this post was submitted on 04 Jan 2026
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A Boring Dystopia

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Insider trading, but make it worse (lemmy.world)
submitted 1 week ago by andros_rex@lemmy.world to c/aboringdystopia@lemmy.world
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[–] abcd@feddit.org 33 points 1 week ago (1 children)

It seems to be this site: https://polymarket.com/

[–] naeap@sopuli.xyz 9 points 1 week ago (2 children)

How does this work?

Who verifies, that a bet is done and which statement was correct?

[–] InnerScientist@lemmy.world 14 points 1 week ago* (last edited 1 week ago) (4 children)

Anyone can dispute a proposed market resolution if they feel it was proposed in error. Once a market is proposed for resolution it goes into a challenge period of 2 hours. If no one challenges the proposal the resolution is deemed valid and the proposer receives their bond back plus the reward. During the 2-hour challenge period, anyone may dispute the proposal on the UMA dapp by posting a challenge bond of the same amount as the proposer bond (usually $750). This begins the debate period of 24-48 hours (votes happen every other day and there will always be at least 24 hours for discussion). Anyone wishing to contribute evidence to the discussion can do so in the Uma Discord server in the #evidence-rationale and #voting-discussion channels. After the debate period, Uma token holders vote (this process takes approximately 48 hours)

https://docs.polymarket.com/polymarket-learn/markets/how-are-markets-resolved

https://docs.polymarket.com/polymarket-learn/markets/dispute

[–] Saapas@piefed.zip 16 points 1 week ago

I... what? And they're using Discord to discuss stuff? Sounds legit 

[–] socsa@piefed.social 12 points 1 week ago (1 children)

Oh God, it's even more idiotic than I could have possibly imagined.

[–] Skankhunt420@sh.itjust.works 4 points 6 days ago

Its even worse than that

https://coinmarketcap.com/academy/article/polymarket-reports-unprecedented-governance-attack-by-uma-whale-on-bet-resolution

The whales can manipulate the bets and make themselves win even if it doesn't happen.

I love crypto, but this shit is a pure scam.

[–] naeap@sopuli.xyz 12 points 1 week ago (1 children)

Thank you very much for the explanation!

Although I find 2h a bit short, especially for small betting pools, where there is a high chance that mostly people sleep, work or do something else

[–] InnerScientist@lemmy.world 2 points 1 week ago* (last edited 1 week ago)

I also read that there's some rule chaneges (on what is considered yes/no) by polymark on some bets and general complaints, don't know if those are just sore losers or valid but I'd read up on that if you want to bet on the platform, I've never used the service.

[–] fartographer@lemmy.world 10 points 1 week ago (1 children)

So, I can bet on whether I'm gonna shit my pants this year? Great way to lift my spirits if I were to shit my pants.

[–] InnerScientist@lemmy.world 8 points 1 week ago (1 children)

You'd have to convince enough people that you aren't going to shit your pants first "@fartographer@lemmy.world"

[–] fartographer@lemmy.world 5 points 1 week ago (1 children)

Hey y'all. It's been a while since I've shit my pants. And I really think I can make it a full year this time!

[–] TehWorld@lemmy.world 2 points 6 days ago (1 children)

If you offer enough odds, someone would take it just to make you shit your pants and prove it. A one penny bet with $10,000 payout? Maybe you forget about it and come 2026 some idiot takes you for a wad-o-cash.

[–] fartographer@lemmy.world 2 points 6 days ago

I'm not 100% sure that I follow what you're saying, but it sounds like you're calling me an idiot who is gonna win $10,000??? This is so exciting!

[–] nameisnotimportant@sh.itjust.works 3 points 1 week ago

I'm wondering the same thing as well, seems very risky