191–200 of 256 posts
Isn't the stock market a prediction market as well?
No, a stock is a share of ownership in a company. Now yes, people bet on the derivative value of those ownership shares... but that also happens to basically every asset. If a stock is a prediction market, then so is corn, and gold, and your home.
Polymarket bad because it's accessible to everyone, futures trading on the CME good because it's only available to the rich?
Earlier quoted context omitted.
Why must things have a purpose? If something has a purpose, can it be an objective purpose?
When something has negative outcomes, the thing requires justification.
If the only negative outcome is on the person who consented (e.g., the gambler), then why should they be denied their choice to participate?
> The prohibition extends to services supporting prediction markets, like virtual private networks, that could allow consumers to disguise their location and get around the ban. Yikes. I am all for banning prediction markets but I feel like this is overreaching.
Drinking and driving exists and is illegal, but going to the grocery store isn't. Should we do an all or nothing sort of ban, either allowing drunk driving or banning cars altogether? No one would do this - some uses are illegal, most aren't.
A law that allows legal uses of your car but disallows illegal activity isn't all that unheard of.
This is great news. From my perspective from someone who grew up in the 90s, America feels like we took the turn towards Biff Tannen's Pleasure Paradise. A future very fa from our promise filled with gambling, social degradation, and worse economic prospects for everyone. Gambling sites like Polymarket are just a symptom. More states need to move in this direction, because its just a tax levied on the uninformed to i…
This is great news. From my perspective from someone who grew up in the 90s, America feels like we took the turn towards Biff Tannen's Pleasure Paradise. A future very fa from our promise filled with gambling, social degradation, and worse economic prospects for everyone. Gambling sites like Polymarket are just a symptom. More states need to move in this direction, because its just a tax levied on the uninformed to i…
Good on Minnesota.
> The prohibition extends to services supporting prediction markets, like virtual private networks, that could allow consumers to disguise their location and get around the ban. Yikes. I am all for banning prediction markets but I feel like this is overreaching.
> The prohibition extends to services supporting prediction markets, like virtual private networks, that could allow consumers to disguise their location and get around the ban. Yikes. I am all for banning prediction markets but I feel like this is overreaching.
If you don't actually sell someone something illegal, but take them to buy illegal things using the safety of your car so they avoid detection - are you innocent? Drinking and driving exists and is illegal, but going to the grocery store isn't. Should we do an all or nothing sort of ban, either allowing drunk driving or banning cars altogether? No one would do this - some uses are illegal, most aren't. A law that all…
Earlier quoted context omitted.
90% agree, the CFTC doesn't consider these futures contracts, it regulates them under its "contract market" authority, that Congress designated and updated periodically over time This is the authority on the CFTC's own website on prediction markets "For more information" section https://www.cftc.gov/LearnandProtect/PredictionMarkets https://uscode.house.gov/view.xhtml?hl=false&edition=prelim&... And yes, both the Sup…
Oh interesting, I didn't know that about the contract market authority.
Congress lobs tangentially related delegation to existing agencies so you have to check how an authority is rationalized
It gets interesting