Do you believe on this statement by the CEO of Kalshi

[iv4n]

Do you believe in  Kalshi CEO Tarek Mansour statement that;

“elites will never love these markets and they’ll always attack us,” telling Patrick Bet-David prediction markets represent “the first time that information is flowing from people, bottom up.”
”We don’t have gatekeepers of the truth.”

With these words, he is trying to sound like he is Julian Assange... A hero fighting the establishment, saying that "the first time that information is flowing from people, bottom up”, and "they don't have gatekeepers of the truth". All that while sitting comfortably at the top, searching for legal loopholes to keep volume high & more profit.

He is just pushing the "we are not a casino" narrative! Like he is giving a voice to ordinary people, but in reality, people just have an opportunity to bet on all kinds of events... So all this is just trying to look like some noble hero fighting for public information, but it's all about his company and, of course, more money.

[EluguHcman]

He believes that regulators are attacking the integrity of prediction markets because they let information spread to the masses, and they claim to be democratic for spreading information that was once not available to people. What's your take on this? Is there some truth to this?

There is nothing much thereabouts, it feels to the authorities that the prediction market is going no wrong but because they (government) fears that such betting events will drag much attentions of the political, economical, security and all that public matters to the masses.

This seems to be more of psychological factor whereas, the government does not only fear about the  insiders or third parties leaking official or reserved informations.

Funny enough they understands the grieves of the bettors or traders when they looses their tickets and while the governments remains failure to satisfy the need of the people.

I smell how the authorities are trying to manipulate some craps there by attacking the prediction market.
The CEO could be right.

[Moreno233]

Prediction market bring another form of confusion to the gambling business. They don't even know if they are gambling or not, an excuse they use to evade taxes. The nature of the prediction marlet is such that insider trading is inevitable, so I don't know why the COE of Kalshi is expressing this level of concern over a matter that us bound to happen. The rich and privileged individuals will always make money off the prediction market and all depend on information management.

[Mrbluntzy]

So, what he is instituting is that, the only reason why the elites are opposing or attacking prediction market is because it challenge the traditional influence of these elites over information? Well, it also depends on the group he is referring as elites because it could be politicians and government officials, financial institutions, and other established institutions that influence public opinions.
Is he trying to ragebait people so that he can get attention? Some people are opposing prediction market for good reasons.

Depending on who he he is specifically referring to, I might not agree with him if he is referring to the government or some politicians that are opposing them for a good reason. The government has find out that some public servants are using non public information to trade in those market and it is not good. Apart from non public information that some government officials are using to bet in the market, there are also some activities which they consider not good to be bet on such as the movements, actions and activity of the military.

What the prediction market should do it avoid listing those activities that the government doesn't want them to list and then they won't have issues with them, secondly they have to abide by the betting rules of the state they are operating from as some state does not allow them to offer sports betting games without their permission.

[CucakRowo]

What's your take on this? Is there some truth to this?

A half truth!

Bottom up information?? lol. Actual story is something else.

After all, Kalshi is CFTC-regulated exchange, they decide which contracts are offered, which ones get banned and who gets hit for insider trading.

And the fact that states are going after them, that’s certainly not just some crocodile tears over freedom of speech! Utah has gone a step further and filed criminal charges directly against the founder!

[stepwilli]

Prediction market bring another form of confusion to the gambling business. They don't even know if they are gambling or not, an excuse they use to evade taxes. The nature of the prediction marlet is such that insider trading is inevitable, so I don't know why the COE of Kalshi is expressing this level of concern over a matter that us bound to happen. The rich and privileged individuals will always make money off the prediction market and all depend on information management.

Not 'confusion' but another 'level' of prediction market where bookies make use of this to generate more revenues. Like traders, there are many other people do gamble in real life and these prediction market players also must be one of them. Because there are lots of similarities between gambling and these markets but they justify their action by involving knowledge and skill but at the end of they day here also luck plays major role to finalize the result. Yeah, rich people always got power to manipulate a system and prediction markets cannot be an exception for that.

[Floxynice]

Do you believe in  Kalshi CEO Tarek Mansour statement that;

“elites will never love these markets and they’ll always attack us,” telling Patrick Bet-David prediction markets represent “the first time that information is flowing from people, bottom up.”
”We don’t have gatekeepers of the truth.”

https://x.com/CoinMarketCap/status/2116759396164223119

He believes that regulators are attacking the integrity of prediction markets because they let information spread to the masses, and they claim to be democratic for spreading information that was once not available to people. What's your take on this? Is there some truth to this?

Yes, they let information spread to the masses, including information that the masses are not suppose to know just yet. The elites may partially be attacking the prediction markets, but most importantly, those involved in insider trading are contributing more to such attacks; they have given the critics what to use to attack the prediction markets.

I too have a problem with prediction markets because of the issue of insider trading that is very common.

[Alpha Marine]

Prediction market is avoiding paying taxes and claim they aren't gambling.

Taxes are not what they are avoiding because they also pay taxes as a trading platform. What they are avoiding is being regulated as a gambling company.
Imo, a prediction market is just a different a different version of gambling.

OP, what Tarek Mansour says shouldn't be dismissed out of hand. imo greatest fear for any centralised authority or elites is the fear of losing control. You know, for a long time traditional media, politician and corporate gatekeeper determined what general public would and would not come to know as the truth. However in prediction market when ordinary people stake their own money by betting on future event, underlying truth is crowdsourced and brought to light for everyone to see.

There is a profound truth here. Because once information begin to flow from bottom up, there is nothing left for gatekeeper at the higher levels to do.

This would have made more sense if prediction markets bring out information that are secrets. I mean, all the information that people bet on in prediction markets is information that would still be public later on. So how are they bringing out information that the traditional media, politicians and the rest would want to keep quiet?
The prediction market still relies on information from the traditional media.
Let's not act like they are bringing information that used to be secrete. Information that are secrets don't show up in prediction markets.

[Mr_Brilliant$]

As the name implies, prediction market. Let's all know that it doesn't say the truth at all. Prediction is what it is. We shouldn't go about believing it. But it can be used as an information towards what exactly is going to happen. Whether we want to hear it or not. There are gatekeepers to what event will happen. It has already been planned out. So saying the people somehow got the memo on information is not entirely true. There are people that get insider information and that is the people that you can say they have direct access to such information. For the people, they are left in the dark.

[Nwada001]

Hmm, I also believe that when regulator and government agencies repeatedly try to block these thing, the reasons behind it go beyond just legal and financial concern. Actual issue is struggle to hold onto power.

If people somehow learn to predict future through market price then narratives imposed from above will no longer be able to hold up.

I never even thought about the market this way until now. The last time we were discussing how the prediction market can help election manipulation, which I was against, but from viewing it from an information standpoint, I think I get it now. Before, it was very much easier for the government to control the type of information they get down to the public; they could easily limit it to elites, but now the prediction market has made us aware of things which deep research was supposed to be the only way.

[Asuspawer09]

At some point I would just think that the prediction market was also making money on insider information. I mean this is still a gamble, so people for sure are betting and willing to lost on the bet even though insider information might be leak most of the time I guess they could just swipe away bets easily since people are willing to take the risk for that. For most gamblers, it is just a matter of how lucky they are.

The prediction market is just a huge risky business since it is just prone to these insider leaks, so it is just prone to banning in the first place because of this reasons, the prediction market is not really producing the truth it still depends on how the market views it.

[Smack That Ace]

I think that's not elites hating truth. Any platform cannot disregard state’s gambling law simply because it has received federal approval.

Even if it generates revenue by increasing the volume of transactions, it must still comply with local laws.. So I could say best it is something like Federal vs State.

Afaik, Donald Trump Jr is strategic adviser to Kalshi.

Therefore, us versus elite narrative does not align with Kalshi’s own position, as they are closely connected to powerful circle.

[Dogedegen]

Do you believe in  Kalshi CEO Tarek Mansour statement that;

“elites will never love these markets and they’ll always attack us,” telling Patrick Bet-David prediction markets represent “the first time that information is flowing from people, bottom up.”
”We don’t have gatekeepers of the truth.”

https://x.com/CoinMarketCap/status/2116759396164223119

He believes that regulators are attacking the integrity of prediction markets because they let information spread to the masses, and they claim to be democratic for spreading information that was once not available to people. What's your take on this? Is there some truth to this?

You are not allowed to spread a lot of information that could get your close people richer. But such information sharing is very common among the elites even if they lobbied for laws to prevent it. How are you going to prove it? Someone who is rich and regularly making money makes his insider trading and profitability hidden in his usual activity. If you are a low class or middle class person suddenly earn a lot of money from an unusual trade it will be a big alert. Many activities and markets are even restricted to you if you are not rich enough and do not qualify, so yes there are many systems in place that prevent you from using information and sharing it with others. Trump's team but also the Democrats regularly make impossible amounts of money when they are in charge of the US.

So he does have a point, but the part that you quoted does not imply what you say. In that part he does not say that the only reason for which they are attacked is this. He might say it somewhere else and it would be false, but he is not saying that here so the part you quoted is correct. There is nothing to believe, it is a statement that can be reasoned to be true or false.

[Hispo]

...

Afaik, Donald Trump Jr is strategic adviser to Kalshi.

Therefore, us versus elite narrative does not align with Kalshi’s own position, as they are closely connected to powerful circle.

That is what I thought. It does not make sense Kalshi talks about elites and those at the top of the pyramid, when they are being benefitted by people within the Trump administration and Donald Trump himself.

I believe they only said such a thing because they want to win people, so they can grow faster and surpass Polymarket in the future as the biggest prediction market on the internet.

It is ironic, because there are a bunch of people who we could consider to be part of the American elite, who only get richer thanks to prediction markets like Polymarket and Kalshi.

[acroman08]

-snip

What a bunch of BS, the audacity to say that the elites hates them, while being connected to the said elites especially the president and his son is just pure hypocrisy. They probably think people are stupid to not realise that they are connected to the supposed elites that "attacks them".

[Fortify]

Do you believe in  Kalshi CEO Tarek Mansour statement that;

“elites will never love these markets and they’ll always attack us,” telling Patrick Bet-David prediction markets represent “the first time that information is flowing from people, bottom up.”
”We don’t have gatekeepers of the truth.”

https://x.com/CoinMarketCap/status/2116759396164223119

He believes that regulators are attacking the integrity of prediction markets because they let information spread to the masses, and they claim to be democratic for spreading information that was once not available to people. What's your take on this? Is there some truth to this?

It's nothing to do with elites. He is one of the elites sat up in his ivory tower. He's trying to sway the general public to his side but he is definitely not looking out for the "little guy". He wants full rein to milk people for as long as possible with as few restrictions as possible. Gambling laws were pretty well established, although they have been somewhat relaxed in the last few years and there is absolutely nothing that distinguishes his site from a gambling site. People are literally placing bets on the outcome of another activity. It's just like Uber pretending they were not a taxi company but a "ride share", sure they tweak the formula a tiny bit but they are basically doing the same job - giving people a ride in exchange for money. These sites will probably do fine for the next couple years while the current incompetent US administration continues to gut and misdirect all the crucial government agencies while they continue to enrich themselves.

[Cantsay]

Do you believe in  Kalshi CEO Tarek Mansour statement that;

“elites will never love these markets and they’ll always attack us,” telling Patrick Bet-David prediction markets represent “the first time that information is flowing from people, bottom up.”
”We don’t have gatekeepers of the truth.”

https://x.com/CoinMarketCap/status/2116759396164223119

He believes that regulators are attacking the integrity of prediction markets because they let information spread to the masses, and they claim to be democratic for spreading information that was once not available to people. What's your take on this? Is there some truth to this?

"Information flows from the people, bottom up." But it is still the platforms that allow these elites to use insider information to bag loads of money from it. I actually don't know what they are on about, but there are so many things that go on on the platforms that indicate that some individuals, which in this case I would assume to be the elites, are known to use that information to manipulate the platform.

[Alphakilo]

Do you believe in  Kalshi CEO Tarek Mansour statement that;

“elites will never love these markets and they’ll always attack us,” telling Patrick Bet-David prediction markets represent “the first time that information is flowing from people, bottom up.”
”We don’t have gatekeepers of the truth.”

https://x.com/CoinMarketCap/status/2116759396164223119

He believes that regulators are attacking the integrity of prediction markets because they let information spread to the masses, and they claim to be democratic for spreading information that was once not available to people. What's your take on this? Is there some truth to this?

It's nothing to do with elites. He is one of the elites sat up in his ivory tower. He's trying to sway the general public to his side but he is definitely not looking out for the "little guy". He wants full rein to milk people for as long as possible with as few restrictions as possible. Gambling laws were pretty well established, although they have been somewhat relaxed in the last few years and there is absolutely nothing that distinguishes his site from a gambling site. People are literally placing bets on the outcome of another activity. It's just like Uber pretending they were not a taxi company but a "ride share", sure they tweak the formula a tiny bit but they are basically doing the same job - giving people a ride in exchange for money. These sites will probably do fine for the next couple years while the current incompetent US administration continues to gut and misdirect all the crucial government agencies while they continue to enrich themselves.

Regulators certainly are doing their job by pushing back and the CEO is just there pointing fingers and looking for a way to have it his own way while forgetting that his Kalshi is all mixed up in gambling activities even if he tries to deny that fact.

Even if predictions market bypass legacy gatekeepers to aggregate decentralized truth, it makes them no different from gambling because high stakes are involved, money is involved and humans are involved wanting to double their stakes too.
All his noise is just geared towards getting a different regulatory policy for the predictions market and that is a huge deal right now.

[DPHOR]

Prediction market is almost 60% similar to gamble, while almost 40% similar to trading. Trading is similar to gambling, but it is not gambling. He should not be surprised that the people he is talking about are seeing prediction markets as gambling. It is similar to gambling and the reason the gambling regulators are going against them.

Well this is one thing about people, because they wouldn't know the aspects where the CEO is talking from. Those people could it as gambling site while others may see it as a trading site as you made mentioned but the difference is from the scope each an everyone is view it from.
Of course, even me I see prediction market as gambling site and they should adhered to all gambling regulations because whatever the prediction market does is similar to what that is also taking place in gambling site. The major reasons why they are having much problems is because they refused to adhered as a gambling site instead, they are avoiding the rules saying that they are not gambling sites. This is the reason why prediction market are not allowed in most of the country because they are indirectly revealing a public information to the general public and this is why many country prohibited them not to operate on their country.

[nelson4lov]

I agree that prediction markets unlocked access to markets that were not available to the public before. The part I don't like about prediction markets is that there is too much information asymmetry and it makes the game unfair at the end of the day. Access is good but we also need the playing field to be level.