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Prediction market trader 'Magamyman' made $553,000 on death of Iran's supreme leader (www.npr.org)
submitted 5 months ago* (last edited 5 months ago) by to c/aboringdystopia@lemmy.world
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An account trading under the username "Magamyman" made more than $553,000 placing bets on the prediction market Polymarket that Iran's Supreme Leader, Ayatollah Ali Khamenei, would be out of power just before an Israeli strike killed him on Saturday.

....Under U.S. commodity trading laws, making trades based on death and war are illegal, since those kinds of bets create a financial reward for violence, human suffering and geopolitical instability.

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[–] 1 point 5 months ago (1 child)

Yeah, the market predicts jack shit nothing until the insider trader enter it and the "market signal" due to the insider traders happen just before the actual events being "predicted" happen, making them a useless prediction unless you're algorithmically gambling on a related domain.

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  • [–] 1 point 5 months ago

    That's incredibly shortsighted and just wrong.

    Are you saying Vegas odds do jack shit in predicting sports outcomes?

    Same exact thing. Just more naked to insider manupulation. Which is the point.

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