Wisdom of the masses in gambling

August 8, 2020 By MADISON

Wisdom of the masses is a beautiful topic for many issues. And you may be able to use it for gambling. You can gamble, doing something with a small or high chance of an advantage, in four ways. You can do it impulsively, so spontaneously with perhaps some intuition. It can be done with a victory996 strategy , a kind of formula that you consistently adhere to.

Using acquired knowledge and experience is a third possibility. Finally, you can also use the knowledge of others. And usually, the more the better. Because the expression says two know more than one. But we are talking about the wisdom of the masses here.

The neutered bull

The phenomenon of wisdom of the masses has been known for a long time. The opposite is also true, but we are obviously less interested in the stupidity of the masses. Examples of wisdom of the masses can probably be found in ancient times. The best-known, and classically named, example is that of the neutered bull.

Wisdom of the masses in the ox, a neutered bull, was observed in 1904 by the statistician and psychologist Francis Galton. He saw a very old attraction, which still exists in all kinds of variants. In a cattle market it consisted of guessing the weight of the ox. No one guessed the exact weight, but Galton calculated the median of all 800 estimates. He found that it was close to the correct answer.

Wisdom of the masses

Wisdom of the masses is therefore the outcome of a certain question predicted by several people. According to Galton’s theory, the answers will overestimate and underestimate the correct answer in about equal measure.

The answer is measurable at the ox and other fairground, fair and cattle market attractions. The ox is placed on a scale before or after the race. Measuring, by counting, is also possible when guessing an amount of coins or marbles in a glass bowl. And with many games of chance and betting it is possible because the result is visible shortly afterwards.

Unfortunately, the phenomenon is also used when the answer is not or less measurable. You can quickly determine that when you see questions on social media such as ‘how can you become 100?’. Even if a thousand answers are given, it will not make you much wiser. This is not only because only one type of people answers. Above all, they are not experts.

Abuse and Useful Use

We want to say two more things about it and then we forget and move on quickly. In the media, the wisdom of the masses is often reduced to the street interview. A few people in a market are asked a question. The suggestion is made that they are representative of the masses, but in most cases only those answers are used that correspond to the chosen angle of the journalist.

In something like an epidemic, the immeasurable does work. Not by asking a large, anonymous group of people of all sorts for their opinion. Someone who wants an answer to a difficult question will gather as many experts as possible. They all have knowledge of the subject. In the end, this does not provide immediately useful answers, as with a number of marbles in a bowl. But it does provide information from which the questioner may be able to derive a useful answer.

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