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But it is not derogatory or euphemistic, it is descriptive. Polymarket is gambling by any definition. Gambling is known and proven to have great harms and risks
by beejiu 2y ago
But it is not derogatory or euphemistic, it is descriptive. Polymarket is gambling by any definition. Gambling is known and proven to have great harms and risks to society.
(And I got the term "gambling exchange" from the UK where Betfair Exhange basically does what Polymarket do since 2000, without the Crypto glamour.)
- sitzkrieg 2y agoare futures markets gambling in your eyes because speculators can participate?
- snakeyjake 2y agoYes.
- beejiu 2y agoI can only speak from a UK perspective, but many financial instruments can be used in a gambling sense by retail "investors". In 2019, our regulator banned binary options, saying this: "Binary options are gambling products dressed up as financial instruments. By confirming our ban today we are ensuring that investors don’t lose money from an inherently flawed product." https://www.fca.org.uk/news/statements/fca-confirms-permanent-ban-sale-binary-options-retail-consumers#:~:text=The%20FCA's%20rules%20are%20permanent,claiming%20to%20offer%20these%20products https://www.fca.org.uk/news/statements/fca-confirms-permanen.... Sound familiar? They also highly regulate CFDs and other financial instruments that are marketed to retail.
- _zgx0 2y agoFutures markets serve an important role outside of speculation, i.e. producers managing their future price risk. Betting markets do not.
- memkit 2y agoEverything in finance is isomorphic to some combination of borrow-lend agreements. Betting markets and futures markets are functionally one in the same. The only difference is the oracles and the series of bets required to construct your position.
- hnburnsy 2y agoAgreed but can entities also use the prediction markets to hedge against events that affect them directly or indirectly?
- balfirevic 2y ago> But it is not derogatory or euphemistic, it is descriptive. Polymarket is gambling by any definition. Gambling is known and proven to have great harms and risks to society. Congrats on using the worst argument in the world: https://www.lesswrong.com/posts/yCWPkLi8wJvewPbEp/the-noncentral-fallacy-the-worst-argument-in-the-world https://www.lesswrong.com/posts/yCWPkLi8wJvewPbEp/the-noncen...