I Championed Prediction Markets. Look What They've Become
The author reflects on the evolution of prediction markets, arguing that they have shifted from useful information-aggregation tools to 'backdoor sportsbooks.' The piece highlights concerns about asymmetric information and the monetization of government policy announcements.
Before you do business with anyone, you should ask why they want to do business with you. Last week handed me the world’s most absurd teaching example: A White House teleprompter operator was betting on Kalshi about what the president would say — words he was personally scrolling onto the screen. He cleared about $100,000, and honestly, I’m shocked he didn’t make more.
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