{"id":512,"date":"2024-10-01T15:04:00","date_gmt":"2024-10-01T15:04:00","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=512"},"modified":"2024-10-01T15:04:00","modified_gmt":"2024-10-01T15:04:00","slug":"vitalik-buterin-in-favor-of-hezbollah-betting-section-on-polymarket-amid-community-concerns","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=512","title":{"rendered":"Vitalik Buterin In Favor Of Hezbollah Betting Section On Polymarket Amid Community Concerns"},"content":{"rendered":"
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Ethereum\u2019s co-founder, Vitalik Buterin, recently discussed war-related markets on prediction betting platforms. Buterin defended the existence of the Hezbollah betting section in Polymarket, noting their role as decentralized information tools for viewers.<\/p>\n

Vitalik Buterin Backs Hezbollah Betting Section<\/h2>\n

On Monday, the crypto community discussed the existence of war-related betting markets after X user Legendary raised concerns. The community member said that having a dedicated Hezbollah section felt wrong as it made a war \u201clook like a football game to bet on.\u201d<\/p>\n

\"Vitalik<\/p>\n

Other members shared this sentiment, and agreed with the original post. However, many others countered the concerns, arguing that predicting markets on geopolitical problems is not trivializing.<\/p>\n

Among the defenders, Vitalik Buterin backed<\/a> the existence of the Hezbollah betting section, noting that these might be seen as just betting from the traders\u2019 perspective, but, to the average viewer, these markets could serve as an information tool.<\/p>\n

\n

There\u2019s all kinds of people (incl elites) on twitter and the internet making harmful and inaccurate predictions about conflicts, and being able to go and see if people with actual skin in the game think that something has a 2% chance or a 50% chance is a valuable feature that can help keep people sane.<\/p>\n<\/blockquote>\n

Ethereum\u2019s founder also explained<\/a> that using these markets is not about \u201cmaking money from bad stuff happening.\u201d Instead, Vitalik Buterin considers it to create an environment \u201cwhere speech has consequences (so both unjustified fearmongering *and* unjustified complacency are punished), without relying on governmental or corporate censors.\u201d<\/p>\n

Other community members shared a similar perspective, arguing<\/a> that there is value in the decentralized prediction markets for people who don\u2019t trust mainstream media or live in controlled states, as it is \u201chelpful to see the \u2018true\u2019 odds on these types of events happening.\u201d<\/p>\n

Can Prediction Markets Influence Real-Life Events?<\/h2>\n

Chainlink guru Zach Rynes questioned Vitalik Buterin\u2019s position. He wondered<\/a> whether there should be a limit to what individuals should be able to bet on as people could take actions to force certain outcomes.<\/p>\n

However, Ethereum\u2019s co-founder noted that he, and most prediction market advocates, are against extreme situations, such as assassination prediction markets. Some community members argued<\/a> that adding morality \u201ccan be a slippery slope\u201d as many companies people invest in or purchase from participating in subsidizing geopolitical conflicts.<\/p>\n

Vitalik Buterin questioned<\/a> how influenceable these markets were and whether they acted as a \u201cprimary incentive for people to do bad things so they can insider-trade on them,\u201d suggesting we are far away from the markets\u2019 existence influencing the outcome of grand-scale events.<\/p>\n

It\u2019s worth noting that his support of Polymarket isn\u2019t new. Ethereum\u2019s founder previously defended the decentralized prediction market as it faced regulatory scrutiny from the US Commodities Futures Trading Commission (CFTC).<\/p>\n

\n

Putting Polymarket into the category of \u201cgambling\u201d is a massive misunderstanding of what prediction markets are or why people (incl economists and policy intellectuals) are excited about them.<\/p>\n<\/blockquote>\n

Vitalik Buterin also participated in Polymarket\u2019s Series B funding, which raised $45 million in May, alongside Peter Thiel\u2019s Founders Fund.<\/p>\n

As reported<\/a> by Bitcoinist, the prediction platform is seeking to secure $50 million in a new funding round. Additionally, it is reportedly considering launching its own token to allow users to vote on the platform.<\/p>\n

\"Vitalik<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum\u2019s co-founder, Vitalik Buterin, recently discussed war-related markets on prediction betting platforms. Buterin defended the existence of the Hezbollah betting section in Polymarket, noting their role as decentralized information tools for viewers. Vitalik Buterin Backs Hezbollah Betting Section On Monday, the crypto community discussed the existence of war-related betting markets after X user Legendary raised […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-512","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=512"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/512\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}