wisdom of crowds gone wrong

Not sure if you have see this new site that is supposed to leverage the wisdom of crowds but you should check it out http://www.predictify.com/index.aspx. I recently heard of the site while listening to NPR.

I am not too sure about it. I think it is oversimplifying the thought that crowds can make some accurate predictions. In order to be accurate you need a group of people who have vested interest in the outcome and people who will provide a wide variety opinions as well as having diverse backgrounds. Not sure the site actually delivers this.

The idea is at first glance curious but I think it might become less interesting over time. Yet another site to have to log into. Another site to have to keep up with. Another site to track my performance. Another site to have friends on. Just give me a feed or something.

The NPR piece indicated that some marketers are exploiting this site already. They exploit they site by posting items for answers with the sole purpose of increasing brand or soft testing marketing ideas for their product line. This is the reality of a community environment. It can be used for good or evil. Sounds like cheap advertising to me.

It also seems that users can make some money by answering premium questions. Although the interviewer on NPR admitting that the most anyone has made so far is $13 in a week. I guess thats not bad for sitting on your but and answering questions. I would say don’t quit your day job anytime soon.