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dhruvyads 16 hours ago [-]
Prediction markets are useful to society for some things, sports is probably not one of them.
rvz 15 hours ago [-]
> Prediction markets are useful to society for some things
Like what? Insider trading?
mothballed 14 hours ago [-]
Hedging events with poor or no insurance penetration. For instance, suppose you had to pre-pay in advance for a venue for Spanish soccer finals game party before you know if they go to finals, you might hedge your position by betting against them going to the finals, especially if the chance was very high as a small premium would protect you against a total loss.
Another common one is war. Most insurances don't cover acts of war. Getting underwriting can be difficult especially for smaller amounts / people with little access to finance industry. Betting on war can hedge real estate or other exposed holdings.
orsorna 13 hours ago [-]
It falls apart if the event being insured can be influenced by at least one person. Because if one person can influence that event, then there is an avenue for that event's to be modified.
orsorna 10 hours ago [-]
*event's probability
recursivegirth 14 hours ago [-]
I fail to see how either of those are useful or beneficial to society.
Craighead 12 hours ago [-]
The disconnect of ivory tower tech workers from normal people has never been more apparent.
mingus88 12 hours ago [-]
Ah yes, real estate speculation. What a boon for society this betting market provides.
Like what? Insider trading?
Another common one is war. Most insurances don't cover acts of war. Getting underwriting can be difficult especially for smaller amounts / people with little access to finance industry. Betting on war can hedge real estate or other exposed holdings.