alt Hacker NewsThe problem is that the genie is out of the bottle, even if you try to regulate it away it pops up in offshore jurisdictions and uses crypto. The ease with which polymarket can be manipulated is infinite because there are so many different random things you can bet on. It's a sign of our times and I don't think there is much that can be done about it by anyone.
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Bans from the AppStores will go a long way to removing this behavior. Sure a few die hards will always find a way to gamble, that does not mean we should not have regulations for the majority.
> It's a sign of our times and I don't think there is much that can be done about it by anyone.
Isn't cryptocurrency (for the most part) very traceable? If you make it too hard and risky for most people to participate in, you'll limit the negative effects. You could probably quite effectively discourage it by sanctioning any transactions with one of these markets, you've got some opportunity because at some point the cryptocurrency needs to be converted to/from cash.
Of course, you'd have to dedicate some investigative and enforcement resources to the effort.
If to bet on a prediction market you have to both use a VPN and launder your money like you're a drug dealer, and I don't think many people would do it.
We seem to be seeing the repetition of every stock/securities fraud that led to the creation of the SEC. But we're seeing people who refuse to let any reasonable regulation to happen.
Making gambling illegal except in controlled places reduces the amount of people gambling.
The existence of illegal gambling is far less a problem than the issue of legal gambling from your phone.
> offshore jurisdictions and uses crypto.
This vastly increases the barrier to entry for the normal person though. Is your position that just because laws don't work 100% of the time we shouldn't bother with them?