A Boring Dystopia

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Prediction market trader 'Magamyman' made $553,000 on death of Iran's supreme leader (www.npr.org)

submitted 2 days ago* (last edited 2 days ago) by CurlyWurlies4All@slrpnk.net to c/aboringdystopia@lemmy.world

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An account trading under the username "Magamyman" made more than $553,000 placing bets on the prediction market Polymarket that Iran's Supreme Leader, Ayatollah Ali Khamenei, would be out of power just before an Israeli strike killed him on Saturday.

....Under U.S. commodity trading laws, making trades based on death and war are illegal, since those kinds of bets create a financial reward for violence, human suffering and geopolitical instability.

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[–] CurlyWurlies4All@slrpnk.net 3 points 2 days ago (1 children)

From the article

Most prediction markets, which have surged in popularity in recent months, are federally regulated by the Commodity Futures Trading Commission. The agency views this new-fangled form of betting a "futures contract," not a type of gambling.

[–] WesternInfidels@feddit.online 3 points 2 days ago (1 children)

Vegas gambling is regulated by the state, but it's still gambling.

[–] CurlyWurlies4All@slrpnk.net 1 points 2 days ago

For sure. I'm with you. It's clearly gambling regardless of the ridiculous loop hole they've decided to put it through.