Discussion
White House staff told not to place bets on prediction markets
mechoblast: Surely half millions on prediction markets is pennies compared to what is getting made on oil futures/stocks.
Tangurena2: It is easier for the SEC to investigate futures, stocks & options. Some of the prediction/gambling markets use crypto and do not participate in "Know Your Customer" regulations.
mcs5280: *unless they give the big guy a 50% cut
p-o: I'm sure it's a preventive measure and no one placed bets to enrich themselves in the last 12 months...
ahartmetz: Does that include friends and cousins? Asking for a friend or cousin.
derwiki: They’re doing money transmission and they’re not doing KYC? Is that illegal or “really frowned upon”?
twelvedogs: Only the top guys are allowed to do insider trading! You guys are making it very very slightly more obvious!!
keviniam: I don't understand why anybody without access to serious inside information is currently betting on prediction markets. It's clear that insiders are absolutely going to eat your lunch. So who are the suckers who are losing all this money?I guess this isn't true for all things you might bet on, but it seems to be true for a lot of them.
exabrial: While we’re at it, how about all Congress?
adabyron: You need to apply it to staff as well and also the judicial branch and all of their staff. Then to all of their family as well.The way I understand insider trading is usually prosecuted is you find out who made the bet & then you have to track down their communications to see if they got tipped off.
bcjdjsndon: When you elect a bunch of TV wannabes to run your country this is what happens.
feverzsj: Isn't that in the law?
cyanydeez: If it were in the law, which part of the justice system do you think would be:1. Capable2. Desirous of3. Competently followed
JKCalhoun: Kind of what I was thinking. If it is essentially InsidrBetz.com why bet at all? This is the kind of thing that could (should, anyway) kill the industry.
qsort: insane they needed to be told
duped: People go to casinos despite knowing the house has the edge in games. Gambling is addictive.
ramon156: Naughty! Anyway
MyHonestOpinon: Aside from the current horrible admnistracion. If I understand correctly, One of the strengths of prediction markets is to try to get the insiders to come in and provide insider information thus improving the total info available.
mothballed: Hedging is one reason.
josefritzishere: It is trully pathetic that this needs to be said.
simonw: The ads for prediction markets on TikTok are aggressive - like (paraphrasing) "this is your new source of passive income and you'd be crazy to miss it" aggressive.
tdeck: So basically the standard online scam script for 20+ years but in a TikTok. I remember seeing AdWords text ads in the 2000s for "make $$$ working from home".
coldpie: There is currently a bill proposed to do that (for stocks, not prediction market betting, but eh it's a start): https://www.govtrack.us/congress/bills/119/hr5106It currently has 99 Democratic sponsors and 33 Republican sponsors. It will probably not make it out of committee. 2 of the 4 Democrats on the committee have sponsored it; 0 of the 8 Republicans have.
Havoc: It’s laughable that it’s even necessary to tell them.Hey don’t abuse privileged workplace information for personal gain isn’t exactly a fresh notion.Imagine if professionals like lawyers and accountants operated like that.
tdeck: Consider the kind of people who would staff this white house.
whywhywhywhy: It's bipartisan, just look at Pelosi's portfolio.
skippyboxedhero: It is far easier in crypto. It is much more difficult in futures...as the case of a recent repeat Presidential candidate showed.That will change when people realise crypto isn't anonymous...but that day isn't today.
jeffwask: Please don't do insider trading. Thank you for your attention to this matter.
OutOfHere: For those who live in the red-pilled real world, just don't trade on something where controlling insiders can beat you at the game.
lmkg: My personal conspiracy theory is that in some cases, the "loser" is in on the graft to. It's a way to launder bribes.
