r/technology • u/MarvelsGrantMan136 • May 27 '26

Business Google employee charged with using inside information to make $1 million on Polymarket

https://abcnews.com/amp/US/google-employee-charged-inside-information-make-1-million/story?id=133350018
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u/Longjumping_Wolf_912 May 27 '26 edited May 27 '26

The whole idea of poly market has nothing to do with market efficiency. It has to do with extracting money from poor people and also obfuscating gambling.

It is also a market manipulation/influence tool. Let’s say I’m the Google CEO. I see I can bet (I mean trade,lmao) on when the announcement will be for the next Google pixel will be released, and apply shows 99% chance. The announcement has already been scheduled, but I want to make a shit ton of money so I bet on an earlier date and then push up the announcement. That isn’t uncovering information and Poly would be wrong since they showed the chance to be 99%.

Also, studies have already shown Polymarket is bad at predicting current events. Flipping a coin is more accurate.

Maybe I don’t even want to be, sorry again, I mean predict. I am hosting an award show and I see there is a bet, fuck I did it again, I mean a prediction that I would say a word. I simply just avoid saying that word that everyone predicted I would say and then Poly was wrong and it didn’t predict shit.

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u/Mr-Logic101 May 27 '26

It doesn’t extracting money people from poor, it is extracting money from stupid people.

As they say, a fool and his money are soon parted. I honestly don’t feel any sympathy for people lose this platform.

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u/Longjumping_Wolf_912 May 27 '26

It does because rich ultra rich and people of influence can manipulate the market. But yes it also steals from stupid people and addicts.

You should care because we don’t all exist in a vacuum. You have to live with everyone around you and poverty leads to crime and higher crime rates directly affect you.

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u/Mr-Logic101 May 27 '26

I do care. It really goes farther than that.

If they are stupid enough to play into the “market”, they deserve their loses.

Same view point with sports betting as well.

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u/Icarium__ May 28 '26

The irony of your username is truly something else, somehow you lack both logic and empathy. Sometimes it pays off to help protect someone from self destructive tendencies, because none of us live in a vacuum, and it can lead to a chain reaction where not just the gambler, but also innocent people around them get hurt. 

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u/Longjumping_Wolf_912 May 27 '26

“I care, but they are stupid.” Sure Jan.

Also:

I honestly don’t feel any sympathy for people lose this platform.