Predict the outcomes of events with Pivit

Wall Street adored making use of InTrade to forecast political election results; however government bodies took the betting website away a year ago. Today the individuals who developed InTrade are back again utilizing Pivit, a brand new application that brings together advanced algorithms, crowd sourcing as well as social gaming to forecast the results of occasions like elections. That type of service can be extremely ideal for traders, who are regularly told how much impact Washington might have on economic markets.

“The value to traders is a solution to decrease and distill anything happening on the globe to 2 digits which turns into a dependable gauge of belief, “stated Binary Event, Network’s co-founder, Gregory DePetris which Pivit, is operated from.

How it Works

Pivit is accessible to utilize free of charge on Apple’s (AAPL, Tech30) App Retail store and may ultimately be presented on the internet. People are requested to predict if the likelihood of a given function is going higher or lower than what the algorithms are presently predicting. For instance, on a Tuesday morning, Pivit had been predicting a 95 percent probability that the GOP may gain control of the United States senate after the midterm elections.

People who properly forecast the following move — higher or lower — are going to be honored with points.

The main distinction among Pivit and InTrade is the fact that people cannot place real wagers. This may satisfy government bodies, but may also make traders suspicious of the predictive clout Pivit uses. After all, people are not placing their cash where their forecasts are.

Simultaneously, new research demonstrates that pressuring people to put cash down doesn’t invariably enhance the quality of their forecasts. “If you are able to create some type of accountability — regardless of it being financial or reputational — then this system offers value,” explained ConvergEx Group’s, chief market strategist Nicholas Colas who is, a supplier of brokerage as well as trading services.

The newest service offers a reward system for people who make the correct prediction by utilizing gifts as well as leaderboards which compare their points with individuals they recognize and people from the exact same area. Consider an up to date day high score listing on a pinball machine.

Pivit will be teaming together with CNN, who owns this site, to offer forecasts about the 2014 midterm election. People may forecast the odds of the GOP overtaking the United States senate and the results of individual races such as Republican optimistic Joni Ernst’s attempt to replace the retiring Democrat Tom Harkin. A 90% chance of actually succeeding is given to Ernest.

Wall Street has already been noticing the new Pivit, which in turn raised $6 million in financing through Guggenheim Partners as well as Broadhaven Capital Partners.

Page Updated: December 1, 2014