A Technology for a Low-Trust Society

7 hours ago

Prediction markets like Polymarket and Kalshi allow users to bet on news events, claiming to harness the 'wisdom of the crowds'.
Instances of potential insider trading and market manipulation have been observed, such as bets on political events and military operations.
These platforms financialize current events, turning human suffering and geopolitical crises into commodities for profit.
Prediction markets claim to provide accurate forecasts but often reflect what people think others think, not actual outcomes.
The platforms exploit and reinforce a low-trust society, where motives are constantly questioned and insider trading is rampant.
Despite claims of accuracy, prediction markets erode trust in information and institutions, creating a 'depravity economy'.

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