The Wisdom of the Crowds is a wonderful thing. However, the 'Wisdom' was already there before Web 2.0.
Collective wisdom came from the email, the telephone, postal mail, and even Avon parties. The “wisdom” in today's time, is really about the speed of “Reach,” and with Digg, it allows users (the community) to report, transmit, organize, collect, & categorize that information & reach it to the masses in vast quantities.
Source: http://www.techcrunch.com/2006/11/26/forbes-video-interview-with-digg-ceo/#comment-448235
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