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[-] xxce2AAb@feddit.dk 83 points 2 months ago

Polymarket needs some serious eradication.

[-] smeg@infosec.pub 36 points 2 months ago

Correct answer. It creates extremely perverse incentives in society to allow people to bet on large scale harm.

[-] Squirrelsdrivemenuts@lemmy.world 56 points 2 months ago

Wait.. why the fuck is there a betting site where you can bet on wars starting. What in the immoral fuck is that even about?

[-] merc@sh.itjust.works 18 points 2 months ago

Boiling frogs.

  1. Farmers want a way to sell their crops before harvest time to guarantee a certain price, so they're protected by unpredictable swings in price. A market is set up for commodity futures, so a speculator can take that deal, and maybe make a lot of money if the price she sets with the farmer is well below the actual market value. This is seen as a good thing because the farmer gets to reduce their risk, while someone else gets the opportunity to make money by taking that risk on the farmer's behalf.
  2. This system expands like a cancer, so professional investors are soon buying derivatives on all kinds of things. Sometimes this is arguably good for the world, but many times it's just complex gambling, and it results in the housing-based financial collapse of 2007-08. Hedge funds and investment bankers manage to convince the regulators to let them keep the system as is, despite the crash.
  3. Wall street pushes to allow random people with no financial power, no training, no knowledge to also be able to get involved with derivatives, because having idiots on the other side of their bets is great for their bottom lines. It's much easier to make money from some random person using an app than it is to make money off another professional investor.
  4. Some clever person manages to reskin a gambling app as if it were an investment app, and allows people to "buy derivatives contracts" on just about anything. Nobody honestly believes that this is anything other than gambling. But, the regulators are all compromised and toothless, so now you can gamble on any of the 4 horsemen: war, famine, death or disease.
[-] TronBronson@lemmy.world 2 points 2 months ago

I mean I actually like derivatives for hedging. I used to get 6 year contracts for electricity prices for my business. They saved my ass during covid/ Russia war. Prices climbed so fucking high that power contract became a financial asset. I like the fact that I can insure my stock portfolio with put contracts, I like that I can generate some income selling call contracts, and yes sometimes I even do short term speculation with options. If it's good enough for Nancy Pelosi, it's good enough for me! that being said it has gone way to far and there should be way more regulations and oversight because it is just a big casino and robin hood would let a child buy calls if it could access the phone.

[-] Rothe@piefed.social 12 points 2 months ago

The answer to all of your question is: The US.

[-] FinalRemix@lemmy.world 5 points 2 months ago

You can bet on anything, man. It's like Money Plane but with words writing.

[-] Squirrelsdrivemenuts@lemmy.world 6 points 2 months ago

My innocent european ass has never heard of money plane or polymarket before.

[-] SaveTheTuaHawk@lemmy.ca 4 points 2 months ago

It's been a thing in UK for decades. Big with morons.

People actually throw money away on this sort of shit?

[-] TronBronson@lemmy.world 2 points 2 months ago

Can you imagine having to pay out after some fake ass Jesus returned.

You are giving me an idea...

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[-] DreamlandLividity@lemmy.world 3 points 2 months ago* (last edited 2 months ago)

Creative interpretation of reality. Polymarket pretends it is not a betting platform, since betting on wars and similar shit is banned even in the US.

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[-] GuyIncognito@lemmy.ca 34 points 2 months ago

Just ban it, gambling used to be illegal in a lot of places.

[-] PalmTreeIsBestTree@lemmy.world 22 points 2 months ago

Please ban all online betting and only make it legal at places where you have to actually go there in person to do. Impulse gambling on smartphones and prediction markets are straight cancer to society.

[-] GuyIncognito@lemmy.ca 5 points 2 months ago
[-] Quill7513@slrpnk.net 2 points 2 months ago

and hear, here!

[-] TronBronson@lemmy.world 3 points 2 months ago

stares at crypto markets

[-] Akasazh@lemmy.world 9 points 2 months ago

It's only gambling if you don't know the outcome!

[-] Quill7513@slrpnk.net 6 points 2 months ago

Polymarket and Kalshi are just an old mob numbers game but with the veneer of being accepted

[-] Mulligrubs@lemmy.world 3 points 2 months ago

It used to be illegal to run away from your plantation, too.

No reason to outlaw this, why bother? People have always made wagers, and they enjoy it.

[-] GuyIncognito@lemmy.ca 9 points 2 months ago

People enjoy making wagers with friends and acquaintance. Gambling apps are highly addictive commercial products which have negative value to society. Ban them and shoot the owners and shareholders.

[-] Mulligrubs@lemmy.world 4 points 2 months ago* (last edited 2 months ago)

Food is highly addictive. Video games are highly addictive. Sex is highly addictive.

You are not "the decider" of which activity is of value to society or not, it's of value to THEM.

Instead, ban and shoot everyone who would want to ban and shoot other people for owning entertainment venues (like gambling).

They're more trouble than they are worth.

[-] GuyIncognito@lemmy.ca 4 points 2 months ago

Ban and shoot all libertarians while we're at it.

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[-] TronBronson@lemmy.world 3 points 2 months ago

well because a lot of the wagers are easily manipulated by the same insiders who own the platform? No ones stopping you from betting with your pals. We don't want a fake rigged market place that's a black hole of money.

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You're stuck in the aesthetic phase of development.

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[-] Tempus_Fugit@lemmy.world 31 points 2 months ago

I refuse to participate in Biff Tannen's world! I know I'm likely to be the minority, but I'm a stubborn SOAB!

[-] tektite@slrpnk.net 19 points 2 months ago
[-] Tempus_Fugit@lemmy.world 10 points 2 months ago

"Psycho groupie, cocaine crazy!"

[-] NihilsineNefas@slrpnk.net 12 points 2 months ago
[-] HasturInYellow@lemmy.world 2 points 2 months ago

Always have been.

I have simply determined that I will have my pound of flesh before the end.

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[-] merc@sh.itjust.works 11 points 2 months ago

There's always someone on the other side of these bets. How is it that people keep betting on things like this when they know that insiders like this are the ones they're sometimes betting against?

[-] SaveTheTuaHawk@lemmy.ca 6 points 2 months ago

The point is this bullshit market can influence decisions, like whether to have a nuclear strike on Iran -you think a Trump family member would not try to cash in on that?

[-] gezero@sopuli.xyz 9 points 2 months ago* (last edited 2 months ago)

The purpose is to give incentive to knowledgeable parties to let us know up front. In a corrupt government status like the current one we should be happy that we can get few hours heads up before the bombs start falling.

They are not going to warn you for free...

[-] MortUS@lemmy.world 8 points 2 months ago* (last edited 2 months ago)

I saw Coinbase was allowing buying/selling stocks 24/7

Commercialism has overtaken the internet. We're in full corruption mode now. Without enforcing rules and regulations, this is where society ends up.

How do we make non-religious churches for decent people? Can we start that movement and move up from there?

[-] DarkSpectrum@lemmy.world 4 points 2 months ago

Bhuddism and Zen Bhuddism are not religions, they are philosophies, a different way of viewing the world. They don't require a church, a congregation or for you to believe anything. One reaches an understanding of cosmic unity by exploring the boundries of self. In fact, one of the first hurdles is accepting that you know very little which in turn births humble curiosity about the nature of existence. This movement has been growing for a while, might be time to look into it. Personally I found the best way to cut through the non essential periphery and get to the core of the ideas was through listening to Alan Watts.

[-] benderbeerman@lemmy.world 2 points 2 months ago

Buddhism isn't a religion?

[-] la508@lemmy.world 1 points 2 months ago

How do we make non-religious churches for decent people? Can we start that movement and move up from there?

That's already a thing.

https://www.sundayassembly.org/home

[-] TheObviousSolution@lemmy.ca 7 points 2 months ago* (last edited 2 months ago)

Just Polymarket? This has been shitshow after shitshow of which Polymarket is just the latest. Under the current administration, there will be no regulation, Trump Jr himself is literally an investor and advisor to it.

It basically takes what they were doing with social networks and adds a profit incentive to it.

[-] ieatpwns@lemmy.world 6 points 2 months ago* (last edited 2 months ago)

And kalshi and he’s starting his own.

https://lemmy.world/comment/22209710

[-] WanderWisley@lemmy.world 6 points 2 months ago

Damn the price of cocaine is about to skyrocket.

[-] Thor_Whale@lemmus.org 6 points 2 months ago

Never trust a coke head with a corporate comb over

[-] UltraGiGaGigantic@lemmy.ml 1 points 2 months ago* (last edited 2 months ago)

In my experience withcoke heads... never by coke from them. The other drugs are alright, but still worse then someone else. But you should never do business with them unless you have to.

All drugs should be legal and regulated.

Gambling is haram for a reason. 🤷

(And yeah, I know much of it happens in or goes through some Gulf institutions, don't worry I hate those hypocrites also).

[-] thethunderwolf@lemmy.dbzer0.com 3 points 2 months ago* (last edited 2 months ago)

So, monitor Polymarket for massive bets on things the US government could do, and copy those bets.

[-] TehWorld@lemmy.world 2 points 2 months ago

Fairly certain that there are a few AI engines doing exactly that. If I was in charge of a large news organization, I’d absolutely be monitoring these markets for this type of bet.

[-] m3t00@lemmy.world 2 points 2 months ago* (last edited 2 months ago)

wonder if they'd take this bet. not far off topic, buying insurance in america. allstate. i'll bet you $100 if your house burns down we'll buy you a new one

allstate; win

they win like 99.76% of the time. more; after digging through a few slop sites, dug up these values, roughly. no ai bs 145,000,000 houses , 344600 fires in 2023. bet $100/month x # of customers = $99.76 net revenue/month - (office buildings, advertising, wages etc.) per customer. check my sketchy math. please? having trouble believing this. they bend over backwards to not insure risky areas.

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[-] ikidd@lemmy.world 2 points 2 months ago

1M is absolute chickenfeed to the level of corruption this family is dealing in.

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this post was submitted on 06 Mar 2026
789 points (100.0% liked)

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