The CFTC Bans Prediction Markets

https://astralcodexten.substack.com/p/mantic-monday-1302023

Metaculus celebrated its one millionth user forecast with a hackathon, a series of talks, and a party:

This was a helpful reminder that Metaculus is a real organization, not just a site I go to sometimes to check the probabilities of things. The company is run remotely; catching nine of them in a room together was a happy coincidence.

Although I think it still relies heavily on grants, Metaculus’ theoretical business model is to create forecasts on important topics for organizations that want them (“partners”) - so far including universities, tech companies, and charities. A typical example is this recent forecasting tournament on the spread of COVID in Virginia, run in partnership with the Virginia Department of Health and the University of Virginia Biocomplexity Institute (this year’s version here).

The main bottleneck is interest from policy-makers, which they’re trying to solve both through product improvement and public education. In December, Metaculus’ Director of Nuclear Risk, Peter Scoblic, published an article in Foreign Affairs magazine about forecasting’s “struggle for legitimacy” in the foreign policy world. It’s paywalled, but quoting liberally: