How shitcoining ruins equity \ stacker news ~Stacker

160 sats \ 8 comments \ @BlokchainB 27 Sep Stacker_Stocks

Polymarket has been all the rage thanks to this current election cycle but I came across this:

Polymarket is said to be in talks to raise $50M and considering rolling out its own token. The crypto-based prediction market has seen a betting boom, with $1B+ wagered on this year’s US presidential election alone.

Why in the world would I want a polymarket token? Will this token come with a disclosure and closing documents or are they just going to spin this up have a pre-mine go to early investors and dump on retail for a quick gain.

The ICOs and fraud has really hurt innovation around equity raising and here is further proof of it.

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95 sats \ 6 replies \ @grayruby 27 Sep

They know they have a small window with the hype from the election and the attention they are getting from the press to make as much money as possible. Standard crypto grifting. No one builds anything sustainable in crypto because the incentives are totally broken.

@Cje95 will probably take the other side of this argument, so tagging him for a chance to weigh in.

100 sats \ 4 replies \ @Cje95 28 Sep

I am not sure why they would want to issue their own token tbh... they already have raised money from the likes of Mark Cuban and others and I am sure those guys would give them more if they need it.

This is def a hype bubble it is facing though because election betting is illegal in the US so the major books cant get in. I am not sure that Polymarket has to much of a future besides elections and other smaller niche things. I am sure they want to try and just take even a slice of the sports betting market in the US but honestly... not worth it.

Right now they are outside SEC jurisdiction and just won against whatever government agency was suing them. Issuing a token only brings them SEC hell... seems hella stupid to me but I'm just one guy lol

Only part I disagree with you on is being unsustainable... I think if it stays small with its election type markets it has a shot of being fine and operate but that isn't going to make a ton of money either which depending on these developers might be the issue.

0 sats \ 3 replies \ @grayruby 28 Sep

Good thoughts.

Fortunately we have predyx now and can pretend Polymarket doesn’t exist as soon as they work the kinks out.

40 sats \ 2 replies \ @Cje95 28 Sep

Yeah its one of those for election season they will reap the rewards so I guess if they become a every 2 year phenomenon then okay they just have to navigate the cycles. Long-term feasibility just doesn't seem to be there and launching a token I think could be the quickest way for them to blow themselves up

130 sats \ 1 reply \ @grayruby 28 Sep

Have to wonder if some of those big name investors are expecting a bull market and looking to maximize return on their investment on what would probably initially be a very popular token. I think that would be short lived but they could get it to pump long enough to make a killing.

92 sats \ 0 replies \ @Cje95 28 Sep

I see that but the immediate SEC challenge would I would think put the idea to bed but I guess they know something I don't lol

50 sats \ 0 replies \ @BlokchainB OP 27 Sep

Yeah and it’s a shame! So much fraud and lost opportunity thanks to scammers and people wanting to get rich quick

70 sats \ 0 replies \ @Satosora 27 Sep

It seems all new coins have a pump and dump cycle. I cant believe people actually trust them.