It’s not surprising that Internet-based mechanisms can be found to tap into the wisdom of the masses. What’s surprising is that there’s a way to draw it out so quickly and efficiently. And that it works so well.

IEEE covers prediction markets. Toward the end of the article, they discuss FutureMAP:

FutureMAP quickly ran afoul of public opinion. Members of Congress found it offensive and ghoulish, and they quickly terminated the program.

This statement is immediately followed by a pull-quote:

“Maybe it won’t work this time; maybe the crowd will be stupid”

Bet on It!