720 Photos and videos
Two small bald men insidered $400,000 out of polymarket users.
One gets federally prosecuted, one walks.
I know who my goat is. #MoggedByLordMiles
The U.S. Army soldier who won $400,000 by using confidential information to bet on the ousting of Venezuelan President Nicolas Maduro, pleaded not guilty to fraud charges reut.rs/48p3G7G
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This the same company trying to take the moral high ground over Polymarket and cancerous gambling companies?
The āfuture of financeā apparently means using influencers to promote meme parlays to degenerates and gaslighting them into thinking theyāre āpredictorsā.
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Prediction markets are structurally less predatory than bookmakers due to p2p trading and lack of bans/limits placed on sharp users. But their identity crisis doesnāt help their public perception. They still appear as another gambling company, only louder and more annoying.
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Glad to see Polymarket are doing a great job of enforcing their new market integrity rules.
A note on the Polymarket positions you've seen on-chain - the account named "P2P Team" is ours.
We wanted to come out honestly. The capital came from our foundation account and all proceeds return to it. Here's the full picture.
10 days before our raise went live, we placed bets that we'd hit our $6M target. At that point we had one oral commitment from Multicoin ($3M) - no signed term sheets, no guaranteed allocations, nothing binding. We were betting on ourselves.
We'd told the market we were raising over $6M. We believed we could. That bet was our way of backing our word with our own money at a moment when the outcome was genuinely uncertain.
Over the following 10 days we made our case, secured commitments, and the raise closed at $5.2M - entirely from outside investors we don't control.
We understand why this raises questions. Trading on an outcome you can influence erodes trust. We don't believe we were trading on a done deal, but we recognize reasonable people can see it differently. We named the account "P2P Team" deliberately - to give a marketing signal of our presence to the community and reflect our intent to be transparent. But intent isn't the same as action. Not disclosing at the time was a mistake we own. We took time to study the legal implications before speaking, which is why we stayed silent until now with a "No Comments" stance! - that too is a fair criticism.
All proceeds go back into our futarchy-governed MetaDAO treasury. We will be liquidating all positions in the next few hours and are putting together a formal company policy on prediction market trading going forward.
One thing we want to be unambiguous about: MetaDAO (@MetaDAOProject ) had zero knowledge of or involvement in these bets. We're genuinely excited to join this community and wanted to start on the right note - which means being straight with you about this.
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2 days ago a user posted alleging the P2P.me team were betting on their own raise.
The @P2Pdotme account continued to vaguepost joking that they owned the account.
Mar 25
Found @P2Pdotme betting on their own public sale on Polymarket
They're up $5,472 before the sale even started
P2PTeam funded by the same wallet behind:
- p2pme.eth
- p2pfoundation.eth
- gov.p2pfoundation.eth
Do they already know the outcome?
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Nothing was done on the Polymarket side. It remains unclear how these new market integrity rules will be enforced. So far they appear more like a response to media scrutiny around large insider wins on the USāIran strike market than a framework that is actively applied.
Mar 23
Today we're publishing new market integrity rules across our CFTC-regulated US exchange & DeFi platform ā making clear what's prohibited, how we enforce rules, & how to report suspicious activity.
The World's Largest Prediction Market runs on transparency
businesswire.com/news/home/2ā¦
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All good things must come to an end.
I was an advocate for Polymarket for the sole reason that, without fees you could gamble and not be destined to lose long term. Now with these fees, the house has been introduced to the equation, the party that all gamblers despise.
The referral program exists so all the āinfluencersā can act as an intermediary between new users (that will likely lose long term) and Polymarket, taking a cut of the fees they generate.
So now I can lead lambs to their slaughter and profit in the process. Iām pretty undecided on doing so. Passive income and potential airdrop upside, but then Iām a sellout doing harm to the average person that reads my tweets.
Curious what others think, do the fees ruin the platform as much as I think they do?
Feels like the idea of āfairā or at least less exploitative gambling is dead, even if sharper users can still win.
Mar 23
BREAKING: POLYMARKET ADDS FEES TO ALL MARKETS
Taker rates will be as high as 1.8%
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@williamlegate itās super embarrassing that you revoke my badge and kick me from the group chat for expressing my honest opinion on this update.
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@Polymarket please ban these markets. They serve no purpose beyond giving a notorious grifter an option to drain cash from his fans.
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