Prediction market has been touted as one of the potential killer apps of crypto, but no breakout product yet. Thoughts on why?

My quick takes are 1) hard to get liquidity unless huge events like a presidential election, and 2) payout conditions and odds are hard to understand.

Liquidity is the big challenge. You need a lot of capital to make it worth investing energy in and a lot of liquidity to make it responsive. 

Second is probably that the more interesting markets aren't binary, and non-binary markets have complex UX.

Writing about DAOs @ charterless.com.
Ex-FB, Amherst College.
Always an Eagles Fan.

Gnosis's experiment by governing through prediction markets was telling. They found the cost of setting up a market prohibitive and found game theoretic weaknesses. Abandoned it in a few months.