> Not sure why anyone would get involved if they didn’t plan to cheat. Some markets are full of dumb money. Some people are mistaken about whether they are the

> Not sure why anyone would get involved if they didn’t plan to cheat. Some markets are full of dumb money. Some people are mistaken about whether they are the dumb money or the smart money. Some people really are smart money and they can make large, fast nearly riskless returns on invested capital. People make money in large liquid markets with many sophisticated participants all the time. This has need true as long as stock, bond and commodity markets have existed, in markets with and without bans on insider trading. > How long before there’s a bomb threat at the CDC in order to win a prediction bet? How long before there’s a bomb threat at Pfizer to make a short part off big? Criminals and terrorists are not generally known for their skills at long term or strategic planning.