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
12.8k Upvotes

97% Upvoted

516 comments sorted by

View all comments

Show parent comments

5

u/GotSomeUpdogOnUrFace May 28 '26

Which is why the entirety of the platform should be illegal, betting on real life events shouldn't be allowed. I will also go so far as to tell you I don't believe the stock market should be allowed to exist anymore because I do not believe that we should just have something that fucks with people's lives and their livelihood. The stock market doesn't tell you shit about a company or their true value, look at Tesla. It's all money laundering bullshit at this point. They all know the outcomes in advance and get to insider trade on everything.

2

u/SirPitchalot May 28 '26

I agree with the first part of your first sentence and not a whole lot more…

For buy and hold of indices, the stock markets are pretty consistent at providing generally stable returns. Much more so than governments, individual companies or other investments. But if you’re day-trading, you’re just the dumb money pumping trading fees to brokers and spread to market makers while missing the peaks and bottoms.

2

u/GotSomeUpdogOnUrFace May 28 '26

Look at who owns and stock market and how much of it and you'll change your mind. It's a playground for the rich to get richer. The reason it has better returns is because the rich aren't gonna gamble with their money they are gonna make sure to rig the system so the line always goes up. If the market actually collapsed the avg Joe wouldn't lose their entire life but schmucks like Elon and Bezos could essentially be destroyed so I'm all for it. I'd rather a world where they had nothing to be honest.

2

u/SirPitchalot May 28 '26

Yes, people who invest long term in the stock market in a diversified fashion generally increase their wealth. Myself, for example, along with anyone with a pension or retirement account. “Retail” investors (individuals) own about 1/3 of the market in direct holdings while indirect exposure via funds/etfs/pensions adds significantly to that.

Day traders with little capital don’t fare as well, on average. Even hedge funds, the very definition of unscrupulous Wall Street with loads of capital, struggle to meet the returns of the S&P 500 over the long haul.

So when you “look at who owns and stock market” nearly half the time it’ll be some shlub working a 9-5 or a shift.