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The problem is that the genie is out of the bottle, even if you try to regulate it away it pops up in offshore jurisdictions and uses crypto. The ease with whi

by alaudet 5mo ago

The problem is that the genie is out of the bottle, even if you try to regulate it away it pops up in offshore jurisdictions and uses crypto. The ease with which polymarket can be manipulated is infinite because there are so many different random things you can bet on. It's a sign of our times and I don't think there is much that can be done about it by anyone.

vizzier 5mo ago
> offshore jurisdictions and uses crypto. This vastly increases the barrier to entry for the normal person though. Is your position that just because laws don't work 100% of the time we shouldn't bother with them?
- alaudet 5mo ago
  I didn't say that, you said that.
  - Dylan16807 5mo ago
    They didn't say you said it. But wow what a useless way of conversing that is. They asked because it's unclear what you're implying. So could you please clarify if you think regulation would be useful? Or should be done despite being futile? Or shouldn't be done? I can only think of those three answers, is there another?
    - alaudet 5mo ago
      I think smart policy would be a good start. I just made a comment on the sign of our times. I could have worded my one line reply better. I do think it will be difficult to regulate as I don't see a political appetite to do so. Maybe some countries will get it right.
      - vizzier 5mo ago
        For the record, I do agree with this perspective at least from an external observer of the US. Many places already regulate these types of gambling much better. What I mostly took issue with is what I read to be a resolute throwing up of the hands of any action being useless. It is indeed unfortunate that the level of corruption in the current US administration likely precludes any action on it in the current term.
daheza 5mo ago
Bans from the AppStores will go a long way to removing this behavior. Sure a few die hards will always find a way to gamble, that does not mean we should not have regulations for the majority.
- anigbrowl 5mo ago
  You don't need to be a diehard to use a browser instead of an app.
palmotea 5mo ago
> It's a sign of our times and I don't think there is much that can be done about it by anyone. Isn't cryptocurrency (for the most part) very traceable? If you make it too hard and risky for most people to participate in, you'll limit the negative effects. You could probably quite effectively discourage it by sanctioning any transactions with one of these markets, you've got some opportunity because at some point the cryptocurrency needs to be converted to/from cash. Of course, you'd have to dedicate some investigative and enforcement resources to the effort. If to bet on a prediction market you have to both use a VPN and launder your money like you're a drug dealer, and I don't think many people would do it.
- ImPostingOnHN 5mo ago
  > Isn't cryptocurrency (for the most part) very traceable Mostly no. If you're connected it to a banking account, or other KYC platform, maybe, but the folks capable of doing that are part of the same administration supposedly doing the manipulation, so they would not investigate themselves. Indeed, they are actually fighting against those trying to regulate it [0] Indeed, the president's son works for Polymarket, and has invested in it [1] 0 –https://www.npr.org/2026/04/02/nx-s1-5771635/trump-cftc-kalshi-polymarket-lawsuits https://www.npr.org/2026/04/02/nx-s1-5771635/trump-cftc-kals... 1 – https://subscriber.politicopro.com/article/2025/08/polymarket-adds-donald-trump-jr-as-adviser-ahead-of-us-return-00525444 https://subscriber.politicopro.com/article/2025/08/polymarke...
  - palmotea 5mo ago
    >> Isn't cryptocurrency (for the most part) very traceable > Mostly no. If you're connected it to a banking account, or other KYC platform, maybe, But if you're (say) and American betting on it, the money almost certainly flows through one of those entities. And if you're using bitcoin the ledger is totally public, so you could track it from Coinbase (KYC) to whatever wallet the prediction market is using to accept payment (or vice versa). > Indeed, they are actually fighting against those trying to regulate it [0] Choosing to "do something about it" or not is a different question than can something be done at all. I was addressing the latter.
Tangurena2 5mo ago
We seem to be seeing the repetition of every stock/securities fraud that led to the creation of the SEC. But we're seeing people who refuse to let any reasonable regulation to happen.
danny_codes 5mo ago
Making gambling illegal except in controlled places reduces the amount of people gambling. The existence of illegal gambling is far less a problem than the issue of legal gambling from your phone.

by alaudet 5mo ago

vizzier 5mo ago

> offshore jurisdictions and uses crypto. This vastly increases the barrier to entry for the normal person though. Is your position that just because laws don't work 100% of the time we shouldn't bother with them?

alaudet 5mo ago
I didn't say that, you said that.
- Dylan16807 5mo ago
  They didn't say you said it. But wow what a useless way of conversing that is. They asked because it's unclear what you're implying. So could you please clarify if you think regulation would be useful? Or should be done despite being futile? Or shouldn't be done? I can only think of those three answers, is there another?
  - alaudet 5mo ago
    I think smart policy would be a good start. I just made a comment on the sign of our times. I could have worded my one line reply better. I do think it will be difficult to regulate as I don't see a political appetite to do so. Maybe some countries will get it right.
    - vizzier 5mo ago
      For the record, I do agree with this perspective at least from an external observer of the US. Many places already regulate these types of gambling much better. What I mostly took issue with is what I read to be a resolute throwing up of the hands of any action being useless. It is indeed unfortunate that the level of corruption in the current US administration likely precludes any action on it in the current term.

daheza 5mo ago

Bans from the AppStores will go a long way to removing this behavior. Sure a few die hards will always find a way to gamble, that does not mean we should not have regulations for the majority.

anigbrowl 5mo ago
You don't need to be a diehard to use a browser instead of an app.

palmotea 5mo ago

> It's a sign of our times and I don't think there is much that can be done about it by anyone. Isn't cryptocurrency (for the most part) very traceable? If you make it too hard and risky for most people to participate in, you'll limit the negative effects. You could probably quite effectively discourage it by sanctioning any transactions with one of these markets, you've got some opportunity because at some point the cryptocurrency needs to be converted to/from cash. Of course, you'd have to dedicate some investigative and enforcement resources to the effort. If to bet on a prediction market you have to both use a VPN and launder your money like you're a drug dealer, and I don't think many people would do it.

ImPostingOnHN 5mo ago
> Isn't cryptocurrency (for the most part) very traceable Mostly no. If you're connected it to a banking account, or other KYC platform, maybe, but the folks capable of doing that are part of the same administration supposedly doing the manipulation, so they would not investigate themselves. Indeed, they are actually fighting against those trying to regulate it [0] Indeed, the president's son works for Polymarket, and has invested in it [1] 0 –https://www.npr.org/2026/04/02/nx-s1-5771635/trump-cftc-kalshi-polymarket-lawsuits https://www.npr.org/2026/04/02/nx-s1-5771635/trump-cftc-kals... 1 – https://subscriber.politicopro.com/article/2025/08/polymarket-adds-donald-trump-jr-as-adviser-ahead-of-us-return-00525444 https://subscriber.politicopro.com/article/2025/08/polymarke...
- palmotea 5mo ago
  >> Isn't cryptocurrency (for the most part) very traceable > Mostly no. If you're connected it to a banking account, or other KYC platform, maybe, But if you're (say) and American betting on it, the money almost certainly flows through one of those entities. And if you're using bitcoin the ledger is totally public, so you could track it from Coinbase (KYC) to whatever wallet the prediction market is using to accept payment (or vice versa). > Indeed, they are actually fighting against those trying to regulate it [0] Choosing to "do something about it" or not is a different question than can something be done at all. I was addressing the latter.

Tangurena2 5mo ago

We seem to be seeing the repetition of every stock/securities fraud that led to the creation of the SEC. But we're seeing people who refuse to let any reasonable regulation to happen.

danny_codes 5mo ago

Making gambling illegal except in controlled places reduces the amount of people gambling. The existence of illegal gambling is far less a problem than the issue of legal gambling from your phone.