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I don't know about the legality, but they've raised millions in VC funding. I suspect they have some kind of plan. They don't hold your money, all they do is ac
by ikeboy 6y ago
I don't know about the legality, but they've raised millions in VC funding. I suspect they have some kind of plan. They don't hold your money, all they do is act as an oracle as you note, which might help legally.
So far there's not been any major issues with markets resolving incorrectly, across over $100M of total volume and dozens of markets.
Predictit is also heavily used but limits individual bets to $850 per market. They have an official no action letter from the CFTC, so that's all legal.
- comboy 6y agoSome predictions seem pretty vague, even if the probability of hitting edge cases is low. E.g. "Will ETH be above $1,500 on January 27th?" begs the question on which exchange? Or smaller ones like at which hour, does it have to be higher all day or just for a single trade, if for a single trade, if Alice sells Bob 0.01 ETH that day for $2k does that mean it was higher etc. In general oracle role seems pretty hard when big money is involved.
- Tenoke 6y agoFor most of those there are specifics on how it will be resolved in the description. Usually a specific url they base it off. They can hardly put all of it in the title.
- xorcist 6y ago> they've raised millions in VC funding. I suspect they have some kind of plan In most cases the plan is to raise millions.