And if only insiders/experts participate, will there be enough liquidity to generate decent predictions?
<insert it depends meme>
Don't know, guess it depends on the specific event you're betting on :)
And this is somewhat related to the question about market manipulation. I know that @kr and me discussed how to create a PM in the past and we really struggled with how to get enough liquidity.
At some point I realized: fuck this, I don't care about liquidity, thinking if I will have enough liquidity before I even have built anything sounds like the good old meme about premature optimization being the root of all evil :)
Maybe I don't even want a liquid market? Maybe I just want to have some fun? :)