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clickbait headline. Polymarket doesn't decide https://docs.polymarket.com/polymarket-learn/markets/how-are-markets-resolved https://docs.polymarket.com/polymar

clickbait headline. Polymarket doesn't decide https://docs.polymarket.com/polymarket-learn/markets/how-are-markets-resolved https://docs.polymarket.com/polymarket-learn/markets/how-are...

giarc 10mo ago
Who are Uma token holders? I'm assuming some token people can buy? Could someone not corner that market, then make a ton of longshot bets, then dispute them all and win every case as majority Uma token holder? "After the debate period, Uma token holders vote (this process takes approximately 48 hours) and one of four outcomes happens:"
- Agreed3750 10mo ago
  That is true. UMA tokens are just a coin on the blockchain that can be bought. The resolution is put up for a vote. People can vote by staking their tokens and the losing side(s) lose their tokens. The winning side are rewarded the tokens of losing sides. In theory you can just buy out these votes with enough money/tokens
  - deleted 10mo ago
    [deleted]
  - Scea91 10mo ago
    UMA's security model assumes the cost to corrupt the oracle exceeds the profit from corruption. It is quite interesting because it doesn't consider the Polymarket side at all in the calculation. Doesn't this whole model break down when the Polymarket market far exceeds UMA's market cap?
    - forgotTheLast 10mo ago
      Wouldn't UMA tokens increase in value proportionally to Polymarket's market cap, considering they're basically a unit of control of that market cap?
      - Scea91 10mo ago
        I am pretty low confidence here but I think in theory it should but in practice there is no mechanism enforcing that? UMA's current market cap is $68M. There are some Polymarket markets far exceeding that.
      - paxys 10mo ago
        Not really, because unless you control 50% of all tokens they are worthless.
        rokkamokka 10mo ago
        Only if you assume literally all other tokens are voting against you
  - Grimblewald 10mo ago
    Not just in theory, it happens frequently. There's multiple 'markets' that resolved in untruth when it suited UMA whales. Polymarket is a scam site, with a thin veneer of gambling over the top.
    - Dylan16807 10mo ago
      Got examples? Articles about them? That sounds very interesting.
      - Grimblewald 9mo ago
        https://sg.finance.yahoo.com/news/isn-t-decentralized-says-polymarket-111359338.html https://sg.finance.yahoo.com/news/isn-t-decentralized-says-p... Here's a decent enough starting point.

clickbait headline. Polymarket doesn't decide https://docs.polymarket.com/polymarket-learn/markets/how-are-markets-resolved https://docs.polymarket.com/polymarket-learn/markets/how-are...

giarc 10mo ago

Who are Uma token holders? I'm assuming some token people can buy? Could someone not corner that market, then make a ton of longshot bets, then dispute them all and win every case as majority Uma token holder? "After the debate period, Uma token holders vote (this process takes approximately 48 hours) and one of four outcomes happens:"

Agreed3750 10mo ago
That is true. UMA tokens are just a coin on the blockchain that can be bought. The resolution is put up for a vote. People can vote by staking their tokens and the losing side(s) lose their tokens. The winning side are rewarded the tokens of losing sides. In theory you can just buy out these votes with enough money/tokens
- deleted 10mo ago
  [deleted]
- Scea91 10mo ago
  UMA's security model assumes the cost to corrupt the oracle exceeds the profit from corruption. It is quite interesting because it doesn't consider the Polymarket side at all in the calculation. Doesn't this whole model break down when the Polymarket market far exceeds UMA's market cap?
  - forgotTheLast 10mo ago
    Wouldn't UMA tokens increase in value proportionally to Polymarket's market cap, considering they're basically a unit of control of that market cap?
    - Scea91 10mo ago
      I am pretty low confidence here but I think in theory it should but in practice there is no mechanism enforcing that? UMA's current market cap is $68M. There are some Polymarket markets far exceeding that.
    - paxys 10mo ago
      Not really, because unless you control 50% of all tokens they are worthless.
      - rokkamokka 10mo ago
        Only if you assume literally all other tokens are voting against you
- Grimblewald 10mo ago
  Not just in theory, it happens frequently. There's multiple 'markets' that resolved in untruth when it suited UMA whales. Polymarket is a scam site, with a thin veneer of gambling over the top.
  - Dylan16807 10mo ago
    Got examples? Articles about them? That sounds very interesting.
    - Grimblewald 9mo ago
      https://sg.finance.yahoo.com/news/isn-t-decentralized-says-polymarket-111359338.html https://sg.finance.yahoo.com/news/isn-t-decentralized-says-p... Here's a decent enough starting point.