I was reading this book “The World Is Flat” and this small little story on Wikipedia caught my attention. Btw this is quite an old book and one can so obviously deduce I am so behind in my reading… I think the author has written like a gazillion updates and published sequels. There wasnt much of truly good insights but lots of small interesting stories which makes it an entertaining read and perhaps that’s why it’s selling million copies.
Anyways the story on Wikipedia was that even though it was a free encyclopedia, things posted can be quite accurate. The rationale was that for every topic, there will always those that are Pro and Against. So the Pros will write their story, but whatever is overboard gets deleted by the Against. This goes on until what is written on it presents the most valid view and nobody edits the page any further.
Of course this only works when there are many people editing the pages. At the end of this wiki saga, the author did state an example where a senator was accused of involved in killing JFK on wiki, and since a lot of sites simply take what is on wiki, he was shocked to find newpapers calling him asking about JFK. Similarly you can go and write a wiki page full of rubbish to spite your idol’s rival and if not enough fans edit the pages, you achieve your aim.
Now the link here is that markets work in the same work too. Someone who thinks the stock is too cheap buys it, someone who thinks otherwise sells it. Read more…