, you will instantly be awarded S$25,000 to your account!
Your Net Worth is an indicator of how well you are doing in placing bets and suggesting predictions on The Industry Standard. You start at S$100,000 when you register. If you make good decisions on the predictions you bet on, your Net Worth will go up as your bets pay off. If you make bad decisions, your Net Worth will go down. This will impact your Industry Rank.

When a prediction is judged, you are credited with Standard Dollars for each bet that you get right. If the odds were already high that an event would occur when you placed your bet, you wouldn’t earn as much if you were right, compared to what you would earn if you bet on a long shot, where the odds were low. However, the most important thing is to be right. When the event’s closing date occurs (the date on which the event will be judged to see if an event has occurred or not), The Industry Standard will review the prediction and determine if the prediction has come true. As soon as we make that judgment, your account will be updated accordingly, depending on how you bet.

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