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Launch of a contract

I realize that PI is matching up buyers and sellers, but how does a contract first begin. At the moment a contract is first begun, no one owns any shares. So how are the first shares capitalized? When PI first launches a contract, does it set a starting price, a la an IPO?

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I have the same question, and I will follow you. 

each yes share has an opposite no share. It's a zero sum game, as the yes +no =$1. You can't short sell, so when a contract launches, the only option is to buy. If you want to buy a yes at .20, then the option to buy a no at .80 appears, and vice versa. If someone takes you up on your offer, you get a share and they get a share.

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