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Wikipedia isn't written and edited by the "crowd" at all. In fact, 1% of Wikipedia users are responsible for half of the site's edits. Even Wikipedia's founder, Jimmy Wales, has been quoted as saying that the site is really written by a community, "a dedicated group of a few hundred volunteers."

I think your headline is misleading and Vassilis Kostakos should read the book before poking holes. Surowiecki is very clear about the conditions necessary for a wise crowd to prevail and those conditions are: 1. Diversity of opinion 2. Independence 3. Decentralization 4. Aggregation If your crowd possesses those qualities then it is wise and then it will be better at making decisions under Surowiecki's paradigm. The crowds used in the research (and the crowd in general) doesn't possess those qualities and therefore is an unfit data set. We should be trying to create the ideal crowd before we can obtain superlative results and not try to get good results from any random crowd.

Limitations in predictions market are well documented (and include Muhammad's points above), and constrain their practical application to a well-defined number of situation. Crowdsourcing suffers from the same limitations, which is not a problem, as long as you limit its application correspondingly. The problem occur when you stretch it outside the required constraints and yet present the results as "scientific", i.e. as a good proxy for what the crowd thinks. That's what professor Vassilis Kostakos's theory ultimately comes down to (or should - I don't know, I haven't read his report). Apps like Digg or Amazon's review are not scientific applications of crowdsourcing, and thus their results should not be seen as precise representation of our collective thinking.