In no way is it better now that we have online gambling. The entire industry should be illegal and barred from participation in the traditional banking system.
Nowhere near solving cancer, but hey we got TikTok and Facebook and crypto and AI swarms and endless porn and gambling, and an increasingly radical, divided, depressed, and anxious humanity.
Same goes for drugs, tobacco, alcohol etc. oh look how that ended up. There's a reason why Prohibition has been repealed in every major country that tried it.
Strange response, do you believe that society has always had access to online gambling, in the same way that alcohol and drugs have been around forever?
alcohol prohibition has always been difficult because it's so tied into food and social culture. Tobacco use has been extremely successfully restricted, harder drugs and gambling also remain prohibited in many countries.
You may not be aware of how rapidly and historically unprecedented gambling has spread in the US in the last few years. More than half of all men aged 18-49 participate in some form of online sports betting (https://futurism.com/future-society/men-aged-18-to-49-hooked...)
While I in no way support habitual gambling, the second you push for something like that, you will have a sizable group of "freedom activists" up in arms. More likely, I see it being more-heavily taxed to make it less appealing.
Even without the addiction problem, a business that allows you to bet on anything happening in society is bound to be the largest vehicle for corruption in the history of mankind. This is a threat to democracy and stability that actually undermines our freedom. Prediction markets should never have been allowed to exist, and if the US is willing to protect this industry, the rest of the free world should sanction it out of existence.
I misread the title and thought it said he /founded/ Kalshi, which would have been a hell of a story. The actual title says "discovered", but I guess that doesn't quite fit for HN.
I hadn't heard this was a feature that you could self-exclude / ban yourself from the main apps. Interesting. I think the "he was banned" part is a bit misleading then.
The loopholes discussed in the article 100% should be closed, making it easier for problem gamblers that want out to get out, but there will always be the convenience factor that will cause at least some damage. Ease of access also means ease of misuse unfortunately.
> She went on: "If you ask our millions of traders, they would emphatically tell you that an exchange model is significantly healthier than a sportsbook model: our profits aren't tied to trader losses, so we don't have the same predatory incentives."
Really wish the author had pushed back more on this. They have different predatory incentives, benefitting from encouraging people to make a large number of slightly stupid bets rather than a smaller number of very stupid ones. I would love to hear Kalshi explain what non-predatory value the 15 minute crypto markets have.
They don't care whether the bets are stupid or informed. They don't make more money out of losers than they do out of winners, unlike traditional gambling platforms. (Though this in no way means that you have to like kalshi)
Maybe Kalshi doesn’t care about this, but if the goal is accurate predictions, prediction markets need someone to lose money to fund the sharps, or the markets won’t be big enough to be worthwhile.
In some traditional markets, a source of funding is investors who are hedging, essentially buying insurance.
You may not be aware of how rapidly and historically unprecedented gambling has spread in the US in the last few years. More than half of all men aged 18-49 participate in some form of online sports betting (https://futurism.com/future-society/men-aged-18-to-49-hooked...)
Using https://news.ycombinator.com/bookmarklet.html i got "He was banned by betting sites. Then he relapsed on Kalshi."
Really wish the author had pushed back more on this. They have different predatory incentives, benefitting from encouraging people to make a large number of slightly stupid bets rather than a smaller number of very stupid ones. I would love to hear Kalshi explain what non-predatory value the 15 minute crypto markets have.
In some traditional markets, a source of funding is investors who are hedging, essentially buying insurance.