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I will vouch for @0xbitcoiner here. I dont think he understood how it works and just lumped it in with traditional sport books that exploit users, bet against them etc.
I know there are probably a few very loud voices on SN that donāt approve Predyx but I think they are a very small group. Overall most stackers like predyx and want to support a bitcoin native prediction market even if it is not something they are interested in using.
Thanks @grayruby for making me feel at ease. Apologies for the harsh words.
Being a market creator yourself, you probably know better that creating an AMM market with low volume is a loss for the creators.
We've been loosing couple of million sats every month while funding the markets with modest liquidity. The reason we're doing this is that we know this is the only way to bootstrap a new prediction market.
while Predix makes a killing off peopleās ignorance. Thatās how the game works.
And when someone accuses you of this āļø It feel like no matter what you do for bitcoin in terms of bitcoin usability beyond store of value, you always receive hatred.
I wish people understood, that bitcoin will die if it only becomes "store of value" as rightly said by Jack Dorsey.
My bad if I sounded too harsh. English isn't my first language, so I don't always realize how my words come across. I wasn't trying to offend anyone or make random accusations.
My take on betting sites in generalānot specifically Predyxāis that theyāre built for profit. It wouldn't make sense otherwise. And that profit comes from users, some of whom might be caught off guard, so they need some sort of protection. Thatās what Iām getting at. I'm glad this talk led to some changes on Predyx; it shows I wasn't totally off base and that it was worth bringing it up.
Personally, I think Bitcoin should embrace all kinds of use cases beyond just being a store of value, but that doesn't mean I have to dive into everything. Betting isn't really my thing, but hey, people can do whatever they want with their money.
Also, regarding opinions, you should be able to take them in strideāboth sides have value. About the platform itself, I think you guys should have a way to freeze markets in case of clear manipulation, like that 1.4M items market on SN. You should probably check with @k00b about that.
Again, sorry for any misunderstanding. No hard feelings on my end.
Thanks for taking the time to explain it patiently. No hard feelings on my side as well.
I also appreciate the value that came out of this discussion i.e. to warn the trader if he's moving odds too extremely.
Happy Holidays and Merry Christmas!
NEVER TELL ME THE ODDS!
Would you have liked to know that 50k of those shares were a guaranteed loss?
Ok that wouldāve been helpful
Iāll allow C3P0 to tell me that
I'm thinking a lot of this stuff through for the first time and there are very interesting perverse incentives introduced by prediction markets.
The endogeneity between a market existing and a participant being able to impact the outcome is one of those. It's like the philosophical problem that observing a system changes the system.
There's a lot to unpack with these things, but I don't think the answer is to throttle voluntary transactions between consenting adults. Participants need to be aware of the incentives they're creating in the real world when they place money on an outcome.
It's like the philosophical problem that observing a system changes the system.
If you scroll through the discussion, I think it's clear that people appreciate what you guys are doing and how you're doing it.
There'll always be knee-jerk reactionaries. The test is how those who have tried your product think about it.
Thanks for your kind words and unwavering support from day 1. You, @grayruby and @Coinsreporter have been very instrumental in the success of Predyx.
I will always be grateful for this.
Negative posts like these is the reason why I've been staying away from StackerNews.
And no - I don't feel guilty or sorry.
This is what you're trying to do - is you try to steer people into guilt trip. A very subtle form of manipulation. Nice try.