Bitcoin/Amazon question has resolved

The question, Will bitcoin be accepted at online retailer, Amazon, by March 31, 2014? has resolved “False/No” because bitcoin has NOT been accepted by online retailer, Amazon. However, for information on how to use bitcoin to shop on Amazon (via digital gift card purchase) view this Forbes article.

Analysis of the Predictions

Analysis

Our raw market Brier Score1 (before smoothing or adjustments) was 0.02.

The Brier Score (Brier 1950) is a measurement of the accuracy of probabilistic predictions. As a distance metric, a lower score is better than a higher score.  The market Brier Score ranges from 0 to 2, and is the sum of the squared differences between the individual forecasts and the outcome weighted by how long the forecasts were on the market. On a binary (Yes/No) question, simply guessing 50% all the time yields a “no courage” score of 0.5.

There were 214 forecasts made by 86 unique users.

There were 12 participants’ comments. Here are a few:

Apple recently moved to remove iOS apps that handle bitcoin, apparently to avoid legal issues related to bitcoin’s current ambiguous legality. I would not think Amazon would move in the opposite direction by March 31.

 

More woes for Bitcoin: Bitcoin Trading Technology In Question As Currency Dives After Glitch

 

It is still too early for bitcoin. It will take at least another 4 or 5 years for a company of size or a country to accept bitcoin. Changes in currency, let alone international, having in many cases required more than decades to make decisions regarding changes which result in acceptance. How many years did it take the Euro?

 

I don’t see the Euro as a great comparison point. At this stage, Bitcoin isn’t trying to replace another currency, even if that’s what some of its more ardent supporters see as its endgame. For this question to resolve as true, there doesn’t need to be any massive shift in public policy. Amazon doesn’t need to stop accepting dollars. It just needs to do what overstock.com did.

Check out these related forecasting questions that are still active on the market.

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1. The Ordered Brier is officially known as RPS.
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One thought on “Bitcoin/Amazon question has resolved

  1. Personally, I don’t see much value to Bitcoin at this time. While not heavily regulated (from what I can see) , it is still tied to the USD $ . ?

    There is a currency converter on Google Bitcoins to USD).

    Imagine if a person/entity manipulated the Bitcoin currency for gain?

    Why not stick to the USD $, while the USD is no longer based upon a Gold Standard, most every overseas market currency (maybe with the exception of China) is tied to the the USD $

    While I am not a heavy believer in Govt Regulation, there are too many open loops in my opinion for potential corruption of a cyber currency.

    Rob

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