"A person is smart. People are dumb, panicky dangerous animals and you know it." - Agent Kay
That phrase "the wisdom of crowd" has gotten a lot less believable ever since social media has shown us what the crowd is actually like.
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when people don't communicate their stupidity is randomly distributed & cancels out. High bandwidth shit posting undoes it.
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"wisdom of crowds" was only that people are so predictably stupid over/under on guesses that they average out correctly
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literally the seminal examples were guessing cow weight and # of jelly beans.
#justbellcurvestuff
End of conversation
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@Jesse_Livermore Without diversity, a properly functioning aggregation mechanism, and incentives, crowds aren't wise. - 1 more reply
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to be fair 'democracy' was originally coined as a pejorative expressing disgust with letting crowds decide anything
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The voting has shown us that much more clearly...
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Yeah, but it recovered a bit yesterday.
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It's not so much a crowd as a mob
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