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People are making wildfire bets on prediction markets. Experts say it could lead to disaster (www.cnn.com)
submitted 3 months ago by to c/aboringdystopia@lemmy.world
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[–] 104 points 3 months ago (5 children)

prediction markets used to be illegal, and should be once again. anyone betting on tragedy like this should be banned from any form of gambling that is allowed

but nothing will happen because the system is corrupt and people are garbage

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  • [–] 18 points 3 months ago

    I mean, betting apps are banned every so often precisely because of this. I don't know how they come back to life like nothing ever happened, but I think this is the third or fourth iteration of them.

    The first iteration was killed when they allowed betting on terror attacks. The "logic" was that people with knowledge would bet on the next attack (this was after 9/11) making preparations easier. Just like in the cases of wildfires, though, allowing people to be on an outcomes gives them an incentive to effect it. Buy matches, bet on wildfire.

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  • [–] -1 points 3 months ago (2 children)

    Wouldn't they just move onto the dark web?

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  • [–] 8 points 3 months ago

    better than fully sanctioned and advertised everywhere you go. They have gambling website and prediction markets hosting news/sports segments, its everywhere.

    Making it run back to backroom dealings is a massive step forward

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  • [–] 1 point 3 months ago* (last edited 3 months ago)

    If it's really impossible to prevent people from gambling on wildfires and from creating financial incentives to start them, then I would strongly prefer that it at least be relegated to the furthest fringes of society possible.

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