Seth's Blog: Real-time news is neither | Social Media, the 21st Century Digital Tool Kit | Scoop.it

The closer you get to the event itself, the more it costs to find out what's going on. A week or a month or a year after the fact, the truth (or as close as we can get) is nearly free. Finding out that same truth mere seconds after it happens is costly indeed. Want to know what the crime rate in Scarsdale was like on January 1? You can look that up instantly. Want to know what it was three seconds ago? A lot more difficult. Mike Bloomberg became the richest man in New York by selling traders just fifteen seconds head start on the data they needed. Fifteen seconds costs thousands of dollars a month per trader. But in most cases, what we get online is not actually in real-time and it's not news, either....


Via Jeff Domansky