insane they needed to be told
White House staff told not to place bets on prediction markets
21–30 of 89 posts
Re: White House staff told not to place bets on prediction markets
#22I 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.
Kind of what I was thinking. If it is essentially InsidrBetz.com why bet at all? This is the kind of thing that could (should, anyway) kill the industry.
Re: White House staff told not to place bets on prediction markets
#23Isn't that in the law?
If it were in the law, which part of the justice system do you think would be:
1. Capable
2. Desirous of
3. Competently followed
Re: White House staff told not to place bets on prediction markets
#24I 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.
Arrogance / hubris. Some people even if they know it's rigged will believe they know which side the insiders are on
Re: White House staff told not to place bets on prediction markets
#25Isn't that in the law?
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Re: White House staff told not to place bets on prediction markets
#26I 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.
I remember reading something awhile ago in regards to why people were investing in NFTs when it seemed so clear they were a scam. The gist of it was that it's easy to get into cryptocurrency, but it's hard to get out. KYC, taxes, age requirements, currency fees, etc are enough of a barrier that many people would rather just keep those assets in virtual space. Polymarket is the answer to the question "Well what else am I gonna do with this crypto I own"
Re: White House staff told not to place bets on prediction markets
#27Isn't that in the law?
It is in SEC regulated markets like NYSE and NASDAQ. But prediction markets are grifty garbage. Insider trading laws only apply to regulated markets.
Just about anything to do with crypto is sketchy. I don't know why anyone still messes with it. Maybe they just like propping up Iran's oil tolls, ransomware perps, and shovelling money to Dumpty and his merry band of grifters?
Re: White House staff told not to place bets on prediction markets
#28I 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.
The same goes for stock market too.
"But we have laws criminalizing insider trading..." the only proper response to this is: hahahaha.
Re: White House staff told not to place bets on prediction markets
#29Naughty! Anyway
Re: White House staff told not to place bets on prediction markets
#30I 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.
People go to casinos despite knowing the house has the edge in games. Gambling is addictive.