return2ozma'Bone-Chilling': Gamblers ‘Vowing to Kill’ Journalist Unless He Changes Iran War Report to Help Them Win Polymarket Bet
certified_expertCan somebody eli5 me this? I am not sure I am getting it
🔍🦘🛎Polymarket is a place to put bets on anything: if the groundhog sees his shadow, if a hurricane makes landfall, if the US bombs Iran. You know just fun betting. Except now people put down huge sums, and just prior to the Iran war, insiders were putting down MILLIONS on the war starting that day. It makes it immediately obvious there are dangerous conflicts of interest.
But, who pays? I could bet you a million I will eat a sandwish today
If betting on Polymarket, you would actually have to stump up that money first, and the other person would have to do the same with whatever bid they wanted to use. Then, in order to get any kind of reasonable payback, you would need thousands of other people to make a bet for or against, using their own money.
The payout isn’t on someone making a bet on themselves, no-one else would bet for or against that as the stakes are so small. The payout is on large-scale events that are - ostensibly - out of the control of the bettor or bettee.
Oh, so I can post a bet on anything. And the game only starts when somebody picks up the other side: betting against my prediction.