A Boring Dystopia

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Insider trading, but make it worse (lemmy.world)

submitted 6 days ago by andros_rex@lemmy.world to c/aboringdystopia@lemmy.world

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[–] yeather@lemmy.ca 4 points 6 days ago (2 children)

Legally they are not betting against the house. People are betting against each other on if a certain event will happen, and the site takes a set percentage for facilitating the bets. This makes it legal under gambling laws in most US States.

[–] NotMyOldRedditName@lemmy.world 3 points 6 days ago* (last edited 6 days ago)

It probably can't be stopped either at this point.

Assuming it was illegal, they could arrest the developers because they are earning money on it, but arresting them and taking the website down won't stop people from using it as it's smart contract based on a blockchain. The website is just the front end, the blockchain/smart contract is the backend.

So now you gotta go after the individuals using it, who could annonymize their funds through something like Tornado Cash, making it pretty hard to stop.

[–] thedeadwalking4242@lemmy.world 1 points 6 days ago (1 children)

So if I opened a physical casino with let's say roulette without 00 but a commission charge to play it's legal?

[–] yeather@lemmy.ca 2 points 4 days ago

No, roulette is still betting against the house. A more apt comparison is poker, the house has nothing to do with the outcome or the game and has no stakes in the winner or loser when legal. This is why many will either take a percentage of the pot to recoop the cost of facilitating the game and dealer, about 2% I think, or have a membership fee. In many states poker only card houses or card clubs are completely legal.