Coinbase prediction market

[nimogsm]

One more competitor for Polymarket and Kalshi. We will see who grow their business in the future as Polymarket already got their fans.

But I still choose Polymarket as I know the site and like the design.

Coinbase don't wants to miss the chances to make more money so they build that. We will see what people reaction with this.

Coinbase has a huge user base, and that's already an advantage for starting out. As a player, I'm not particularly interested in prediction markets. I can observe what people are betting on and what's being discussed in the press, but I don't see myself as part of that industry; I'm more familiar with sports than geopolitics.

[Aanuoluwatofunmi]

I don't want to know where this may be coming from, but i only want to remain the same kind of gambler I've always been, been able to distance myself with anything that has to do with prediction market, gambling is not what could be fun any longer when we are going for prediction market because of the increasing tendencies for risk involved, let the rich play these markets, predicts and risk it but for for common and random gamblers like us.

[promise444c5]

Still stand with poly market even though I haven’t really tried it that much but I did tried it some couple of times already.. It won’t be that bad to see what coinbase has to offer , particularly understanding what  they are offering that makes them unique if any.

Coinbase is always looking for opportunities to rake in profits. They are always chasing the latest trend that fetches them more money and then prediction market is the latest oil well in town.

That’s literally how every company survives and keep up..they capitalize on trends and make something out of it to continue staying visible else they will eventually fade slowly with their competitors taking over completely.
You have an edge Inly if you have a unique feature that can’t be easily replicated even if you have competitors but that doesn’t mean you shouldn’t add or modify.

[Potato Chips]

What I understand is that Kalshi is very focused on the US market, and Polymarket on the rest of the world, and this is unlikely to change in the near future
These partnerships with Coinbase further strengthen its presence in the US market and ensure compliance with regulations for that market

Now, will Coinbase offer something different, or did it just jump on the bandwagon to make some quick cash?

TBH, Most likely the latter lol, but we'll see how it'll develop in the coming future. Most especially since crypto winter is coming, and companies could use that extra dough to smoothen the road.

Last I know, Robinhood's prediction market has been very successful, and I doubt Coinbase didn't see that. They're also another exchange in the USA, and Coinbase is bigger than them. 

[khiholangkang]

It would make sense if Coinbase joined the business of prediction markets, it is a huge industry and they are likely the only known service which could face the dominance of Polymarket.

I don't think Coinbase will be much of a problem or competition to Polymarket since I can see Coinbase focused mostly on the US stock market, and Polymarket is creating prediction opportunities on almost all events that could attract the attention of bettors. Unless Coinbase chooses to offer all services like Polymarket, which I doubt, there should be limited events they should make available.

It looks like it will be done, this is just the initial stage, however the prediction market depends on the interest of the bettors and coinbase released this because Polymarket has no competitors, we need to know why coinbase did not do it directly, they might avoid plagiarism or challenge directly, they need to study it first and move slowly, it is one of the strategies to keep the market safe, they want to increase the market slowly, let's see what the future will be like for this coinbase prediction market.

The prediction market is a very large market and many bettors like it especially related to very exciting events such as politics, economic policy and so on can be bet on.

[Alphakilo]

Coinbase would right now be in competition with platforms like Polymarket and Robinhood.
Although they are fully regulated and this means a lot of pressure for Polymarket who are already facing some backlash from most governments of which they operate within their territory.
Let's see how this plays out and possibly maybe gambling platforms would have to upgrade or go out of business if customers prefer Coinbase predictions market over gambling odds.

[DPHOR]

Does this means that they are also becoming gambling site with exchanges together?
I haven't seen an exchange that has prediction market with trading platform altogether.
Although this is be nice but to me it seems that they are running away from regulations issues, since most people are now seeing predictions market as gambling site, there could be lot of restrictions if they only launches predictions market without them attaching it to their trading platform.

[Charles-Tim]

Does this means that they are also becoming gambling site with exchanges together?

They will argue it that it is not a gambling site, that it it is a prediction site, but in reality, prediction sites are gambling sites. Calling themselves not a gambling site have helped the companies to bypass United States regulations that limit gambling to some extent.

I haven't seen an exchange that has prediction market with trading platform altogether.

If you are not from United States, you may not see one yet because Coinbase and Crypto.com only make their services available for United States citizens.

[DPHOR]

Does this means that they are also becoming gambling site with exchanges together?

They will argue it that it is not a gambling site, that it it is a prediction site, but in reality, prediction sites are gambling sites. Calling themselves not a gambling site have helped the companies to bypass United States regulations that limit gambling to some extent.

I haven't seen an exchange that has prediction market with trading platform altogether.

If you are not from United States, you may not see one yet because Coinbase and Crypto.com only make their services available for United States citizens.

TBH, whatever you use to bet, stake, wagered or placed to earn something in results as winning is also known as gambling, gambling is something you placed to earn money as a result of luck or probability is periodically known to be gambling site. Even now as they are trying to deny the fact that they are predictions market doesn't mean they are not gambling site, they are doing that to bypass regulations issues.
Yes, you are right and I have not see it before, so maybe except someone from the United States as you made mentioned.

[babo]

I will prefer to use Polymarket but I think it will be good if we all know about this.

It is launched with the help of Kalshi.

I wouldn't trust coinbase much.
neither as an exchange nor as anything else

Polymarket, if I remember correctly, is defi, so you don't need to provide identity documents or anything else.
Don't use cefi, there's no reason to do so, in the end fiat money is proving itself for what it is

useless and inefficient

not to mention that they send all the data "to the state"

[Hispo]

I will prefer to use Polymarket but I think it will be good if we all know about this.

It is launched with the help of Kalshi.

I wouldn't trust coinbase much.
neither as an exchange nor as anything else

Polymarket, if I remember correctly, is defi, so you don't need to provide identity documents or anything else.
Don't use cefi, there's no reason to do so, in the end fiat money is proving itself for what it is

useless and inefficient

not to mention that they send all the data "to the state"

Definitely Coinbase is going to ask for KYC documentation form anyone who wished to participate on those betting markets, there is no doubt about it. And if someone dares to commit a mistake about reporting their earnings to the government there in the United States, then they will be visited by agents of the IRS for sure.

Though, I doubt Polymarket does not give information to the IRS and other intelligence agencies as well. Many of their clients are from the USA, so at the very least, those in charge of Polymarket are forced to give addresses information, IP addresses and partner with Blockchain analysis companies, in order for them to continue to offer services to people in USA and also in other first world countries, where tax evasion is a serious crime.

[Dr.Bitcoin_Strange]

I don't use polymarket, so I also won't use this one because I already have all games I love to stake on being offered by the bookies I'm using, even if it's not all the event they offer but my favorites are always in those bookies and yet I don't usually have all the time to start betting in all games. Some of those predictions markets that offers crypto price prediction is what even makes look different from bookies depending on  my own preference but yet, I prefer trading than use prediction market for it.

[Dunamisx]

I don't use polymarket, so I also won't use this one because I already have all games I love to stake on being offered by the bookies I'm using, even if it's not all the event they offer but my favorites are always in those bookies and yet I don't usually have all the time to start betting in all games. Some of those predictions markets that offers crypto price prediction is what even makes look different from bookies depending on  my own preference but yet, I prefer trading than use prediction market for it.

I also have a similar choice on why am not willing to use a prediction market, maybe the bookies already had my gambling games satisfaction and i don't need more in addition, or may be because am not the greedy type that may want to risk high in other to earn big in gambling by trying out the prediction market.

[Odogwu-Blockchain]

If coinbased plans to implement such features in their company, then sooner or later, Binance will integrate such features immediately because they are good at implementing new features to their trading app more than others. This should go to okex, Bybit too, these exchanges mentioned seems to compete with each other all the time implementing qualities that differs from one another.

[MRY]

I don't use polymarket, so I also won't use this one because I already have all games I love to stake on being offered by the bookies I'm using, even if it's not all the event they offer but my favorites are always in those bookies and yet I don't usually have all the time to start betting in all games. Some of those predictions markets that offers crypto price prediction is what even makes look different from bookies depending on  my own preference but yet, I prefer trading than use prediction market for it.

I also have a similar choice on why am not willing to use a prediction market, maybe the bookies already had my gambling games satisfaction and i don't need more in addition, or may be because am not the greedy type that may want to risk high in other to earn big in gambling by trying out the prediction market.

The action to remain in one form of game reflects high levels of control of our individual ambitions. We are aware that the incremental cost of seeking prediction markets is the further risk taking on which we do not really feel the need at this moment. Provided we impose upon ourselves to find more profits, anxiety will necessarily disturb our composure in playing. Disruptive nature of greed can be guarded through satisfaction with the services available, the result of greed.

[STT]

Prediction is half way between finance and gambling is how I view it so I dont class them as becoming a casino exactly.  Its a positive development because competition is a good thing to widen out the market in favor of consumers is who will benefit most.
  Also some who have their capital on Coinbase especially which is quite alot of people will particularly appreciate not having to leave that regulatory based site, any new site is more paperwork for many in various countries.

[Hispo]

Prediction is half way between finance and gambling is how I view it so I dont class them as becoming a casino exactly.  Its a positive development because competition is a good thing to widen out the market in favor of consumers is who will benefit most.
  Also some who have their capital on Coinbase especially which is quite alot of people will particularly appreciate not having to leave that regulatory based site, any new site is more paperwork for many in various countries.

Personally, I don't see where the finance part of betting is.
In finances there is pretty much a good degree of control over what is going to happen with our money, that is what it makes it different from gambling, and when comes to prediction markets, we have zero control over the outcome (and even if we had control over it, it could be considered as a form of cheating/inside trading).

The only financial part within betting on the future is how we manage our bankroll, anything beyond that does not have anything to do with the calculated risk of betting on platforms like Coinbase or Polymarket.