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"Reporting - once an event has happened, Reporters are members of the network who verify the outcome. They place a bet on how much they believe their reporting is true. If they’re right they get a share of the pot. If they are wrong - or are at odds with how other reporters have documented the outcome - they are penalized and lose REP."

Isn't the reporting part qui susceptible to a sybil attack?

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Reporting weight is based on amount of REP held, not just anyone can report and not all contributions are equal.

https://www.augur.net/whitepaper.pdf covers the security assumptions pretty well.

Yes, but I believe their answer is that they make you hold a certain amount of REP tokens to report, and REP tokens cost $$$. So you would have to buy more REP for each new identity.

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