Romania Blocks Polymarket

[Eternad]

It’s kind of a reminder that even if something is built on blockchain, governments can still step in. So it makes you think, is crypto really free from control, or are we just slowly seeing the same old regulations take over again?

Crypto is free from control but services that use it isn’t such as prediction site like polymarket since they are accepting users that shouldn’t be allowed to gamble by their government.

Prediction market is also a form of gambling, they just make it in a form of trading but the idea is to gamble with those prediction.

They should start operate under the regulations if they want a smooth operation because having a decentralized will surely cause legal implications once government targeted them.

[MRY]

Any country can take a legal action against any platform, such as the one that has been done in Romania against poly market, however, bannis not something strange, I've seen a number of instances whereby some gamblers have been using VPN to have access on any restrictions made, however, not everyone appreciates the use of vpn or even poly market over their gambling predictions, so it's all about our choices and going for what we wanted to get as we gamble, irrespective of the regulations being out in place for us over gambling.

It is not a one way traffic when a nation decides to restrict access to the gambling sites, but it forms part of the role of the government to shield the nation. Various gamers prefer to rely on the VPN to get around restrictions, however, this option does not ensure the safety of data and transactions. It is preferable that a person should carry through with the gambling activity, but in an official and regulated manner. Following the law is not merely a kind of obedience, it is also a need to care about one personal financial security.

[viljy]

I'm getting more and more skeptical about the Polymarket. In terms of the fact that this is just a platform for manipulation. Too many managed events are used for betting. For example, the length of a handshake between Trump and another head of state. What prevents Trump from betting (or his son's) on the longest handshake? - There's nothing in the way. Who will determine the length of the handshake? - Trump. He just won't let go of his hand as much as necessary, because the other person won't pull out his palm by force.

[Natalim]

I'm getting more and more skeptical about the Polymarket. In terms of the fact that this is just a platform for manipulation. Too many managed events are used for betting. For example, the length of a handshake between Trump and another head of state. What prevents Trump from betting (or his son's) on the longest handshake? - There's nothing in the way. Who will determine the length of the handshake? - Trump. He just won't let go of his hand as much as necessary, because the other person won't pull out his palm by force.

I guess that’s not really something new in the prediction market. What they offer are things you won’t normally find in a sportsbook, so people who see those unique options end up betting on them. It’s peer-to-peer betting anyway, Polymarket just hosts the platform.

If you’re into extraordinary or unusual bets, Polymarket is the place to go. But if you prefer the regular ones, stick with sportsbooks. At least now we’ve got options for both the normal and the weird kind of bets.

[Yaunfitda]

I'm getting more and more skeptical about the Polymarket. In terms of the fact that this is just a platform for manipulation. Too many managed events are used for betting. For example, the length of a handshake between Trump and another head of state. What prevents Trump from betting (or his son's) on the longest handshake? - There's nothing in the way. Who will determine the length of the handshake? - Trump. He just won't let go of his hand as much as necessary, because the other person won't pull out his palm by force.

Even if they are for manipulation, there are still a lot of gamblers if you think about it falling for their trick. So it's really hard to stop them unless you will have to block them like what France did and now Romania. But not sure if they can really do that 100% for Romanian and French gamblers, VPN? or any other tool to hide their IP and continue to bet? So I think even with this ban Polymarket will still be in the gambling space. We even had a thread about a new competitor but I totally forget about it's name. Do they capture the market with that regards? I don't think so as the popularity of Polymarket continues to grow despite the allegations on them.

[stompix]

I'm getting more and more skeptical about the Polymarket. In terms of the fact that this is just a platform for manipulation. Too many managed events are used for betting. For example, the length of a handshake between Trump and another head of state. What prevents Trump from betting (or his son's) on the longest handshake? - There's nothing in the way. Who will determine the length of the handshake? - Trump. He just won't let go of his hand as much as necessary, because the other person won't pull out his palm by force.

What prevents Trump from:
- using his connections to create ridiculous bets on Polymarket
- using his connections to artificially inflate the volume here
- decide to make one side win as you quoted

Oh wait, what makes you think he hasn't already done so?   

[Free Market Capitalist]

What surprises me is that this is only news in Romania, and not across the entire EU. I don't know if there are already more blocks in other countries, but you can still access polymarket from some EU countries. The same thing happens with crypto gambling sites. Few are blocked from some specific countries.

I suppose European bureaucrats, as tax revenues from licensed gambling sites increase every year, are not too concerned. That, and the typical inefficiency of bureaucrats.

[justinlamode]

I'm getting more and more skeptical about the Polymarket. In terms of the fact that this is just a platform for manipulation. Too many managed events are used for betting. For example, the length of a handshake between Trump and another head of state. What prevents Trump from betting (or his son's) on the longest handshake? - There's nothing in the way. Who will determine the length of the handshake? - Trump. He just won't let go of his hand as much as necessary, because the other person won't pull out his palm by force.

I don't believe that Polymarket is involved in manipulation although from the angle of politics, you can say so. But remember that they also feature some natural disasters such as hurricane, earthquake and many others which cannot be manipulated. This is why I don't buy that idea that the platform is used primarily for manipulation. If you change your argument to politics, then you can be making a valid point because the emotion of people can easily be manipulated through polls and things like Polymarket odd.

[m2017]

Romania just banned Polymarket, saying it’s basically running a gambling site without a license. The regulator ordered internet providers to block access after seeing huge activity during their elections, with trading volume hitting around $600 million. They said even if it’s using crypto, betting on events still counts as gambling under their law.

It seems funny. The government doesn't recognize cryptocurrencies as legal tender or payment, but after seeing the huge trading volumes (in the Polymarket), they couldn't resist taking advantage of it.

What if Polymarket used candy wrappers for betting? Would that also be considered gambling? Would it be possible to pay the license and taxes with these candy wrappers?

Polymarket claims it’s not gambling but a “prediction market,” where people trade on what they think will happen. But the government doesn’t care what you call it, if you’re betting on outcomes and there’s money involved, it’s gambling.

Then every government wants its cut, right? So what, should Polymarket buy a license in every country?

It’s kind of a reminder that even if something is built on blockchain, governments can still step in.

Governments do not "can intervene" but "will intervene".

So it makes you think, is crypto really free from control, or are we just slowly seeing the same old regulations take over again?

Control? Romania didn't "block" the polymarket, right? It merely made it more difficult for its citizens to access it. So, there's no direct control, but governments have the ability to indirectly influence the blockchain.

[Julien_Olynpic]

Of course, Polymarket is gambling. But prediction platforms are also a combination of gambling and trading. In a sense, they're both. Therefore, two licenses are required: one for trading (if licensed) and one for gambling. On the other hand, we see that the development of gaming, trading, and similar activities is happening much faster than the state bureaucracy is prepared for.

[Natalim]

Of course, Polymarket is gambling. But prediction platforms are also a combination of gambling and trading. In a sense, they're both. Therefore, two licenses are required: one for trading (if licensed) and one for gambling. On the other hand, we see that the development of gaming, trading, and similar activities is happening much faster than the state bureaucracy is prepared for.

But Polymarket doesn’t hold a global license, so if they ever get one it’s kinda like breaking their own system. I believe they’ll stick to their core idea, giving full freedom and privacy to their gamblers. That’s also why countries with strict gambling regulations don’t like it, they’ll just end up banning it. But the real question is, can they really make a full ban? I don’t think so, there are too many ways to bypass restrictions anyway.

[Smartprofit]

Romania just banned Polymarket, saying it’s basically running a gambling site without a license. The regulator ordered internet providers to block access after seeing huge activity during their elections, with trading volume hitting around $600 million. They said even if it’s using crypto, betting on events still counts as gambling under their law.

Polymarket claims it’s not gambling but a “prediction market,” where people trade on what they think will happen. But the government doesn’t care what you call it, if you’re betting on outcomes and there’s money involved, it’s gambling.

It’s kind of a reminder that even if something is built on blockchain, governments can still step in. So it makes you think, is crypto really free from control, or are we just slowly seeing the same old regulations take over again?

In my opinion, the modern political and financial system is built on a lie. For example, if we're talking about democracy, isn't it technically impossible to hold online referendums on all political issues? If power belongs to the people, why not give them the opportunity to make such governance decisions? Especially since modern technology makes this possible? And it doesn't require intermediaries like parliamentarians. 🙋

However, for those in power, such ideas are a real nightmare. That's why, in my opinion, the Polymarket platform was blocked in Romania. I don't think it's about gambling. 🃏

Prediction platforms like the Polymarket project allow for highly accurate predictions of the outcome of any event, including, for example, political elections. This, in turn, prevents the possibility of election fraud (by those in power). Thus, the activities of the Polymarket platform directly affect the interests of the modern political and financial elite.

[Cryptomultiplier]

Of course, Polymarket is gambling. But prediction platforms are also a combination of gambling and trading. In a sense, they're both. Therefore, two licenses are required: one for trading (if licensed) and one for gambling. On the other hand, we see that the development of gaming, trading, and similar activities is happening much faster than the state bureaucracy is prepared for.

But Polymarket doesn’t hold a global license, so if they ever get one it’s kinda like breaking their own system. I believe they’ll stick to their core idea, giving full freedom and privacy to their gamblers. That’s also why countries with strict gambling regulations don’t like it, they’ll just end up banning it. But the real question is, can they really make a full ban? I don’t think so, there are too many ways to bypass restrictions anyway.

If the government of Romania gets to begin receiving revenue from the Polymarket, am sure that would mean regulations and control and it would also mean the government would let it function as normal gambling platforms do with their customer base.
Let Polymarket get licensed unless it chooses to operate like this , while bearing the full consequences of an outright ban in any country.

[KTChampions]

Romania just banned Polymarket, saying it’s basically running a gambling site without a license. The regulator ordered internet providers to block access after seeing huge activity during their elections, with trading volume hitting around $600 million. They said even if it’s using crypto, betting on events still counts as gambling under their law.

Polymarket claims it’s not gambling but a “prediction market,” where people trade on what they think will happen. But the government doesn’t care what you call it, if you’re betting on outcomes and there’s money involved, it’s gambling.

It’s kind of a reminder that even if something is built on blockchain, governments can still step in. So it makes you think, is crypto really free from control, or are we just slowly seeing the same old regulations take over again?

I'm not at all surprised. After all, it was in Romania that they removed the most popular candidate in the presidential elections with the explanation that he allegedly violated some advertising rules? I hate dictators and all that, but when "democracies" turn into a formula: democracy is when the candidates we want win, I stop seeing the difference. Naturally, everything then becomes more and more totalitarian, and the government begins to determine which websites you can access or not, block VPNs, etc.

[Zlantann]

Of course, Polymarket is gambling. But prediction platforms are also a combination of gambling and trading. In a sense, they're both. Therefore, two licenses are required: one for trading (if licensed) and one for gambling. On the other hand, we see that the development of gaming, trading, and similar activities is happening much faster than the state bureaucracy is prepared for.

Polymarket should get a license and abide by the law of Romania, as they are a gambling platform. It is on record that the platform doesn't make money from the betting but they make money from other means. The government wants to make money from them since their customer base is increasing.

Polymarket has become very influential in different areas; the government might want to put it in check. I could recall when the FBI, under Joe Biden, raided the home of Shayne Coplan, the Polymarket founder and seized his phone. All because his platform's users were betting overwhelmingly that Donald Trump would win the election.
  

[Patikno]

And let's not forget, they want "their share", which probably means a subsidiary and taxes.

I agree with you, I think it is all about profit, so they might be aiming for "their share" as you mentioned. They have every right to do so, but maybe we can actually guess some moves. By the way, I think the news the OP mentioned is related to the development of Kalshi business (a competitor of Polymarket), which is expanding its business to various countries, exceeding 140 countries with a $300 million raise. I don't know if Romania is one of those countries, but if so, then it seems like there is strong competition here, and it maybe politics in business, or vice versa. Just my wild assumption, and I could be wrong.

Here is what I meant, the reference : Kalshi Raises $300M and Expands to Over 140 Countries

[Perfectbaby]

People keep saying that prediction market is not a gambling site but to me that is a  fatal lie.. Maybe they seems not to understand the full definition of gambling, in short language is what someone has to bet on and expect a specific winning in on a short time or long term is also considered as gambling. Of course it will affects them because the gambling site is either accepting fiat and that is where government will come into because they wouldn't allow such gambling site to operate freely from their jurisdiction without being licensed. If it was only crypto it could be that very hard for them to step into it, and have such power to regulates and limiting people from having access to the site.

[stompix]

Romania just banned Polymarket, saying it’s basically running a gambling site without a license. The regulator ordered internet providers to block access after seeing huge activity during their elections, with trading volume hitting around $600 million. They said even if it’s using crypto, betting on events still counts as gambling under their law.

It seems funny. The government doesn't recognize cryptocurrencies as legal tender or payment, but after seeing the huge trading volumes (in the Polymarket), they couldn't resist taking advantage of it.

What if Polymarket used candy wrappers for betting? Would that also be considered gambling? Would it be possible to pay the license and taxes with these candy wrappers?

You're making a mess of assumptions and actually proving their point, so basically every gambling website could come up with their coin, which you can buy from any vending machine, named whatever usd and they would not need a license because they are not dealing with a currency that is legal tender?
Then we could go down the rabbit whole and do this for drugs, so you're not selling drugs because you're not asking for legal tender, you're asking for memecoins, so you could walk free out of drug charges!

Polimarket is a gambling platform that earns money from gambling!
They have no license and they pay no taxes, why should they be allowed!
For fuck sake, they lost the lawsuit in the US , the country where they are based and were banned from offering this to us citizens!

After all, it was in Romania that they removed the most popular candidate in the presidential elections

Bruh......pot and kettle time? 

[OgNasty]

This is a bit surprising coming from Romania but maybe they’ve had some incidents. I personally think prediction markets need some serious regulation. I’ve already seen signs of it becoming an assassination market. For example, there was a spread between Trump winning the Presidency and a Republican being named President. Something like that depending how it is worded could allow someone to place bets in a way that would give them a financial benefit from murder. It is a matter of when, not if, this will happen at some point.

[NeuroticFish]

This is a bit surprising coming from Romania but maybe they’ve had some incidents. I personally think prediction markets need some serious regulation. I’ve already seen signs of it becoming an assassination market. For example, there was a spread between Trump winning the Presidency and a Republican being named President. Something like that depending how it is worded could allow someone to place bets in a way that would give them a financial benefit from murder. It is a matter of when, not if, this will happen at some point.

It's a frightening idea, but, sadly, a valid one. And imho there are way too many ways it can be misused/abused.

But this is Romania. I have a good amount of doubts that the politicians have given a proper thought on abusing/misusing it.
I keep my stance: they've either thought it can harm their chances to be re-elected, either they've thought of milking it.