Ethereum’s founder, Vitalik Buterin, recently discussed the war-related markets on the betting prediction platform. Buterin defended the presence of Hezbollah’s betting section in Polymarket, noting their role as a decentralized information tool for viewers.
Vitalik Buterin Supports Hezbollah’s Betting Section
On Monday, the crypto community discussed the existence of war-related betting markets after X Legendary user raised concerns. A member of the public said that having a dedicated Hezbollah section felt wrong as it made the war “look like a football game that you can bet on.”
Hezbollah betting section in Polymarket. Source: Legendary on X
Other members shared this sentiment, and agreed with the original post. However, many others countered the concern, saying that predicting markets on geopolitical issues is not easy.
Among the defenders, Vitalik Buterin supported the existence of Hezbollah’s betting section, noting that these may appear as mere bets from the point of view of traders, but, for the average observer, these markets can serve as an information tool.
There are all kinds of people (including elites) on twitter and the internet making dangerous and inaccurate predictions about controversies, and being able to go and see if people with real skin in the game think something has a 2% chance or a 50% chance. an important feature that can help keep people sane.
The founder of Ethereum also explained that using these markets is not “making money from bad things that happen.” Instead, Vitalik Buterin sees it as creating an environment “where speech has consequences (and both unjustified fear *and* unjustified complacency are punished), without relying on government or corporate inspectors.”
Other members of the community shared a similar view, arguing that there is benefit to decentralized prediction markets for people who do not trust mainstream media or live in regulated states, as “it helps to see the ‘true’ differences in these types of events. what’s happening.”
Can Prediction Markets Influence Real Life Events?
Chainlink guru Zach Rynes questioned Vitalik Buterin’s position. He wondered if there should be a limit to what people should be able to bet on as people can take steps to force certain outcomes.
However, Ethereum’s founder noted that he, along with many advocates of the prediction market, are against extreme cases, such as the execution of prediction markets. Some members of the public argue that adding ethics “can be a slippery slope” as many companies people invest in or buy from participate in funding the country’s conflicts.
Vitalik Buterin questioned how influential these markets are and whether they act as a “primary incentive for people to do bad things to trade,” suggesting that we are far from having markets that influence the outcome of capital markets. events.
It is worth noting that his support for Polymarket is not new. Ethereum’s founder previously defended the decentralized prediction market as it faced scrutiny from the US Securities and Exchange Commission (CFTC).
To lump Polymarket into the “gambling” category is to misunderstand what speculative markets are or why people (including economists and policymakers) get excited about them.
Vitalik Buterin also participated in Polymarket’s Series B funding, which raised $45 million in May, and Peter Thiel’s Founders Fund.
As reported by Bitcoinist, the prediction platform is looking 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.
Ethereum (ETH) is trading at $2,632 in the three-day chart. Source: ETHUSDT on TradingView
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