Comment by bitmasher9

...so then trace the transfer to each identity? How does knowing the first person in the chain help identify the 2nd and 3rd, etc? What if there are 50 identities and the coin has a dozen origins?

That's the BS reply that always comes when (in particular) bitcoin is associated with crime: that it is traceable. Well, it hardly is. And for the average policeman/woman, even less so. And when the owner has taken some care, as you admit, practically impossible even for experts.

And when the people sending the messages turn out to be in a different country?

Polymarket is banned in most first world countries (including the US). It's not particularly tough to get around with a VPN, but they do enough that they have plausible deniability. I'm sure if the US wanted to they could go after them and prove that they're still letting US customer sign up, but it's not the open and shut case you're making it out to be.

Polymarket US is starting to roll out in the US and other countries where Polymarket cannot operate, but that's a separate company and they do abide by KYC laws similar to Kalshi.

When power is concentrated to the government, the corruption is concentrated with it. Incarceration and the end of privacy don't restore the victims. A consumer protection bureau could bring a civil suit against Polymarket to pay the journalist.

Yes, I think they should implement KYC pretty darn quick, and perhaps there’s more they can do. But he didn’t make the death threats.

Same with Kalshi's founders. As if becoming rich, off gambling and speculation, is supposed to inspire some kind of admiration.

The lunacy of the mysticism of money.

> why do all billionaires seem devoid of ethics?

why do all NBA players seem so tall?

A sane system doesn't "throw" human beings in jail for flippant and arbitrary reasons. Sociopaths exploit this, to be sure.

KYC is nothing sane. in what world does anything give you or anyone else the right to decide to probe people up their rear end just because they want to do business? people like you are extremely dangerous.

loads of banks all over the world now demands to know what you plan to spend the money on just to withdraw a bit cash. Some will even deny you saying "well.. you shouldnt buy a new car anyway". all the KYC shit. how about just no?

>A sane system would just throw him in jail.

<facepalm>

A capricious system that interprets based on whim, politics and influence is a large part of how we got here.

People like this and their less than moral path in which they further their endeavors succeed specifically because of this environment.

Polymarket is basically a platform to monetize petty stuff while also being able to monetize bad stuff. There is soooo much pressure to monetize bad stuff that once you poke a hole it's an uncontrolled leak. Polymarket recognized this, used it to scale, and then wisely used that money to get the legitimization and buy in that they needed to make the system (capriciously) say "this is fine for now you can keep going".

They basically pulled a "actually Mr. Banker, I owe you so much money that it's your problem" but for insider information. The other metaphor you could use if people with a steady supply of prescription opioids don't turn to street drugs.

yea just throw the CEO of microsoft in jail too because illegal transactions are set via Xbox live.

>A sane system would just throw him in jail until his illegal betting market implements KYC.

There's nothing sane about KYC, it's a fundamental assault on the right to financial privacy. And the people with power can always bypass it; only the little people suffer.

>(why do all billionaires seem devoid of ethics?)

The type of person at the top of a hierarchical system is always a direct reflection of its play rules. In late-stage internet capitalism you win by being the most unhinged and un-emphatic. Today's young adults grew up on twitter, 4chan, video game gambling and with influencers telling them that the only thing that matters is material wealth and status. This culture has moved more and more into the mainstream in the last decade.

> (why do all billionaires seem devoid of ethics?)

Because no ethical person would accumulate a billion dollars. An ethical person would share the wealth they're creating with those around them instead of hording that wealth.

What can you do with 100 million that you couldn't do with 10?

Putting aside this is sort of a knee-jerk reaction, if this was actually implemented you’d just see the role of the CEO change to basically be a highly-paid fall-guy. People in those positions today would vacate them for quieter roles behind the scenes, and corporations would put greater effort forth to hide their decision making processes. I don’t think it would be a better system.