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ELI5: Can someone explain how kaggle works?

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I kind of understand what kaggle is. But I am not really understanding who would want to get involved and why?

How do you approach kaggle? Do you actively compete? How do they analyze the results? Is there only one winner. The guy that gets there first?

If there is an existing solution? What is the point of competing? For example, if the person that presents the competition already has an idea how the result data should look. What is the point?

If you aren't actively competing, is it worthwhile to try one of the competitions? Is it a learning experience?

http://www.kaggle.com/competitions

submitted by berlinbrown
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