Comment Text:
These “prediction markets” are nothing more than gambling sites and breeding grounds for insider trading.
They are bad for individuals because they put gambling at the fingertips of anyone with a phone and an internet connection. This is predatory to anyone with addictions, and is creating more addicts by the day.
They are also bad for our society and societal systems. The ability to gain large amounts of wealth with inside information should be illegal; it’s why insider trading is a crime. These prediction markets should not be an exception. What this does is it erodes trust in our elected officials and in people with decision making roles in business. These officials, business leaders, or wealthy elites will no longer make decisions based on improving the lives of their constituents and stakeholders, but instead they will decide to do whatever they can make the most money doing.
These markets need to be highly regulated, if not outright banned.
