DistillingFinance.com - Collaborative Financial Info

DistillingFinance.com is a brand-new bookmarking site that anticipates functioning like a Digg for financial and investment information. Right now, DistillingFinance is in beta version. so some features are limited, but basically the site aims to provide links to sites discussing the latest financial investments and transactions (for example, one of the major headlines featured on DistillingFinance today is an article about a possible buyout of Facebook). Like other bookmarking sites, you can comment on posted items (pulled from blogs and financial news sites) and submit your vote (on DistillingFinance, a positive vote is called a "Distill It!" whereas a negative one is a "No Way!") and the resulting "Concentration" indicates how relevant and informative a certain posted article is.

"We are building an online community with a common interest in understanding economics and the financial markets, two of the most complex fields ever developed in human history. Through this site, we can exchange ideas and views on the vast intricacies of modern finance to all of our mutual benefit. Nobody can possibly know it all; it's only by working together that we can realize our goals and ambitions".

Expansion pending, DistillingFinance could be an useful way to capitalize upon the wisdom of the crowds in order to provide those who are interest in the latest financial news with a community that delivers relevant, informative content. It will be interesting to see how the site develops over the course of the next few weeks; according to the "About Us", section, it sounds as though they will be adding some more web 2.0 features to truly make DistillingFinance a social bookmarking site.

DistillingFinance has a long road ahead of itself to be a fully functional site. First and foremost, DistillingFinance isn't currently allowing users to submit content. Considering that user generated content is the cornerstone of social bookmarking, DistillingFinance needs to offer this as an option to be successful; users won't be content to simply comment on sites pulled by DistillingFinance itself. Also, the majority of content posted on the site is largely internet-related ( startups being bought out, the latest news on Twitter and Facebook, etc); does the site plan on expanding to include more content that focuses more on the financial sector in general and not just tech stuff?