The crypto community recently debated the ethics of betting on war-related events on platforms like Polymarket. The discussion was sparked by a user who felt that having a dedicated section for Hezbollah was wrong, comparing it to treating war like a football game.
Vitalik Buterin Defends Polymarket
Ethereum co-founder Vitalik Buterin defended the existence of these markets, arguing that they can serve as valuable information tools for viewers. He explained that while traders might see it as just betting, the average person can use these markets to gauge the likelihood of certain events happening.
Buterin also emphasized that these markets aren’t about profiting from bad events. He believes they create an environment where speech has consequences, punishing both unjustified fearmongering and complacency.
The Value of Decentralized Prediction Markets
Other community members echoed Buterin’s perspective, highlighting the value of decentralized prediction markets for people who distrust mainstream media or live in controlled states. They argue that these markets offer a way to see the “true” odds on events happening.
Concerns About Influence and Morality
However, some expressed concerns about the potential for these markets to influence real-life events. Chainlink guru Zach Rynes questioned whether there should be limits on what people can bet on, fearing that individuals might take actions to force certain outcomes.
Buterin acknowledged these concerns, stating that he and most prediction market advocates oppose extreme situations like assassination markets. He also questioned the extent to which these markets actually influence events, suggesting that we’re far from a scenario where they could significantly impact the outcome of major events.
Polymarket: More Than Just Gambling
Buterin’s support for Polymarket isn’t new. He previously defended the platform against regulatory scrutiny from the US Commodities Futures Trading Commission (CFTC). He believes that labeling Polymarket as “gambling” is a misunderstanding of its purpose and potential.
Buterin’s commitment to Polymarket is evident in his participation in the platform’s Series B funding round, which raised $45 million. Polymarket is currently seeking another $50 million in funding and is considering launching its own token to allow users to vote on the platform.
