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Polymarket has flooded social media with deceptive videos by paid creators

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Re: Polymarket has flooded social media with deceptive videos by paid creators

#121

Post by fl4regun »

sooheon wrote: post #80
Mobius01 wrote: post #35

I remember in 2006 when online sports gambling was banned, and witnessed first hand some sleaze bags flee to Costa Rica where many of the actual operations were located. What I witnessed regarding addiction and exploitation put me off sports for a long time. Now here we are, with the tech industry and political capital behind it, this time engineered to engulf the entire population. It's repulsive.

Nobody is forcing anyone to place bets they can't back, isn't this a personal responsibility issue? edit: to be clear, if companies are committing fraud in their marketing, that should be prosecuted or if regulations around misleading marketing are weak, that should be legislated of course.

Personal responsibility is an excuse for lazy regulation. These things are designed to be harmful, for the express purpose of squeezing money out of people, as efficiently as possible. We know that some people are psychologically and genetically more prone to addiction than others, and that people like that will be extremely likely to form addictions with gambling or drugs when we make those things easy to access.

What would you rather have? More regulated gambling and less addicts, or unregulated gambling and more addicts? Personally, I prefer the former.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#122

Post by bojan »

parpfish wrote: post #111
cogman10 wrote: post #25

All these gambling apps need regulation. And I fear they are buying politicians precisely so that doesn't happen. If I were to have my way, I'd put a law in place that limits bets to $5 max and monthly bets to $150 per month. Letting them go higher encourages some of the worst aspects of society. We will see crazy things like athletes being injured or murdered in order to win bets. We are already seeing crazy things…

for a while i was using the sports gambling apps to make lots of little bets. it was fun to put $0.50 on a game I normally wouldn't watch and tune in with a real rooting interest. i never bet more that $1 on a game because I knew that I would really dislike losing 'real money'. the fact was that the stakes were completely irrelevant to me. the value came from definitively and publicly taking a side. if you're the fan…

> and that got me thinking that there's potentially a different type of gambling app that ignores the money and is more of a social/prediction-making platform

We have that in the Netherlands and we do it massively for every World Cup and Euro. The app my friend groups are on, Scorito, has 1.5 million competitors for the current WC, in the country of 18 million, and that's not the only app.

Normally a group would make a small buy in, like €5, where the winner takes all, but this year the legal department at work forbade that, se that sort of gambling Is actual illegal.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#124

Post by herpderperator »

LPisGood wrote: post #103
tills13 wrote: post #98

Earlier quoted context omitted.

Instant deposit via credit card? Is that not considered a cash advance?

It is, and I know someone who found that out the hard way during the Super Bowl.

A cash advance is taking physical cash out with your credit card at an ATM or bank teller. Making an online purchase (which depositing money into your Kalshi account is) is therefore not a cash advance.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#125

Post by tty456 »

jmcgough wrote: post #99
tty456 wrote: post #93

Also, kids get scammed daily on YouTube on Pokemon card pulls with "loaded" packs and otherwise fake pulls for views.

The live scammers targeting kids are pretty vile: https://www.youtube.com/watch?v=NYTPI57GLac Seems like it's just a game of whack-a-mole, nothing is really being done to stop scammers from making new accounts and continuing their scams.

A lot of it is straight up sponsored by card makers too

Re: Polymarket has flooded social media with deceptive videos by paid creators

#126

Post by xboxnolifes »

ph4rsikal wrote: post #113
cj wrote: post #12

I finally gave in to my curiosity and downloaded Kalshi last week to place a few bets on the World Cup. I was blown away how easy it was. I placed a bet with real money within 5 minutes of downloading the app. They allow instant deposits with credit card, and ID verification was real time. I can’t imagine that the extreme accessibility and the typical dark patterns deployed by every popular app won’t eventually end b…

The on-ramp in crypto is incredibly well built out. But then, once you are in the fake money world, you will notice that the off-ramp doesn't exist.

The off-ramp of nearly all of my crypto endeavors has been very easy in my experience. Not always simple, because a lot of parts of moving money on various crypto chains is unintuitive and well in-need of improvement, but definitely easy once you know what to do.

The most annoying part, somewhat surprisingly, is always with regards to United States KYC restrictions. I've had a fair bit of annoyance trying to move crypto off of services that were once accessible to US customers and no longer are.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#127

Post by brador »

herpderperator wrote: post #124
LPisGood wrote: post #103

Earlier quoted context omitted.

It is, and I know someone who found that out the hard way during the Super Bowl.

A cash advance is taking physical cash out with your credit card at an ATM or bank teller. Making an online purchase (which depositing money into your Kalshi account is) is therefore not a cash advance.

It’s a cash advance since you’re not purchasing goods or services with the card.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#128

Post by m00dy »

ph4rsikal wrote: post #113
cj wrote: post #12

I finally gave in to my curiosity and downloaded Kalshi last week to place a few bets on the World Cup. I was blown away how easy it was. I placed a bet with real money within 5 minutes of downloading the app. They allow instant deposits with credit card, and ID verification was real time. I can’t imagine that the extreme accessibility and the typical dark patterns deployed by every popular app won’t eventually end b…

The on-ramp in crypto is incredibly well built out. But then, once you are in the fake money world, you will notice that the off-ramp doesn't exist.

on-ramp and off-ramp were the problems of the past. Thanks to Trump, both worlds have merged together now.

Re: Polymarket has flooded social media with deceptive videos by paid creators

#129

Post by Arainach »

herpderperator wrote: post #124
LPisGood wrote: post #103

Earlier quoted context omitted.

It is, and I know someone who found that out the hard way during the Super Bowl.

A cash advance is taking physical cash out with your credit card at an ATM or bank teller. Making an online purchase (which depositing money into your Kalshi account is) is therefore not a cash advance.

There are many kinds of "cash advance". You can't buy lottery tickets on a credit card (or in jurisdictions where you can, it's a cash advance). Credit cards also treat things such as buying dollar coins online from the US Mint different from a normal transaction.

https://gosunward.org/articles/cash-advance-on-a-credit-card...

Re: Polymarket has flooded social media with deceptive videos by paid creators

#130

Post by csomar »

I made an article a day back how Polymarket is not exactly fair when it comes to market resolution (https://omarabid.com/polymarket-bet/) They actually don’t decide on market outcomes, they outsource that to UMA which is as opaque as it can get.

Consider the probabilities in polymarket as the prob. of the polymarket market itself outcomes rather than reality.

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