Only the top guys are allowed to do insider trading! You guys are making it very very slightly more obvious!!
White House staff told not to place bets on prediction markets
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Re: White House staff told not to place bets on prediction markets
#12Surely half millions on prediction markets is pennies compared to what is getting made on oil futures/stocks.
It is easier for the SEC to investigate futures, stocks & options. Some of the prediction/gambling markets use crypto and do not participate in "Know Your Customer" regulations.
They’re doing money transmission and they’re not doing KYC? Is that illegal or “really frowned upon”?
Re: White House staff told not to place bets on prediction markets
#13Does that include friends and cousins? Asking for a friend or cousin.
Re: White House staff told not to place bets on prediction markets
#14While we’re at it, how about all Congress?
Re: White House staff told not to place bets on prediction markets
#15Surely half millions on prediction markets is pennies compared to what is getting made on oil futures/stocks.
Honestly not that big a difference here. Both can be loosely interpreted as gambling, especially with the same rough upsides (money without production or consumption!) downsides (addiction, critical existence failure of all your savings) and the corruption and perverse incentives they invite.
Re: White House staff told not to place bets on prediction markets
#16When you elect a bunch of TV wannabes to run your country this is what happens.
Re: White House staff told not to place bets on prediction markets
#17While we’re at it, how about all Congress?
You need to apply it to staff as well and also the judicial branch and all of their staff. Then to all of their family as well.
The way I understand insider trading is usually prosecuted is you find out who made the bet & then you have to track down their communications to see if they got tipped off.
Re: White House staff told not to place bets on prediction markets
#18I don't understand why anybody without access to serious inside information is currently betting on prediction markets. It's clear that insiders are absolutely going to eat your lunch. So who are the suckers who are losing all this money?
I guess this isn't true for all things you might bet on, but it seems to be true for a lot of them.
Re: White House staff told not to place bets on prediction markets
#19I don't understand why anybody without access to serious inside information is currently betting on prediction markets. It's clear that insiders are absolutely going to eat your lunch. So who are the suckers who are losing all this money? I guess this isn't true for all things you might bet on, but it seems to be true for a lot of them.
> So who are the suckers who are losing all this money?
Random people who saw an ad or their favorite influencer shilling it.
Like when my neighbors started asking me about NFTs.
Re: White House staff told not to place bets on prediction markets
#20Isn't that in the law?