There's no such thing as "insider trading" on prediction markets. Are you telling me people with secret knowledge profited by making correct predictions? That's the whole point of prediction markets! Provide accurate information = get paid. It doesn't matter where the information came from, as long as it's correct.
If they provided the information, "Hey I am bob in the pentagon and we are doing war soon", it wouldnt be insider trading.
But all they are doing is updating a financial instrument that suggests an increased likelihood, and getting massive bank for not providing the information that would make everyone else bet the same way.
If you have confidential information, using it to bet on prediction markets could arguably be considered a breach of secrecy. If you are not bound by such restrictions, then participating should be fine.
Who took the other side of that bet? I sure didn't. Participants in a market should be well aware that other participants can alter the outcome and bet accordingly.
What you're describing is know as an "assassination market". To my knowledge it's considered mostly a non-issue (It's talked about in good detail here https://www.astralcodexten.com/p/prediction-market-faq?open=...), because you could do a lot of the same stuff with the normal stock market. If you have advance knowledge that Iran is gonna be attacked, it's just as easy to trade on that info there via oil or similar, with the added downside that now no one else gains extra info about if Iran will be attacked or not, and anything more hyper-specific would just be illegal to bet on for normal law reasons.
For example, In my comment replace “I” with “Trump” and replace punch with “started another war”
We can go on and on (I can give you 7 million other examples too, this is easy one), the entire prediction market is meant for idiots to give their money to non-idiots that are rigging the whole thing (without any regulation).
That's roughly correct though? Like the alleged point is exactly that - provide an incentive to establish true information earlier than otherwise. If you view prediction markets like that it's only weird to see people taking the other side with no information (I was going to say "like bar bets" but that's the same kind of thing! Don't bet on things you know nothing about if you hate losing money!)
Congrats! You provided correct information!
That is apparently more valuable than anything according to a lot of deranged data nerds nowadays, so enacting violence to get to that outcome is perfectly fine! Good job!
“all fees would be refunded to users who participated in these markets, and that positions from before his death would be cashed out at the last-traded price.”
For a good while there, the headlines went from “oniony” to “sim-city news headline flavor text” to “I can’t believe I share a finite existence with the people being discussed”
Same. I also wonder why would anyone take the other side on stuff like this, this is clearly to incite insider traders, so either there's a lot of stupid people out there willing to part with their money or this is a very efficient money laundering scheme.
There's no such thing as "insider trading" on prediction markets. Are you telling me people with secret knowledge profited by making correct predictions? That's the whole point of prediction markets! Provide accurate information = get paid. It doesn't matter where the information came from, as long as it's correct.
If they provided the information, "Hey I am bob in the pentagon and we are doing war soon", it wouldnt be insider trading.
But all they are doing is updating a financial instrument that suggests an increased likelihood, and getting massive bank for not providing the information that would make everyone else bet the same way.
If you have confidential information, using it to bet on prediction markets could arguably be considered a breach of secrecy. If you are not bound by such restrictions, then participating should be fine.
Of course insider trading is a US federal crime in prediction marketplaces.
Yeah well you outlined perfectly well why they should be banned from the known universe
I bet I’ll punch you in a mouth and then I punch you in a mouth and collect a billion dollars
Who took the other side of that bet? I sure didn't. Participants in a market should be well aware that other participants can alter the outcome and bet accordingly.
> other participants can alter the outcome and bet accordingly.
Do you think it is acceptable that someone may have altered their behavior due to the outcome of a bet on attacking Iran?
What you're describing is know as an "assassination market". To my knowledge it's considered mostly a non-issue (It's talked about in good detail here https://www.astralcodexten.com/p/prediction-market-faq?open=...), because you could do a lot of the same stuff with the normal stock market. If you have advance knowledge that Iran is gonna be attacked, it's just as easy to trade on that info there via oil or similar, with the added downside that now no one else gains extra info about if Iran will be attacked or not, and anything more hyper-specific would just be illegal to bet on for normal law reasons.
If some addled gambling addict is dumb enough to take the bet, it’s their dollars and your mouth.
exactly
For example, In my comment replace “I” with “Trump” and replace punch with “started another war”
We can go on and on (I can give you 7 million other examples too, this is easy one), the entire prediction market is meant for idiots to give their money to non-idiots that are rigging the whole thing (without any regulation).
That's roughly correct though? Like the alleged point is exactly that - provide an incentive to establish true information earlier than otherwise. If you view prediction markets like that it's only weird to see people taking the other side with no information (I was going to say "like bar bets" but that's the same kind of thing! Don't bet on things you know nothing about if you hate losing money!)
Congrats! You provided correct information! That is apparently more valuable than anything according to a lot of deranged data nerds nowadays, so enacting violence to get to that outcome is perfectly fine! Good job!
Yep. And it will have been predicted. What seems to be the problem?
Do you want to bet what I'll eat for dinner next?
Idiots will always bet on rigged outcomes, the “prediction” markets are living proof of that
So I guess the new war heuristic is pizza and polymarket.
Why are people saying the attacks were a surprise? It was widely reported the day before that embassies were told to clear out “now!”
“all fees would be refunded to users who participated in these markets, and that positions from before his death would be cashed out at the last-traded price.”
I know it’s cliche, but I hate this timeline.
For a good while there, the headlines went from “oniony” to “sim-city news headline flavor text” to “I can’t believe I share a finite existence with the people being discussed”
Same. I also wonder why would anyone take the other side on stuff like this, this is clearly to incite insider traders, so either there's a lot of stupid people out there willing to part with their money or this is a very efficient money laundering scheme.
Or both.