Polymarket haters unite

[batang_bitcoin]

I don't hate these prediction markets but one thing is they need to be regulated and them regulating their customers too. They can't hide forever for the sake of decentralization as a prediction market because this is going to be abused further if they won't act on it. It's okay to give criticism so that they can correct them later if it's found that it's absurd and not needed or can be abused by their bettors. And let's hope that they're also seeing that if ever they are looking for feed back to make their service better than before.

[KTChampions]

A rather strange topic. I could understand it if you were criticizing the mechanics of prediction markets, there are indeed many problems there, ranging from the vague terms of the bets and the fact that the outcome is determined by a small group of people (who can make mistakes) to censorship (because of moralistic idiots, some markets are closed, for example, on death or nuclear war).
But your complaints are literally "I don't like the idea itself." Maybe if you don't like these services, you should just ignore them? Fixed games, manipulation, etc. have existed long before even bookmakers.

Would you like the idea of execution? I assume no.
Would you like the idea of war? Probably no either.

So when someone comes along and monetises murder, war, pestilence, death, suffering, failure, sorrow etc. Provides incentives directly or indirectly to scam each other based on manipulation or mere interference, why would there be an ethical way to do it? Some activities are bad from the getgo without any excuses.

Your mind reading attempts have failed. My answer in both cases is yes, I would. We are talking about forecasts, right?
Unfortunately, this is part of our world, and I see no reason why I can't analyze the real fucking world and place bets. Because of those moralizing bastards? Let them focus on themselves and not encroach on my freedom.
For some reason, public debate focuses more on the "morality" of prediction markets than on the fucking state of affairs when countries wage criminal wars (USA, Russia, Israel, etc.).

[OgNasty]

The funny thing about watching these prediction markets pop up is seeing how people are taken advantage of. They have people locking up funds for several months at a time for next to no potential earnings because it is a “sure thing.” A lot of these predictions pay less than treasuries. Eye opening how bad people are at managing their money.

[programmer3666]

Sports are supposed to be impartial but we know from leagues of small countries that as soon as gambling enters the market corruption skyrockets and results are no longer fair as expected.

We've now seen events where the growth of prediction markets has affected the outcome of impactful events in some cases, in in some other cases officials going out of their way to utilize their insider knowledge.

Honestly, I have not really find the time to explore that market yet, but it does seem like a trending thing right now. I understand the concerns though. When money is involved, especially in things like real world events, there is always a chance people might try to manipulate outcomes or use insider information to their advantage. So while it looks interesting and new, I think it is something to approach with caution until there is more transparency and proper regulation around it.

[mindrust]

That’s news… why would anyone hate a prediction market? It doesn’t even affect you in any way if you ignore them completely. If someone wants to bet his money on some future event, why would it be anyone’s business? Hating prediction markets is not much different than hating alcohol or pork products. You have the freedom to ignore these things just like you can ignore prediction markets.

The world needs less hate and more love. We gotta learn to accept our differences and live together. Diversity is our greatest strength. Let’s stop hating prediction markets.

Say no to war.

Peace.

[nimogsm]

I don't hate these prediction markets but one thing is they need to be regulated and them regulating their customers too. They can't hide forever for the sake of decentralization as a prediction market because this is going to be abused further if they won't act on it. It's okay to give criticism so that they can correct them later if it's found that it's absurd and not needed or can be abused by their bettors. And let's hope that they're also seeing that if ever they are looking for feed back to make their service better than before.

I don't think we'll see regulation anytime soon. These platforms legally trade insider information, which is simply impossible under normal legal conditions because regulators prohibit it, but in these forecast markets, it's possible. There's a strong feeling that these platforms were created by the rich for the rich, and ordinary people can also participate and pay for the whole party if necessary.

[Fiatless]

Honestly, I have not really find the time to explore that market yet, but it does seem like a trending thing right now. I understand the concerns though. When money is involved, especially in things like real world events, there is always a chance people might try to manipulate outcomes or use insider information to their advantage. So while it looks interesting and new, I think it is something to approach with caution until there is more transparency and proper regulation around it.

The prediction market is an innovative form of gambling that is evolving.  At this infant stage, it seems those who are close to politicians are taking advantage of their lapses. The allegations that some individuals are taking advantage of it require investigation. The outcome of these investigations should lead to the enactment of laws that will regulate the activities of both the platforms and users. I don't hate these platforms but I am proposing strict regulations.

[alegotardo]

Dude, I think the only way to combat this is by regulating or banning it.
This same type of problem exists in stock markets, but there the market is highly regulated, so the chances of someone using privileged information for their own benefit are greatly minimized, and the consequences (punishments) are quite severe.

But the prediction market is still full free whitout control or regulations, so there is really nothing that can be done.
Many countries have already banned this type of betting/trading precisely because they can not regulate/control it.
I do not see an easy solution for this.

[alani123]

Dude, I think the only way to combat this is by regulating or banning it.
This same type of problem exists in stock markets, but there the market is highly regulated, so the chances of someone using privileged information for their own benefit are greatly minimized, and the consequences (punishments) are quite severe.

But the prediction market is still full free whitout control or regulations, so there is really nothing that can be done.
Many countries have already banned this type of betting/trading precisely because they can not regulate/control it.
I do not see an easy solution for this.

Governments have a lot of negotiating power when it comes to forcing platforms to regulate. Polymarket and Kalshi have become too big to ignore. Now, if certain countries or blocks of countries say they'll block the sites or else... The platforms start giving in to demands. KYC, limitations to certain markets, you name it. There's a hundred things that could make prediction markets less horrible if they were regulated.

But I'm a bit skeptical because if something is so rotten to its core it's always easier for regulators to just ban it outright than give any two flying fucks about its future.

[batang_bitcoin]

I don't hate these prediction markets but one thing is they need to be regulated and them regulating their customers too. They can't hide forever for the sake of decentralization as a prediction market because this is going to be abused further if they won't act on it. It's okay to give criticism so that they can correct them later if it's found that it's absurd and not needed or can be abused by their bettors. And let's hope that they're also seeing that if ever they are looking for feed back to make their service better than before.

I don't think we'll see regulation anytime soon. These platforms legally trade insider information, which is simply impossible under normal legal conditions because regulators prohibit it, but in these forecast markets, it's possible. There's a strong feeling that these platforms were created by the rich for the rich, and ordinary people can also participate and pay for the whole party if necessary.

And that's why they might be intervened by the regulators for taking advantage of the insiders. If that's visible and being done on them by the few big guys that are on their platform winning sums of money beforehand the tragedy or any unexpected event done by a country, it's very timely for them to step in and have their regulations applied on them. Or they can give a schedule until when they're going to push a rule about potential insider or how they are going to avoid further abuse by doing it or if they've done steps already.

[Cantsay]

Dude, I think the only way to combat this is by regulating or banning it.
This same type of problem exists in stock markets, but there the market is highly regulated, so the chances of someone using privileged information for their own benefit are greatly minimized, and the consequences (punishments) are quite severe.

But the prediction market is still full free whitout control or regulations, so there is really nothing that can be done.
Many countries have already banned this type of betting/trading precisely because they can not regulate/control it.
I do not see an easy solution for this.

That would be the best move but since politicians and influencers are using it and manipulating it to their advantage and get the most of it, why do you think they’ll regulate it? If it was something they weren’t benefiting from they would have been different moves to regulate it and put it under control but since they can just create an account and monitor things that are related to them and make it happen so they can win they wouldn’t want to regulate it.

[AmoreJaz]

Dude, I think the only way to combat this is by regulating or banning it.
This same type of problem exists in stock markets, but there the market is highly regulated, so the chances of someone using privileged information for their own benefit are greatly minimized, and the consequences (punishments) are quite severe.

But the prediction market is still full free whitout control or regulations, so there is really nothing that can be done.
Many countries have already banned this type of betting/trading precisely because they can not regulate/control it.
I do not see an easy solution for this.

It is up to the government now if they will ban the site or not, just how they ban the regular online crypto gambling site like stake in some other countries. So yes, they can very well do that also for these prediction markets. The government itself has the upper hand whether they will totally ban the site or not within their jurisdiction.

[shinratensei_]

I have no problem with the existence of Polymarket. However, i hate to see the way this platform is operating. It looks like a dystopian story come to life when a platform incentivizing the bad actors to do evil stuff by using insider information bet on the war and others life. It sounds far worst than an ordinary online gambling site.
The fact that trading in polymarket is also helping scammers and grifters to buy their lambo. Plenties of manipulate contract and so many pump and dump stuff.

Who knows that war was happening due to the Trump's close person who bet on Poly that suggested him to attack other nation. It's a wild theory, but it's still having very little chance to happen. I don't wanna be negative, but plenties of contract related to the war that accurately predicted the future.
This seems like the real life is being driven by the polymarket's contract.

[michellee]

We can stops that as people will search for the interesting thing to bet. They don't care if that is disgusting, if they can make money, they will still do that. I am not betting on that such thing as I am not feels good.

I prefer searching for other things will not against with humanity. Mostly, I bet on sports and not even trying to place that such things. But I have not a problems if the bet like that still available on Polymarket, people free to choose what they will bet.