People use crypto on Polymarket because it doesn't comply with gambling regulations, so in theory isn't allowed to have US customers. Using crypto as an intermediary lets Polymarket pretend not to know where the money is coming from. Though I think a more robust regulator would call them out on the large volume of betting on US politics on their platform...
Calling them out is one thing, but do you think the US could realistically stop them?
I don't know much about Polymarkets governance structure, if it's a decentralized smart contract, the US is DOA. Even if it's not... the Pirate Bay wasn't, the US really tried to stop them, and they basically didn't get anywhere.
Looking it up, it seems like the CEO actually got raided by the FBI last year: https://www.reuters.com/world/us/fbi-raids-polymarket-ceos-h... So maybe the wheels of justice are just grinding a bit slowly. The terms of use want to have Panamanian law apply https://polymarket.com/tos but that doesn't provide much protection when the company is physically operating in the US.
Bitcoin is higher than ever. People can't wait until it gets high enough that they can sell it for dollars, and use those dollars to buy things and make investments in things that are valuable.
That's just speculation though. I saw a cynical comment on reddit yesterday that unfortunately made a lot of sense. Many people now are just so certain that the future of work is not going to include many humans, so they're throwing everything into stocks and crypto, which is why they remain so high even in the face of so much political uncertainty. It's not that people are investing because they have hope. People are just betting everything as a last ditch survival attempt before the robots take over.
Of course this is hyperbolic - market forces are never that simple. But I think there might be some truth to it.
Crypto is high because people keep believing some sucker in the future will buy it from them even higher. So far, they've been right all along. You really think crypto is ever going to pay some kind of dividend?
People use crypto on Polymarket because it doesn't comply with gambling regulations, so in theory isn't allowed to have US customers. Using crypto as an intermediary lets Polymarket pretend not to know where the money is coming from. Though I think a more robust regulator would call them out on the large volume of betting on US politics on their platform...
> a more robust regulator would call them out
Calling them out is one thing, but do you think the US could realistically stop them?
I don't know much about Polymarkets governance structure, if it's a decentralized smart contract, the US is DOA. Even if it's not... the Pirate Bay wasn't, the US really tried to stop them, and they basically didn't get anywhere.
Looking it up, it seems like the CEO actually got raided by the FBI last year: https://www.reuters.com/world/us/fbi-raids-polymarket-ceos-h... So maybe the wheels of justice are just grinding a bit slowly. The terms of use want to have Panamanian law apply https://polymarket.com/tos but that doesn't provide much protection when the company is physically operating in the US.
Bitcoin is higher than ever. People can't wait until it gets high enough that they can sell it for dollars, and use those dollars to buy things and make investments in things that are valuable.
> Bitcoin is higher than ever
That's just speculation though. I saw a cynical comment on reddit yesterday that unfortunately made a lot of sense. Many people now are just so certain that the future of work is not going to include many humans, so they're throwing everything into stocks and crypto, which is why they remain so high even in the face of so much political uncertainty. It's not that people are investing because they have hope. People are just betting everything as a last ditch survival attempt before the robots take over.
Of course this is hyperbolic - market forces are never that simple. But I think there might be some truth to it.
What does 'just' mean here? The monetary value of a thing is what people will pay you for it. Full stop.
1 reply →
The irony is that these people think their rights as shareholders will be respected in this future world.
1 reply →
Wait until you hear about this thing called gold and how its price behaves during periods of uncertainty.
1 reply →
Crypto is high because people keep believing some sucker in the future will buy it from them even higher. So far, they've been right all along. You really think crypto is ever going to pay some kind of dividend?
5 replies →
people use crypto for speculation, and for (semi)illegal purposes
only a small percentage of use is for actual legitimate money transfers
Unfortunatley crypto hype is still high; and I think still on the up, but that's vibes not market analysis.