"At one point, the processor rejected as fraudulent more than 80% of the deposits it was handling, a rate that far exceeded industry standards of roughly 1%. Polymarket employees quickly raised their concerns with Chief Executive Shayne Coplan, according to people familiar with the events.
The compliance team, those people recalled, was floored by Coplan’s response: Just keep growing and pay a fine if regulators ever find out."
At what point are you a casino and at what point are you just a utility for money laundering, insider betting, scams & fraud?
I do wonder why, like clockwork, there’s an article against prediction markets. I do wonder if the problem with them is that it creates an incentive to share the truth, or for very smart people to predict it, and for others to use the predictions as a valuable reference point. It would be interesting to track what is shared and how often to see if there are some patterns
> I do wonder if the problem with them is that it creates an incentive to share the truth, or for very smart people to predict it....
You missed the obvious one: it creates a path for people with insider knowledge to monetize it at the expense of employers, institutions, etc.
The guy using his access to classified information to make a few hundred thousand bucks in a day is not interested in "sharing the truth" for the benefit of society.
Polymarket has fraudsters operating on it?! Good heavens, this is entirely unexpected!!
I wish we, as a society, would label companies which cause more harm than good as such.
https://www.wsj.com/business/polymarkets-fraud-regulators-co...
Thanks. These paragraphs are pretty damning:
"At one point, the processor rejected as fraudulent more than 80% of the deposits it was handling, a rate that far exceeded industry standards of roughly 1%. Polymarket employees quickly raised their concerns with Chief Executive Shayne Coplan, according to people familiar with the events.
The compliance team, those people recalled, was floored by Coplan’s response: Just keep growing and pay a fine if regulators ever find out."
At what point are you a casino and at what point are you just a utility for money laundering, insider betting, scams & fraud?
would certainly be interesting to know if he does risk assessment under the table.
Gain wealth, forgetting all but self
I do wonder why, like clockwork, there’s an article against prediction markets. I do wonder if the problem with them is that it creates an incentive to share the truth, or for very smart people to predict it, and for others to use the predictions as a valuable reference point. It would be interesting to track what is shared and how often to see if there are some patterns
It’s a good thing writing about money laundering and gambling addiction, no? Smart people are only smart until they aren’t.
> I do wonder if the problem with them is that it creates an incentive to share the truth, or for very smart people to predict it....
You missed the obvious one: it creates a path for people with insider knowledge to monetize it at the expense of employers, institutions, etc.
The guy using his access to classified information to make a few hundred thousand bucks in a day is not interested in "sharing the truth" for the benefit of society.
Keep drinking that sweet sweet polymarket kool aid