couldhavebeenyou comments on 'Bone-Chilling': Gamblers ‘Vowing to Kill’ Journalist Unless He Changes Iran War Report to Help Them Win Polymarket Bet

[–] couldhavebeenyou@lemmy.zip 15 points 7 months ago (11 children)

Interesting thing though. How is Polymarket going to arbitrate such things?

There's going to be discussions that are never going to be truly resolved as opposed to, for example, sports betting, so how does this turn out?

I guess they got a smart ToS but they're incorporated in the US so I guess they'll be tested in court sooner rather than later

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[–] ivanvector@piefed.ca 21 points 7 months ago (10 children)

Why not set up a Polymarket bet for how Polymarket is going to handle this? Or whether they face any kind of legal repercussions at all.

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[–] NoForwadSlashS@piefed.social 11 points 7 months ago (9 children)

No joke, this is actually very much how it works. For disputes they use UMA tokens, which allows whales to just buy the vote. Although "being too expensive to corrupt" is the point, there's a bunch of recent news about votes for $50 million markets bought with $7 million worth of coins (which are reusable, once you own them, you can vote on every dispute with the same tokens and voting power).

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[–] ivanvector@piefed.ca 8 points 7 months ago (8 children)

Well gee, that doesn't sound like a nightmare of a Ponzi scheme at all

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[–] CXORA@aussie.zone -3 points 7 months ago (7 children)

It literally doesnt sound like a ponzi scheme at all.

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[–] KeenFlame@feddit.nu 2 points 7 months ago (6 children)

They pay for voting power in disputes over betting so that it literally only gives return by new investors - exactly like how any ponzi scheme works

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[–] CXORA@aussie.zone 0 points 7 months ago* (5 children)

"Voting power" has nothing to do with the original ponzi scheme. It was all about using the money from new investors to fake high returns on investments for all investors. So a betting market where people aren't assured return at all starts from quite a different proposition, and adding "buying voting power" to it does nothing to increase the similarity.

At a stretch you could compare it to an MLM.

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