Earlier quoted context omitted.
These markets are regulated by the CFTC, currently, so what exactly is novel here?
Poly market is not a us exchange. Kalshi is.
So is Polymarket US, the separate entity Polymarket created specifically for the USA.
Google employee charged with $1M Polymarket insider trading bet on search term
141–150 of 234 posts
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#142Earlier quoted context omitted.
That's sort of the point of prediction markets: they surface insider information by allowing people to profit off of it. The benefit is to people watching the prices , who can then use that information to make better decisions ahead of the answer being revealed to the public. It's not necessarily to market participants, who need to be aware of who else is trading the market and have a credible reason to believe they…
What Polymarket says on the topic ( https://integrity.polymarket.com/ ) is that they do not surface insider information and you mustn't trade if you have any. Because the prediction market community is filled with liars and fraudsters, of course, it does seem to be common knowledge that this restriction isn't meant to be taken seriously, much like Polymarket's fake rule that Americans aren't allowed to use it. But on…
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Re: Google employee charged with $1M Polymarket insider trading bet on search term
#143Earlier quoted context omitted.
The unfortunate thing is that, while their academic position sounds plausible on paper, just like with most crypto things it's just a money grab. How many crypto people (with legitimate backgrounds just like the founders of Polymarket and Kalshi) stood up and said big things about freedom and the unbanked etc., turns out they were literally just scamming people- there are so many examples besides FTX. Letting people…
Did you ever consider that the crypto scammers might not be the same people as the crypto freedom folks? It wasn't one grand trick by a collective of genius con artists... Much like the cashier at the store isn't to blame for that guy calling your grandma and trying to trick her into sending money from her bank account.
Crypto is a speculative investment vehicle, its basically a lottery machine - why would people who are so invested in a lottery machine that you can avoid taxes or buy drugs with be surprised they are considered part of the con artists doing the pump and dumps?
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#144If you worked at Google for 12 years, it seems pretty irrational to commit this kind of crime for only $1M. Maybe there’s a chance he can get pardoned before 2029 lol
> If you worked at Google for 12 years, it seems pretty irrational to commit this kind of crime for only $1M.
Person who has been working in a single FAANG for decade+ without job-hopping could have had quite minor refreshers during their tenure, so you shouldn't automatically assume they are rich.
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#145Why are we wasting government money cracking down on Polymarket betting? The most offensive thing in this article is the government pretending Polymarket bets are securities. Prediction markets provide no benefit to society and don't need to exist.
> (…) provide no benefit to society and don't need to exist. The sounds extremely fascist.
You do not know what this word means, please consider educating yourself before using it again.
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#146I’m curious how he got caught. Polymarket accounts should be untraceable
Prob googled "how to bet with privileged info and not get caught".
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#147Of course he should be punished but the best lesson here is for bettors. Those who wager on "prediction markets": you are betting against people who have access to more information or can influence the outcome of the wager. Don't waste your money.
I read a data point that 78% of profits are made by 1% of users on Kalshi
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#148Of course he should be punished but the best lesson here is for bettors. Those who wager on "prediction markets": you are betting against people who have access to more information or can influence the outcome of the wager. Don't waste your money.
I read a data point that 78% of profits are made by 1% of users on Kalshi
Less than 3% of regular sports bettors are consistently profitable, with an estimated 1% to 2% of players winning the vast majority of all available money. The remaining 97-99% of players—who treat betting as a casual hobby rather than a professional endeavor—end up losing money over time.
If gambling was more profitable for more people it wouldn't be called gambling. Might have some clever name like the NYSE.
Re: Google employee charged with $1M Polymarket insider trading bet on search term
#149Re: Google employee charged with $1M Polymarket insider trading bet on search term
#150Earlier quoted context omitted.
Did you ever consider that the crypto scammers might not be the same people as the crypto freedom folks? It wasn't one grand trick by a collective of genius con artists... Much like the cashier at the store isn't to blame for that guy calling your grandma and trying to trick her into sending money from her bank account.
Crypto is a speculative investment vehicle, its basically a lottery machine - why would people who are so invested in a lottery machine that you can avoid taxes or buy drugs with be surprised they are considered part of the con artists doing the pump and dumps?
Don't forget about regimes like Iran and North Korea using crypto to receive bribes, ransomware payments, and launder money. Crypto is a cesspool. Just wait for the bank runs when everyone tries to bail out. There's a reason we have banking regulations.