I saw that! It seems to be a social site excersise where a group writes a novel. I think that if perfected, group writing could be awesome because of the different perspectives and dialog that people can bring in. But mass group projects will, in my opinion, have to have one or two people directing everything and taking input and tweaking in such a way as to bring contributions and not muck it all up.
Heck, this could be a whole science in itself, how to best set things up to accomplish goals like writing a book.
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