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0 pointsbshaughn3mo ago0 comments

I think you have completey missed my point. The stock market only allows you to trade securities, and (in theory) there is a lot of regulation and enforcement on who buys / sells stocks. Additionally, no one has the power to magically set a stock price to be a certain price on a certain date.

Polymarket all of a sudden makes it much easier to make money betting on an outcome people control. Looking at polymarket, I see bets paying 100-1 based on the number of tweets Elon makes on a given day. I see another at 100-1 on wether the US airstrikes Iran today with $66m riding on it. All of a sudden theres an incentive of a life changing amount of money for goons in the whitehouse to strike Iran for shits and giggles.

Did you know that in 2007 some NBA Refs were caught rigging games for just $2000 a game? Now Refs don't even need to be payed off when you can make a position anonymously with bitcoin.

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b65e8bee43c2ed03mo ago

>Additionally, no one has the power to magically set a stock price to be a certain price on a certain date.

but many have the knowledge of which company or industry is about to experience legislation, which they can pass to any of their associates worldwide, who can then buy or short the affected entities and share the profit with the insider. Polymarket is just the idiocracy version of that.

bshaughnOP3mo ago

I completely agree insider trading is an issue, especially with the legality of sitting congressmen being able to day trade. But with the exception of elected officials voting for bad bills / policies, the "victim" is whomever loses money on those trade. Its reactive to world events, meaning the world events aren't being changed by the insider trader.

Polymarket is worse as it gives a mechanism for proactively changing the outcome of events to a much more extreme degree, simply because someone can make money on it.

A benign version of this would be NFL employees betting $1million on the color of gatorade in the Superbowl.

An insane version of this would be Trump issuing a single airstrike on Iran after having a friend or family member place a $10M bet on polymarket that pays out $1B. It completely erodes the obligation our government officials have to not act in their self interests.

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