November 11, 2013, 8:40am GMT, Dublin, Ireland
Intrade is delighted to announce that it will repay to members 100% of the funds that were provided to the Company by way of “forbearance” in April 2013. All forbearance amounts will be restored to individual member accounts and accessible no later than Monday, November 18th, 2013.
We remain grateful for the patience and support of our members (and of our shareholders) as management continues to resolve the remaining issues confronting the Company, including defending against the action taken by the CFTC in the United States. Management is firmly resolved to provide the accountability and transparency required to regain the trust of our community, as we continue to innovate and progress Prediction Markets as a business model that Intrade essentially and originally commercialised.
Intrade is resourced now with sufficient funding and an enthused staff to progress plans for the launch of a new commercial product…one which draws on the primary foundation points of Intrade, which first began in 1999 as the “Global Sports Exchange”.
We are pleased to announce the return of Tradesports.com as a real-money, skill based Fantasy Sports Trading Contest platform, launching in 2014
We have always believed that SPORTS is the optimal “lab” for validating the utility of Prediction Markets. The fact that sports is a cultural “universal” – an important part of everyday life everywhere – will help Intrade increase the social acclimation of Prediction Markets on a much larger scale.
Tradesports.com will use the core Intrade trading platform to offer real money trading contests, based upon sporting events, similar to the way stocks and futures are traded. This is a new and LEGAL way to play fantasy sports contests for real money … skill, strategy, timing, and reflexes are required to win. We believe our trading contest structure, coupled with new payout schedules, will properly motivate an informed group of traders to help us produce key sports data in real time about many aspects of a sporting event—true representations of the “wisdom of the crowd”.
There has never been a more exciting way for sports fans and market wizards to be part of the ACTION.
The Future of Intrade.com
Intrade’s historic existence, the myriad of trading opportunities provided, the new (and not possible before the internet) methods of social polling facilitated, and especially the dramatic media attention we received PROVE the societal and commercial interest in prediction markets….if only…..
Today’s society is moving at a pace never before anticipated --by “Moore’s Law” or any previous punditry. Technological advances and the accelerating acceptance of mobile communications, of new social connectivity, of increased computer processing power, and generally of increases in human productivity create a NEW NEED for a reliable, reasonable and objective way to attempt to measure the likelihood of the potential future outcomes of all of the things that happen around us, and may even happen to us.
Knowing the chances that “this” or “that” may occur allows us to rationally plan for those things, where motivations may include self-protection… or even profit.
Prediction Markets can satisfy that need.
Unfortunately, there is simply too much regulatory haze in the United States to easily permit the “unfiltered” real money EVENT trading offered in the past.
A functional Prediction Marketplace needs incentivised participants with open and easy access. Users need to be easily able to trade and to try hard to “win”, to be right...and they need certain motivations to try hard. It has always been our belief – and academic studies have shown – that money is the best motivator for that. That business model is not currently available to us in the US. We are thinking hard about replacement motivations, but there is just nothing quite like “cold hard cash”.
We are convinced it’s possible for a commercial Prediction Market (outside of sports) to incentivise a frictionless marketplace where the collective “wisdom of the crowd” can be counted on for objective, measurable, and reasonable viewpoints about the future outcome of all sorts of events… and that it will ultimately be profitable to do so…
We have not quite figured out how – yet – but we do have some new ideas (and some old ones as well), along with a tremendous amount of willpower to see what we can accomplish in this regard.
In the meantime, we are continuing to improve the Intrade trading platform – already proven able to accommodate substantial trading volumes over thousands of contracts and millions of trades – so we can embrace new opportunities when they appear…
Thank you again for your support and interest. Your feedback is always welcome.
November 8, 2013, 7:00am GMT, Dublin, Ireland
“We are pleased to announce that Intrade and Trade Exchange Network have, with the cooperation of the Personal Representatives of the late John Delaney Deceased, successfully resolved all issues which have arisen with them as a consequence of the untimely and tragic death of their late CEO John Delaney. It is recognised that John Delaney worked tirelessly to create a highly regarded international profile for Intrade”.