> I supported Polymarket for years because I believed they represented crypto values.
>
> In fact, their platform is simply another bucketshop where if you bet too much, you're going to get cleaned.
Please, tell me more about these “crypto values”. Are they values like, “no regulations,” “rug pulls,” “funding ransomware”?
Then he kept playing a market that was already fully decided, when the only step left was to resolve the outcome. I believe the relevant adage here is "You can't cheat an honest man."
With that said, any trades after a market has concluded but before it is officially resolved should be voided. The market should close at the end of the time window (or the time of the resolving announcement, if that's the relevant trigger point).
>any trades after a market has concluded but before it is officially resolved should be voided
Is that not how it is? I'm not really following the thread. So is polymarket paying out on the initial position, i.e., the one taken before the window closed, and not on the position after it was a foregone conclusion? Or was the whole position reversed?
--
OK, on rereading, it seems like the polymarket stance is that the confirmation was not available by the deadline. Fine. But the whole "resolved to no" doesn't make sense. Leaving aside the after-the-fact bet, this is just a terrible structure. The whole thing should unwound and everyone who participated should be reverted.
It’s a terrible adage. There are thousands of ways to cheat honest people that place bets. For example, they definitely cheated everyone that only placed bets before June.
> a multi billion dollar casino with rules that can change and you have no option to legally fight it
Why is there no way to legally fight this? Is polymarket too de-centralized? Or incorporated in a jurisdiction where that's not feasible? Or are "you can't sue us" ToS actually enforceable here?
Doesn't really track, polymarket can be sued just like anyone else. It might be prohibitively expensive for a small individual, but that's no different from wanting to sue Apple either.
Despite having a lot of scammers and bad actors, crypto does have an underlying ethos that attracts a lot of people. And that ethos is one of removing intermediaries, robust cryptographic security, open and unrestricted participation for all, and letting people have as much financial freedom as possible.
A lot of us still fight to push those values forward.
Not surprising if true. The industry is full of immoral douches who think they are above being regulated, so of course it's not surprising when they behave unethically.
As a non-US-resident (and full disclaimer - someone who believes gambling should be in the same regulation bracket as smoking), honestly it looks like the US have collectively lost their minds with Polymarket.
how did we went from being all vocally aware that HFT is a scam that we will never get into, to falling to the lowest denominations of scams just because you can be the patso?
FTFA:
> I supported Polymarket for years because I believed they represented crypto values. > > In fact, their platform is simply another bucketshop where if you bet too much, you're going to get cleaned.
Please, tell me more about these “crypto values”. Are they values like, “no regulations,” “rug pulls,” “funding ransomware”?
You forgot gambling addiction
For the initial position, he has a case.
Then he kept playing a market that was already fully decided, when the only step left was to resolve the outcome. I believe the relevant adage here is "You can't cheat an honest man."
With that said, any trades after a market has concluded but before it is officially resolved should be voided. The market should close at the end of the time window (or the time of the resolving announcement, if that's the relevant trigger point).
>any trades after a market has concluded but before it is officially resolved should be voided
Is that not how it is? I'm not really following the thread. So is polymarket paying out on the initial position, i.e., the one taken before the window closed, and not on the position after it was a foregone conclusion? Or was the whole position reversed?
--
OK, on rereading, it seems like the polymarket stance is that the confirmation was not available by the deadline. Fine. But the whole "resolved to no" doesn't make sense. Leaving aside the after-the-fact bet, this is just a terrible structure. The whole thing should unwound and everyone who participated should be reverted.
It’s a terrible adage. There are thousands of ways to cheat honest people that place bets. For example, they definitely cheated everyone that only placed bets before June.
> a multi billion dollar casino with rules that can change and you have no option to legally fight it
Why is there no way to legally fight this? Is polymarket too de-centralized? Or incorporated in a jurisdiction where that's not feasible? Or are "you can't sue us" ToS actually enforceable here?
Doesn't really track, polymarket can be sued just like anyone else. It might be prohibitively expensive for a small individual, but that's no different from wanting to sue Apple either.
It sounds like they were scammed, and I feel bad for them. But they probably don’t realize how funny this comment is.
> I supported Polymarket for years because I believed they represented crypto values.
Despite having a lot of scammers and bad actors, crypto does have an underlying ethos that attracts a lot of people. And that ethos is one of removing intermediaries, robust cryptographic security, open and unrestricted participation for all, and letting people have as much financial freedom as possible.
A lot of us still fight to push those values forward.
Not surprising if true. The industry is full of immoral douches who think they are above being regulated, so of course it's not surprising when they behave unethically.
caveat emptor
I don't like to be glib but this is literally playing stupid games.
As a non-US-resident (and full disclaimer - someone who believes gambling should be in the same regulation bracket as smoking), honestly it looks like the US have collectively lost their minds with Polymarket.
zero sympathy.
how did we went from being all vocally aware that HFT is a scam that we will never get into, to falling to the lowest denominations of scams just because you can be the patso?