Trust wallet now offers prediction market

[Agathamay]

Was just trying to explore my trust wallet this morning when it suddenly came to my attention that, trust wallet now offers prediction on not just crypto but several other happenings including sports predictions, political news and so on and it seems they all started it this year which I don't know if it's a good move or not but it seems people are really going into it as the figures I see been stakes runs in millions so I had to bring it to the attention of the community for those who might be interested but not aware and I want to know your take on it.


I also need a little explanation on how it works because there is a prediction I saw that seems there wouldn't be any loss wether you choose yes or no and if that's the case then it's a good option to try


[source]
The picture where screenshots from my trust wallet app and if this isn't the right board please help point out the right board for me so I can move it there but I felt it would suit here than the gambling board

[Odohu]

This has been there for a long time, maybe you are just learning about it now. I first saw it earlier this year but I have not given it a try. They had some crazy events like those relating to the war in Iran, the war in Ukraine and some other geopolitical events which are not my interest, maybe that should be the reason I did not pay much attention to them.

The right board for this should be gambling discussion since prediction market is just like gambling.

[KayaHodler]

That 'no loss either way' is wrong however bro, nice find anyways. It works as betting market (like Polymarket type), value of Yes/No shares in system changes according to chances, not fixed. If you put in $60 on Yes and it comes out Yes, you get $100, but if it comes out No, you lose $60 you put in. Same for No side. So it is not riskfree, it just looks riskfree at that time because both sides add up close to $100 at market price, that doesnt mean outcome is guaranteed.

These betting markets are only available in some countries due to regulation, so check whether it is allowed in your country before you get into it. Thanks for bringing this to light, will be interesting to watch as these platforms compete with others like Polymarket/Kalshi in this world.

[Hatchy]

This has been there for a long time, maybe you are just learning about it now. I first saw it earlier this year but I have not given it a try. They had some crazy events like those relating to the war in Iran, the war in Ukraine and some other geopolitical events which are not my interest, maybe that should be the reason I did not pay much attention to them.

The right board for this should be gambling discussion since prediction market is just like gambling.

Its a bit confusing which board this should be on since it talks about both a wallet and a prediction market. Trust Wallet is already quite complicated, and adding a prediction market only makes things worse.I used to think of Trust Wallet as just a wallet, but then they became an exchange, and now they are offering a prediction market too. My advice to anyone using this wallet is to be very cautious and avoid leaving your assets there. Their system is becoming more complicated, with many different and new features, while there may still be bugs that haven't been properly addressed. It just puts your coins at risk knowing that their system might have vulnerability that's let unchecked..

[SatsPH]

The right board for this should be gambling discussion since prediction market is just like gambling.

Probably if we talk about prediction market, the correct board will be Gambling.

But I was thinking that this could also be in the Service Discussion.

I just want to share this reddit post though for everyone to know, Do not use Trust Wallet for prediction markets. And we all know that there has been a lot of issues/compliant on Trust Wallet before.

[Emjay24]

I just want to share this reddit post though for everyone to know, Do not use Trust Wallet for prediction markets. And we all know that there has been a lot of issues/compliant on Trust Wallet before.

I'm not surprised  to see this, Trust wallet already has so many red flags from the fact that it is closed source to the exploits it has had continuously in the past of which lots of users lost funds. There's lots of bad reviews against trust wallet and this one adds to the list. I hope people understand how unsafe it is to use their services.

The best way to get your problems with these service providers solved faster is to tag them on platforms like X, They contact you almost immediately with effective solutions.

I think this topic should be in service discussions board and not necessarily gambling board.

[AprilioMP]

It’s practically like a betting market—a wallet offering crypto price predictions and sports betting predictions.
If you want to gamble, a wallet isn’t the place—it’s a casino or some other gambling venue. A wallet’s function is to store assets, not to make predictions. Whatever kind of prediction it is, that’s not what it’s for.
From this, you should realize that Trust Wallet is trying to attract users by offering those ridiculous predictions. Would you say that wallet is any good as a storage wallet?

[Bitcoin-Forever]

Trust wallet is of rain prediction market, exchanges are offering prediction market as well as some gambling platforms, this shows more increasing sign of risk to anything we are doing from those platform, while the worst of them all is the trust wallet that supported for this, we often advise users not to consider using a closed source non-custodial wallet like trust wallet because they are so good is closed and not open, having offered prediction market is another additional risk it's may give for those that really knows what is involved.

[sergiorus]

It's just an integration of Polymarket's interface. Trust Wallet itself doesn't offer anything, and won't be responsible for anything you do or anything that happens to you on that platform as everything routes directly via Polymarket's smart-contracts without any technical Trust Wallet's involvement.

I think this is not the first time a wallet integrated UI of a prediction market platform by the way.

[Karl_3000]

Odohu is very right about this, I noticed prediction market on Trust wallet when I downloaded it in May of this year which was 4 months ago and that was when I posted this:

Is Trust wallet still wallet?
https://bitcointalk.org/index.php?topic=5584449.msg66781502#msg66781502

Predict market is not new on Trustwallet.

With what I thought about the wallet at the time, I do not see a good reason it should be called a wallet and it is close source which make it not advisable to us.

[DrBeer]

For me, the main question is: Will this become a problem for the TrustWallet platform? In theory, this is a licensed service that could attract additional scrutiny from various regulatory bodies.
We already know of examples of such cases, and this could lead to unpleasant problems—ranging from reputational damage to more serious issues.

[KiaKia]

Yes it's been there and no one is talking about it, because is there even any need to do so? Some part of me especially don't like how crypto is getting mixed with token stocks, is anyone else feeling this way?

Are you people also seeing how some billionaires aren't happy about the fact that stock tokens are getting mixed with memecoins? This shit is getting out of hands really..

We first had prediction market.
It got mixed with online casinos and crypto wallets.

Now we have memecoins getting backed by stocks and every platforms isn't looking like stand alone anymore, they are mingling with everything that moves with money.

[ZeroVinsonN]

Its a bit confusing which board this should be on since it talks about both a wallet and a prediction market. Trust Wallet is already quite complicated, and adding a prediction market only makes things worse.I used to think of Trust Wallet as just a wallet, but then they became an exchange, and now they are offering a prediction market too. My advice to anyone using this wallet is to be very cautious and avoid leaving your assets there. Their system is becoming more complicated, with many different and new features, while there may still be bugs that haven't been properly addressed. It just puts your coins at risk knowing that their system might have vulnerability that's let unchecked..

I don't even use trust wallet and haven't really been paying much attention to them over the past years, it's completely news to me that they also became an exchange seeing as they supposedly own Binance which already offers the service though I suppose they can do whatever they want, I still won't be using them so it's not my problem either way, I will want to advise those who are interested to be careful with them though.

[Livingleged]

I don't even use trust wallet and haven't really been paying much attention to them over the past years, it's completely news to me that they also became an exchange seeing as they supposedly own Binance which already offers the service though I suppose they can do whatever they want, I still won't be using them so it's not my problem either way, I will want to advise those who are interested to be careful with them though.

Most of us that are into crypto have used the trust wallet at some point before we left it for good, I’m still surprised that people are still using it when we have better wallet that are open source code, I don’t like it when a platform is being complicated, if crypto were not used for gambling all this wouldn’t have been possible, In as much as the crypto used in gambling is contributing to more adoption, i would prefer an exchange should remain as an exchange and prediction market should remain prediction market.

[348Judah]

I don't even use trust wallet and haven't really been paying much attention to them over the past years, it's completely news to me that they also became an exchange seeing as they supposedly own Binance which already offers the service though I suppose they can do whatever they want, I still won't be using them so it's not my problem either way, I will want to advise those who are interested to be careful with them though.

With the way things are going, I would rather be more careful with platforms that also accept for prediction market on their site, if a particular website allows this shows that they are also to be suspicious for one thing or another regarding how we could trust on their safety or privacy, like a place of trust wallet, a reasonable user will definitely know the risk of using it despite being a non-costodial wallet.

[Renampun]

I rarely check the Trust Wallet app anymore since I don't use it, but I just opened the app on my phone and saw that they really do offer a prediction market directly in their app. Maybe for people who usually bet on prediction markets, this could make things easier because they can place bets on an event right from the app.. but for someone like me who doesn't bet on prediction markets, this feature is just so-so, nothing really interesting about it.

will be interesting to watch as these platforms compete with others like Polymarket/Kalshi in this world.

As far as I know, they are just aggregators of prediction markets.. so, their goal is not to compete, but merely to act as intermediaries who collect and present events from various prediction platforms CMIIW.

[ZeroVinsonN]

I don't even use trust wallet and haven't really been paying much attention to them over the past years, it's completely news to me that they also became an exchange seeing as they supposedly own Binance which already offers the service though I suppose they can do whatever they want, I still won't be using them so it's not my problem either way, I will want to advise those who are interested to be careful with them though.

With the way things are going, I would rather be more careful with platforms that also accept for prediction market on their site, if a particular website allows this shows that they are also to be suspicious for one thing or another regarding how we could trust on their safety or privacy, like a place of trust wallet, a reasonable user will definitely know the risk of using it despite being a non-costodial wallet.

Seeing as they are supposedly no longer associated with Binance it is understandable that they will want to also operate as an exchange and if an exchange wants to introduce prediction market as a service they offer then I don't see the problem with that, I'm not eager to use Trust wallet but that doesn't mean I will push for others to not use it.
Also i won't call them non custodial, all of their official documents might call them that but seeing as they are not fully open source I am simply not eager to believe I control my keys with them.

[Sammye3]

This has been there for a long time, maybe you are just learning about it now.

This should be the first time I'm seeing this. I had to check my trust wallet to authenticate this information and it was actually true. I've not used my trust wallet for almost a year now so it has never come to my notice that there are significant changes.

Though with this initiative, there is a high risk of addiction as the prediction market feature is integrated in the app and it's easier to stake with available balance in the wallet. There are also a good number of technical risk involved as well that should be considered beforehand.

[Merit.s]

What do you expect when Trust wallet have lost their trust from users using their wallet. They're looking for every means to make more money and bring more customers to use their wallet. I am surprised that a wallet is having prediction market in it.

I started my crypto journey with Trust wallet as a newbie but along the line, I dumped it after I noticed that it's a closed source and saw how bad the wallet is.

[Orpichukwu]

Trust wallets are into a lot of things, which can get them money, staking, swapping, etc., and now we are seeing prediction markets, which are not even sounding strange to me; they just want their users to be in the app and do everything, which is not the same idea surrounding self-custody wallets.

These betting markets are only available in some countries due to regulation, so check whether it is allowed in your country before you get into it. Thanks for bringing this to light, will be interesting to watch as these platforms compete with others like Polymarket/Kalshi in this world.

In countries where prediction markets are not available but the use of crypto is legal, those citizens are going to take advantage of this trust wallet option since everything is handled inside the wallet and there's no external domain that’s going to be blocked by them or asking users to verify their identity before usage.