> Coinbase CEO Brian Armstrong rattled off crypto buzzwords at the end of the Q3 call, resolving $84K in prediction market bets to "yes."
Polymarket uses open orderbooks where you match against someone else who wants the other side of the trade just like the stock market. Prices are set by the market, as they should be.
Nobody should be day trading unless it's their job. Yes, I have seen many guys get sucked into it.
While we're at it, I propose a Board of Ethically Allowed Activities that make sure we can only do the good and moral things.
The difference is that hobbies are fun. Gambling is fun in the same way smoking is fun. It's not, but you have to do it. I know, because I was a smoker.
Also, on the topic of morality: morality is stupid. Gambling isn't immoral. Or maybe it is, I don't care. Gambling is self destructive. It can pretty much exclusively only make your life worse.
least contrarian HN user
> only make your life worse
Unless you have a family with whom your finances are intermingled. This is like saying alcoholism only makes your own life worse, because obviously your actions have no effect on the people around you, right?
Also you are ignoring platforms like Novig which are like the polymarket for sports betting.
But this is more like playing poker, where overall the casino could care less if you're continuously crushing the other players, as long as people keep turning up to play and they keep getting a rake.
My experience (though I have never bet on these platforms) is that Pinnacle-like platforms almost never let you withdraw your "earnings". They are essentially a bookie.
Polymarket on the other hand, is just an exchange. And they use Defi to make sure you can always withdraw your bounty even if you get "front-end" banned from their platform.
So to affirm the previous poster: These companies are not in the same business.
Susquehanna. Jane Street. Two Sigma.
It's not some rando two towns over. The PMs get paid to front run access to these market makers, who crush the retail bettor, er, predictor.
My understanding was that these shops were acting more as market makers, with the idea of guaranteeing liquidity and tight spreads in some number of markets.
If you think the listed bid-ask spread is mispriced you're more than welcome to move the market to whatever price you think is more appropriate.
Am I going crazy, or was it just... disappeared from there??