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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

#161

Post by kortilla »

rightbyte wrote: post #143
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…

Well try to make a withdrawal and see how convinient that might be. Internet casinos are usually easy to get money into but hard to get money out of.

It works just fine. It’s not a casino in the regular sense because you’re betting against other people, not the house.

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

#162

Post by [deleted] »

ShinyLeftPad wrote: post #159
ph4rsikal wrote: post #113

Earlier quoted context omitted.

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.

Offramp exists it just depends how ugly it is by country. A friend of mine literally travels to another country to withdraw what he is paid in crypto.

[deleted]

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

#163

Post by intended »

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.

This is the other side of the coin when it comes to the push for ID verification.

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

#164

Post by lxgr »

brador wrote: post #127
herpderperator wrote: post #124

Earlier quoted context omitted.

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.

It’s really a cash advance whenever the issuing bank decides it is. There is no official definition.

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

#165

Post by embedding-shape »

maxbond wrote: post #95
embedding-shape wrote: post #59

Earlier quoted context omitted.

This was my experience trying out "traditional betting" for the first time with Betfair last Worldcup, and some other platform I tried out before as well. Not sure what Kalshi/others are doing that is so different?

If you're going to gamble, it's probably for the best that your counterparty doesn't also control the platform. I'm not saying that justifies being able to gamble frictionlessly, but it is marginally less exploitative. Eg, back in the day bucket shops (which sold binary options, like prediction markets do) would increase the spread in proportion to their assessment of your skill such that you would lose even if you w…

> it's probably for the best that your counterparty doesn't also control the platform

But doesn't Polymarket et al own their own platforms, just like Betfair owns their platform? There is no P2P going on, even if some markets seem to advertise themselves as such so again, seems like the same just minus gambling regulations?

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

#167

Post by Ferret7446 »

watwut wrote: post #150
embedding-shape wrote: post #59

Earlier quoted context omitted.

This was my experience trying out "traditional betting" for the first time with Betfair last Worldcup, and some other platform I tried out before as well. Not sure what Kalshi/others are doing that is so different?

They pretend they are "market" and not gambling to avoid regulations.

It is not pretend, it is technically correct (the best kind of correct). Redefining what gambling is, is a different problem.

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

#168

Post by maxbond »

embedding-shape wrote: post #165
maxbond wrote: post #95

Earlier quoted context omitted.

If you're going to gamble, it's probably for the best that your counterparty doesn't also control the platform. I'm not saying that justifies being able to gamble frictionlessly, but it is marginally less exploitative. Eg, back in the day bucket shops (which sold binary options, like prediction markets do) would increase the spread in proportion to their assessment of your skill such that you would lose even if you w…

> it's probably for the best that your counterparty doesn't also control the platform But doesn't Polymarket et al own their own platforms, just like Betfair owns their platform? There is no P2P going on, even if some markets seem to advertise themselves as such so again, seems like the same just minus gambling regulations?

As far as I know it is "P2P", a continuous double sided auction like any proper exchange. If there's something fishy going on with the order book I do not personally know about it. (I don't think there is but I'm also not going to stick my neck out for them.)

https://docs.polymarket.com/concepts/prices-orderbook

https://help.kalshi.com/en/articles/13823828-the-orderbook

Tl;Dr there's an order book with prices set by supply and demand. So you're at the whims of the market rather than the whims of someone who is your broker, exchange, clearinghouse, and taking the other side of your trade. I don't know much about Polymarket but iirc Kalshi is only your broker and exchange, so dealing with them is materially less risky in my mind.

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

#169

Post by Lucasoato »

rightbyte wrote: post #143
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…

Well try to make a withdrawal and see how convinient that might be. Internet casinos are usually easy to get money into but hard to get money out of.

If everything goes as planned, you won’t have to get anything out.

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

#170

Post by charcircuit »

ExpertAdvisor01 wrote: post #85
bdangubic wrote: post #70

Earlier quoted context omitted.

make this severely illegal with minimum two decades behind bars and what how they disappear… this is a very solvable problem which no one wants to solve

Good luck with cross-border enforcement. Also the operator is completely legal/compliant with it's jurisdictions laws as they allow us players (many now blacklist the us, but some not ) So they won't accept any foreign judgement . That's why most countries rather target their infrastructure (psps/banking etc ..) Even Eu countries had/have severe problems with Malta (due e.g Article 56A of the malta gaming act, which…

Make the websites unconnectable from the US. Make domestic ISPs not route the traffic to the site else jail time for the executives. Make VPNs not route traffic to the site else jail time for the executives and being null routed by domestic ISPs.

If you really want to crack down on it, then it could be done.

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