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I mean speaking personally, the reason I don't get in on such things is that I'd have to hold cryptocurrency. This means both technical complexity (Buterin dis

I mean speaking personally, the reason I don't get in on such things is that I'd have to hold cryptocurrency. This means both technical complexity (Buterin discusses the fairly low complexity of getting into such markets once you know how to effectively use Ethereum, but not that of getting up to speed on using Ethereum in the first place) and a security problem: Either I keep it in an exchange and have to worry about how trustworthy that exchange is, or I keep it myself and have to worry about losing it all should my private key accidentally become exposed. So, that's the specific reason I haven't gotten in on it. Get past that barrier and yeah I would've been buying NTRUMP for sure.

Tenoke 6y ago
It took me just under 5 minutes to go from debit card to Poly.market in the summer the first time I bet on it, though I later did it with my bank account via Coinbase for slightly lower fees.
- Kranar 6y ago
  I decided to just go for it, I mean if there's free money like this article suggests, why not take it? I can throw the minimum 250 bucks at this and expense it on the company card for research purposes. There's literally a market for whether Donald Trump will be president on March 31st of 2021 with offers available at 98 cents, so presumably I can make a 2% return in a month right? Okay well I signed up, I had to buy USDC and that cost me 8%. In the future I should use Coinbase to cut that down to 0.50%, but for now my motivation is just to see if this thing is for real. After a fairly smooth sign up process that took about 10 minutes, involved confirming my e-mail address, an SMS and then verifying a credit card transaction, I got the 230 USDC sent to me and immediately used it to buy NO on Trump being president. I wont lie, this was easier than I expected, the whole process took about 10-15 minutes tops and as far as I can tell I do legitimately have this position. I guess the only concern left is whether there's some loophole that will cause this market not to resolve at all/become invalid. I will do a few more transactions later today since the site is literally displaying some fairly significant arbitrage opportunities. I will do it with just a couple hundred dollars at a time as a proof of concept, and if this works out then perhaps I go a little deeper, use Coinbase Pro to buy and sell the USDC.
  - throwsaways212a 6y ago
    Ensure you take into account fiat deposit fees, trading fees for USDC and withdrawal/transaction fees from the wallet you deposit with along with counter-party risk.
- throwsaways212a 6y ago
  I've used polymarket and want it to succeed, but it's not a smooth process yet. Steps I had to follow to bet: 1. Send USDC to polymarket address 2. 'Claim' USDC when it arrives in Polymarket, but due to ETH gas fees, this function didn't work. It only works when they top up the relayer with ETH, so you can wait (as I did but it was emptied before I clicked), or pay more ETH yourself to self fund this conversion. 3. Place your bet 4. Wait for the bet to complete (to be fair, the team quickly resolved the market) 5. Withdraw the cash, this worked, although I got several errors throughout. The best part here over other crypto based prediction markets is the resolution is quick (unlike the weeks/months augur can take), but that's due to the resolution being a centralised process, at which point, why am I bothered about using crypto at all? What's wrong with a traditional betting exchange like Betfair?

Tenoke 6y ago

It took me just under 5 minutes to go from debit card to Poly.market in the summer the first time I bet on it, though I later did it with my bank account via Coinbase for slightly lower fees.

Kranar 6y ago
I decided to just go for it, I mean if there's free money like this article suggests, why not take it? I can throw the minimum 250 bucks at this and expense it on the company card for research purposes. There's literally a market for whether Donald Trump will be president on March 31st of 2021 with offers available at 98 cents, so presumably I can make a 2% return in a month right? Okay well I signed up, I had to buy USDC and that cost me 8%. In the future I should use Coinbase to cut that down to 0.50%, but for now my motivation is just to see if this thing is for real. After a fairly smooth sign up process that took about 10 minutes, involved confirming my e-mail address, an SMS and then verifying a credit card transaction, I got the 230 USDC sent to me and immediately used it to buy NO on Trump being president. I wont lie, this was easier than I expected, the whole process took about 10-15 minutes tops and as far as I can tell I do legitimately have this position. I guess the only concern left is whether there's some loophole that will cause this market not to resolve at all/become invalid. I will do a few more transactions later today since the site is literally displaying some fairly significant arbitrage opportunities. I will do it with just a couple hundred dollars at a time as a proof of concept, and if this works out then perhaps I go a little deeper, use Coinbase Pro to buy and sell the USDC.
- throwsaways212a 6y ago
  Ensure you take into account fiat deposit fees, trading fees for USDC and withdrawal/transaction fees from the wallet you deposit with along with counter-party risk.
throwsaways212a 6y ago
I've used polymarket and want it to succeed, but it's not a smooth process yet. Steps I had to follow to bet: 1. Send USDC to polymarket address 2. 'Claim' USDC when it arrives in Polymarket, but due to ETH gas fees, this function didn't work. It only works when they top up the relayer with ETH, so you can wait (as I did but it was emptied before I clicked), or pay more ETH yourself to self fund this conversion. 3. Place your bet 4. Wait for the bet to complete (to be fair, the team quickly resolved the market) 5. Withdraw the cash, this worked, although I got several errors throughout. The best part here over other crypto based prediction markets is the resolution is quick (unlike the weeks/months augur can take), but that's due to the resolution being a centralised process, at which point, why am I bothered about using crypto at all? What's wrong with a traditional betting exchange like Betfair?