Trust wallet now offers prediction market

[Obim34]

For me this is just a normal thing, since I am not really into betting on that kind of market. But if this platform adds that feature, hope it does not change how Trust Wallet works as a crypto wallet.
Honestly I always use this wallet to store and send crypto. If that feature can help bring in new users, then that is even better.

With the recent and ongoing changes in the wallet, It's kind of a no-brainer to use TrustWallet still when trying to maintain maximum security and privacy. It feels like they are leaving the initial and going through upgrades that are the opposite of what a wallet should be, TrustWallet now looks like a centralized platform.

I'm sure users who are centered on the initial concept of decentralization would have stopped using the wallet.

[Fortify]

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

These are massively lucrative markets if you can secure even 5% of the volume going through them you're likely talking about tens, if not hundreds of millions in potential profits. If you already have a platform with a big audience and they have lots of liquid funds then it absolutely makes sense to connect up with this sort of business. However all of these prediction companies are just hoping that they can make enough money in these next couple years while the regulators are neutered before shutting it down or most likely begging to avoid fines coming later on for hovering in the "grey area" of these business practices. These prediction companies are just being given free rein at the moment to do whatever they like it seems, but this used to be quite restricted and legally enforced so that people couldn't run corrupt trades to bank off world events (with heavy insider trading).

[Aanuoluwatofunmi]

With the recent and ongoing changes in the wallet, It's kind of a no-brainer to use TrustWallet still when trying to maintain maximum security and privacy. It feels like they are leaving the initial and going through upgrades that are the opposite of what a wallet should be, TrustWallet now looks like a centralized platform.

I'm sure users who are centered on the initial concept of decentralization would have stopped using the wallet.

I'm sure that right from time I have not been always considering you they use of trust wallet because I know there is nothing to be trusted about them when they are already made a closed source code wallet, so now worsen the case, they are also introducing prediction market on their wallet, which is another additional risk that is more than what we may think of when all that is in your wallet is intended to be used for prediction marke from them.

[alani123]

For me this is just a normal thing, since I am not really into betting on that kind of market. But if this platform adds that feature, hope it does not change how Trust Wallet works as a crypto wallet.
Honestly I always use this wallet to store and send crypto. If that feature can help bring in new users, then that is even better.

With the recent and ongoing changes in the wallet, It's kind of a no-brainer to use TrustWallet still when trying to maintain maximum security and privacy. It feels like they are leaving the initial and going through upgrades that are the opposite of what a wallet should be, TrustWallet now looks like a centralized platform.

I'm sure users who are centered on the initial concept of decentralization would have stopped using the wallet.

I sure as hell wouldn't want to use a wallet that promotes a prediction market inside of it.
The app should be slim so as not to allow potential security holes to be exploited. Nowdays some wallets gave very large apps with unnecessary features almost no wallet user is going to care about.

A wallet is not a bank. But they seem like they try to be everything all at once. I don't need my crypto wallet to be an everything app.

[Chibit01]

I sure as hell wouldn't want to use a wallet that promotes a prediction market inside of it.
The app should be slim so as not to allow potential security holes to be exploited. Nowdays some wallets gave very large apps with unnecessary features almost no wallet user is going to care about.

A wallet is not a bank. But they seem like they try to be everything all at once. I don't need my crypto wallet to be an everything app.

Every wallet which is owned or somehow connected to an exchange basically offers the same features as an exchange, which always surprises me. While they can focus on one thing, talking about a trust wallet, which is the subject matter, a lot of features are available in their which makes me wonder if they are still a self-custody wallet like they claim or a centralized platform in disguise.

[Dogedegen]

Yes that is what I agree with, this kind of advertising only hurts the consumers. Unfortunately we live in such times and even many people defend this as something good.

Times have changed bro. Lots of business models no longer conforming with the morals, its now about not being left out in the trend, everything is now business.

Personally, I don't like the idea of a merge of prediction markets in a wallet app, it's more like providing users a medium to save and another to waste their savings at the same time. Most people cannot resist as long as it is in sight.

These wallets are slowly turning into a gambler's wallet. I believe that anyone who wants to strictly save would move away from them. Maybe over a long period of time, they would see that many holders may have migrated from their wallets and they may make a better decision or not at all.

The times really suck if you ask me bro. There are things that are getting better that is always true, but in many things like this we are going back and they keep getting worse. I am glad that you are one of the few users here that is not wrongly defending this. Many people will not be able to resist trying the prediction markets if they see it there and it is only a few taps away, and that is the problem. A lot of users here think addiction is only extreme addiction or nothing, but even if you do a little bit of something that you didn't plan to do then the addiction has taken over. This means that if people who did not gamble or plan to use gambling as entertainment now occasionally gamble a bit on prediction markets that they are addicted.

I don't want to see this happen, and this stupid trend from shitcoins but also from the world needs to stop. They are trying to put gambling in every possible thing that they can have, the algorithms on YouTube, Facebook or other platforms are very similar to that and they work too well.

I sure as hell wouldn't want to use a wallet that promotes a prediction market inside of it.
The app should be slim so as not to allow potential security holes to be exploited. Nowdays some wallets gave very large apps with unnecessary features almost no wallet user is going to care about.

A wallet is not a bank. But they seem like they try to be everything all at once. I don't need my crypto wallet to be an everything app.

Every wallet which is owned or somehow connected to an exchange basically offers the same features as an exchange, which always surprises me. While they can focus on one thing, talking about a trust wallet, which is the subject matter, a lot of features are available in their which makes me wonder if they are still a self-custody wallet like they claim or a centralized platform in disguise.

Having access to exchange services is not the same as having access to gambling.

[suzanne5223]

Promoting predictions market on crypto wallet like trust wallet is quite unethical for a financial service provider where consumers are meant to store their assets becoming a ground for temptation into gambling with that money is not good, just like Banks apps offering gambling services, no matter what is not responsible approach and a misrepresentation of what their cure service really is, but nowadays, everyone is after the revenue and no one really cares about their customers protections.

+1 to what you said, which reminds me of the time some people reported the issue of some mobile banking app used to advise gambling in their country, and I see the prediction market service rendered by Trust Wallet to be the worst scenario.

But, out of curiosity, after all the negative activities done by Trust Wallet. Are you still among the crypto enthusiasts that's still using the wallet as storage?

[Chibit01]

Every wallet which is owned or somehow connected to an exchange basically offers the same features as an exchange, which always surprises me. While they can focus on one thing, talking about a trust wallet, which is the subject matter, a lot of features are available in their which makes me wonder if they are still a self-custody wallet like they claim or a centralized platform in disguise.

Having access to exchange services is not the same as having access to gambling.

That's correct, but I was referencing the involvement of all the wallets owned by exchanges which offer similar services to what's being done on exchange. The Trust wallet's case might be different, since they now offer a prediction service which is related to gambling, and we also don't know how many wallets out there which is also taken same step.

[Cantsay]

Every wallet which is owned or somehow connected to an exchange basically offers the same features as an exchange, which always surprises me. While they can focus on one thing, talking about a trust wallet, which is the subject matter, a lot of features are available in their which makes me wonder if they are still a self-custody wallet like they claim or a centralized platform in disguise.

Trust wallet has one of the lowest trust in terms of being a non-custodial wallet, but it is not a bad thing to try to add all of these things, there are most likely trying to look for more ways to get more revenue and as long as they are able to secure their product then there is no problem.

I know that the confusion of what exactly is trust wallet is, but, companies can enter into a market with one product and then diversify into other aspect and that's what trust wallet is doing.

[r_victory]

This will become increasingly common. Companies will try to aggregate as many services as possible to retain the largest possible user base on their platforms. This attracts demand, consequently profit and investors. I just don't know if it's positive for the end user; perhaps for those who use this type of service it might be, but for those who don't, it's just another useless option.

[alastantiger]

Every wallet which is owned or somehow connected to an exchange basically offers the same features as an exchange, which always surprises me. While they can focus on one thing, talking about a trust wallet, which is the subject matter, a lot of features are available in their which makes me wonder if they are still a self-custody wallet like they claim or a centralized platform in disguise.

It is impossible for an exchange to have a wallet and that wallet remains a non custodial wallet because the exchange will want to make money from the wallet that is why they brought it so they can have the customers that are already using the wallet to join their exchange. When you notice some kind of featured being introduced to a wallet then you have to know that it is now a centralized wallet and that is why they can be adding all those features especially those ones that can only work with a centralized wallets.

Trust wallets has always had mix feeling Newtown the cryptocurrency  members if they are decentralized or centralized wallet and now, what they are is obvious to everyone. It is now your decision to continue making use of them or not.

[retreat]

Knowing that this wallet has been taken over by an exchange that focuses on money, I see this as something normal. Trustwallet is used by so many people, having a prediction market integrated into their app expecting that they can make some money from people who might be interested in placing predictions on events. That could give the company another way to generate revenue from fees spent by users on their predictions. Even though it sounds pretty funny because how could a wallet offer predictions in their app, they don't seem to care as long as they can make more money from their app.

[Somegory]

With the recent and ongoing changes in the wallet, It's kind of a no-brainer to use TrustWallet still when trying to maintain maximum security and privacy. It feels like they are leaving the initial and going through upgrades that are the opposite of what a wallet should be, TrustWallet now looks like a centralized platform.

I'm sure users who are centered on the initial concept of decentralization would have stopped using the wallet.

I'm sure that right from time I have not been always considering you they use of trust wallet because I know there is nothing to be trusted about them when they are already made a closed source code wallet, so now worsen the case, they are also introducing prediction market on their wallet, which is another additional risk that is more than what we may think of when all that is in your wallet is intended to be used for prediction marke from them.

There was actually a time when trust wallet was so good, I don't know what their problem is, they can actually just leave it like it is and keep updating it normally without introducing those junk ads everywhere.

Trust wallet was my first go to hot wallet because it was very easy to use, you can easily buy digital assets in the wallet without moving your coins out, you can even use their swap engine which was a mixture of thirdparty swapping platforms.

All of a sudden they just changed, everything is now full ads of memecoins on BNB chain everywhere, it's like a brand new team decide to to take over the project or something.

[Moreno233]

Knowing that this wallet has been taken over by an exchange that focuses on money, I see this as something normal. Trustwallet is used by so many people, having a prediction market integrated into their app expecting that they can make some money from people who might be interested in placing predictions on events. That could give the company another way to generate revenue from fees spent by users on their predictions. Even though it sounds pretty funny because how could a wallet offer predictions in their app, they don't seem to care as long as they can make more money from their app.

Trustwallet will be able to make money offering prediction market but that is dependent on if they are the liquidity providers. If there is a third party that acts as the liquidity providers, they may not make that much profits as you are thinking. Prediction market has its risk to both the players and the site so if Trustwallet is entering into the market, they should also prepare for the risk involved.

[hedgeh0g]

Knowing that this wallet has been taken over by an exchange that focuses on money, I see this as something normal. Trustwallet is used by so many people, having a prediction market integrated into their app expecting that they can make some money from people who might be interested in placing predictions on events. That could give the company another way to generate revenue from fees spent by users on their predictions. Even though it sounds pretty funny because how could a wallet offer predictions in their app, they don't seem to care as long as they can make more money from their app.

They have some rather strange legal relationships in general, since Trust was not purchased by Binance, but by CZ himself, and at the same time, it’s not considered an official partner of Binance. At the same time, Binance has predicsh markets, they’re built right into the apps, as a function of Binance Wallet. And Binance covers the gas fees there, so no one needs to buy BNB for transactions, and it’s possible that Trust will have a similar internal mechanism. I haven’t delved deeply into this issue yet.

[Nwada001]

Trust wallets has always had mix feeling Newtown the cryptocurrency  members if they are decentralized or centralized wallet and now, what they are is obvious to everyone. It is now your decision to continue making use of them or not.

This always brings me to the question about how they generate the wallet phrase of users who use their app to generate a wallet and how if they don’t somehow store those keys in their database, it’s really a thing of concern considering how popularly used the wallet is in my country here and it also being a closed source wallet coupled with their type of service they are offering recently the question just keep on getting large.

[drangos]

Trust wallets has always had mix feeling Newtown the cryptocurrency  members if they are decentralized or centralized wallet and now, what they are is obvious to everyone. It is now your decision to continue making use of them or not.

This always brings me to the question about how they generate the wallet phrase of users who use their app to generate a wallet and how if they don’t somehow store those keys in their database, it’s really a thing of concern considering how popularly used the wallet is in my country here and it also being a closed source wallet coupled with their type of service they are offering recently the question just keep on getting large.

The prediction-market feature is not as significant as the concern of a seed phrase. That isn't a privacy or security issue, because the wallet doesn't have to store users seed phrases on a server. It's all about whether users can verify how key generation and other important operations work. That's much more difficult to audit with closed source software. Meanwhile providing a prediction market doesn't necessarily mean the wallet has become custodial. I would divide the two things and examine the behavior of the wallet with regard to private keys before making that decision.

[Synchronice]

This is an interesting approach from Trust Wallet. At first I thought that they created a prediction market but as I see, they aren't competing with Polymarket, instead, they are becoming a distribution layer for Polymarket and other companies in this niche. They actually help Polymarket to reach more users and improving the experience of their own users by the fact that if their user wants to use Polymarket's service, they no longer need to transfer things from wallet to wallet on blockchain.

[noorman0]

Trustwallet will be able to make money offering prediction market but that is dependent on if they are the liquidity providers. If there is a third party that acts as the liquidity providers, they may not make that much profits as you are thinking.

They initially partnered with Myrad, a prediction market protocol; thus, Trust Wallet did not provide its own liquidity from the start. They have since added at least 3 more partners including Polymarket, leading to the conclusion that Trust Wallet functions primarily as a prediction market aggregator.

[Queen uloma]

Trust wallets has always had mix feeling Newtown the cryptocurrency  members if they are decentralized or centralized wallet and now, what they are is obvious to everyone. It is now your decision to continue making use of them or not.

This always brings me to the question about how they generate the wallet phrase of users who use their app to generate a wallet and how if they don’t somehow store those keys in their database, it’s really a thing of concern considering how popularly used the wallet is in my country here and it also being a closed source wallet coupled with their type of service they are offering recently the question just keep on getting large.

The prediction-market feature is not as significant as the concern of a seed phrase. That isn't a privacy or security issue, because the wallet doesn't have to store users seed phrases on a server. It's all about whether users can verify how key generation and other important operations work. That's much more difficult to audit with closed source software. Meanwhile providing a prediction market doesn't necessarily mean the wallet has become custodial. I would divide the two things and examine the behavior of the wallet with regard to private keys before making that decision.

Prediction market and seed phrase is entirely different. The main issue is how the wallet can handle users private keys and whether the key generation process can be trusted. Even if they add prediction market, it doesn’t automatically means that the wallet has become custodial. We should focus on security and how the wallet can protects users funds before even judging them.