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FBI Raids Home of Polymarket CEO Shayne Coplan

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Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#211

Post by jart »

neilv wrote: post #28

> "This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," a Polymarket spokesperson tells Axios. When I saw that statement, from a company spokesperson, it was striking. Is it now respectable and advisable for a corporation to make official statements like this?

Sounds par for the course with the Biden administration. Watch what Ben and Marc have to say about them: https://www.youtube.com/watch?v=g4jWb-0nj44 They talk about how Biden has spent the last four years going beyond the law to destroy all the a16z crypto startups. So it doesn't surprise me that they'd use all their power to go after prediction markets too. I'm really glad I'm not working in upstart finance.

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#212

Post by bookofjoe »

qgin wrote: post #172
neilv wrote: post #28

> "This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," a Polymarket spokesperson tells Axios. When I saw that statement, from a company spokesperson, it was striking. Is it now respectable and advisable for a corporation to make official statements like this?

It’s a signal to the incoming President to protect them ASAP

>Elon Musk, the richest man in the world and one of the president-elect’s closest advisors, wrote, “This seems messed up” in response to the news.

https://www.theguardian.com/technology/2024/nov/13/fbi-raid-...

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#213

Post by itishappy »

herpderperator wrote: post #22
legitster wrote: post #4

Obviously there are no details yet, but I suspect it's as simple as: - Polymarket is still very illegal in the US - Lol. We all know it's easy to get around that - If the CEO knew or was complicit in US citizens breaking laws, he could be in trouble. And if there was evidence he was encouraging it, he could be in big trouble

Can someone explain to me how this is? It's a company HQ'd in New York, but it's not allowed to do business in the very country it's HQ'd in? What am I missing?

States like money. If you're complying with local laws and regulations then why wouldn't they want the tax revenue?

Fireworks are illegal in NY and have been illegal in PA for much of the past two decades. Despite this, the border is crawling with fireworks stores. PA made it illegal to sell fireworks to PA residents, but totally legal to sell to residents of neighboring states provided they immediately transport them over state lines.

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#214

Post by kbolino »

rty32 wrote: post #201
stephen_g wrote: post #166

Earlier quoted context omitted.

I'm not in the US, but as far as I know about the country the legal system there keeps running whether the current US President cares about individual cases or not...

Such cases would be pursued by DOJ or FCC or some other federal agency that the President has 100% control over. If the president asks to drop the case, it will be dropped.

> some other federal agency that the President has 100% control over

Neither Civil Servants nor Senior Executives can be directly terminated by the President without due process. Only appointees can be fired on a whim, and their replacements must be confirmed by the Senate. The only exception to this is "recess appointments" made when the Senate is not in session, but those appointments are temporary, and Congress can stay in session as long as needed (until the next seating after an election) to block these as long as both Houses agree to do so.

Many federal agencies today are actually governed by boards of commissioners, with limits on the number of them that can be from the same party.

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#215

Post by allie1 »

galleywest200 wrote: post #60
kwisatzh wrote: post #8

He’ll get pardoned. It’s a Thiel company.

Accepting a presidential pardon requires an admission of guilt. Would being a confirmed criminal aide them in business in any way?

For a crypto based business for something that crypto enthusiasts wouldn't consider a crime, probably would help.

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#216

Post by jpadkins »

gexla wrote: post #146
jpadkins wrote: post #132

Earlier quoted context omitted.

The US was not founded on this "permission" mindset. It's a free country. If you are not harming anyone or violating any existing laws, you are free to build new products and services. You do not need permission from bureaucrats to invent something new!

I'm pulling examples from actual US history. If it involves gambling (or similar) or creating alternate forms of money, then watch out. You can believe that you don't need permission, then tell that to the FBI as they are raiding your house.

you don't have to tell the FBI! you get a chance to tell the judge when the FBI/DOJ presents their case against you.

There are many recent examples of fed agencies doing aggressive tactics and getting overturned in the courts (Rare Breed Triggers or Polymer80 vs. ATF, or Apple vs. FBI for forced phone unlocks). Don't let them bully you into not building something that you believe is good for society!

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#217

Post by jpadkins »

J05ephu5M13r wrote: post #186
jpadkins wrote: post #125

Earlier quoted context omitted.

why? Is the US gov immune from corruption?

[flagged]

Serious answer: I don't know, but we shouldn't rush to judge until all the facts come out. All we know is they did a raid on the CEO home (not the business?) and the CEO claimed politics is involved.

I sincerely hope Congress performs their duty of oversight on the FBI well, so we can learn the truth of the matter. Overt politicization of federal law enforcement is a scary development.

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#218

Post by deely3 »

creatonez wrote: post #203

Good? These gambling machines are predatory and destructive institutions and needed to be shut down a long time ago. Everything a casino touches turns into hyper-capitalistic dystopia, they are the wealthy elites' worst exploitation, distilled and refined into a poison. And now they are trying to play with society from the top-down by rebranding as "prediction markets for everything", not only pretending to sell a cr…

You actually have no idea how Polymarket works, right?

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#219

Post by cpr »

cj wrote: post #118
ethagnawl wrote: post #71

Earlier quoted context omitted.

Yeah, the reflexive accusations of "witch hunts" and "crooked hit jobs" are a recent development. Their lineage is obvious and ... I guess you can't blame them because they (somehow) play with a significant percentage of the population.

Blaming the incident on “political retribution” (their words) implies that the US government is corrupt. Such a weird thing to blame it on.

Are you joking?

The current US government is the most corrupt entity in the history of the world, if you multiple corruption times power.

And I love my country (USA), but just hate what the government has become over the past 60-80 years.

Re: FBI Raids Home of Polymarket CEO Shayne Coplan

#220

Post by cdumler »

qgin wrote: post #172
neilv wrote: post #28

> "This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election," a Polymarket spokesperson tells Axios. When I saw that statement, from a company spokesperson, it was striking. Is it now respectable and advisable for a corporation to make official statements like this?

It’s a signal to the incoming President to protect them ASAP

> It is not clear what the FBI was seeking when numerous agents entered Coplan's apartment at around 6am, or if Coplan and/or Polymarket are the targets of an investigation.

We have no information about why they are there, so you conclude it must be political retribution and they must be protected. THIS is why Trump won. So many people have zero critical thinking skills. When you see something that for which you have no information, you can say "I wonder what is going on." Then, you stop. Things that could be:

* Using collected data to facility spear phishing campaigns. * Running a child pornography/sex trafficking ring. * Participating in dogfighting. * Been a back channel for selling trade secrets. * Had some people killed. * Routing all the information collected to foreign groups, like Russia. * or.. has the other half of messages to someone under investigation whose phone locked.

But, given I have zero evidence to support any of this, let's stick with "let's see what they say."

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