Good read on Polymarket for the board magas
‼️ Important Information About Polymarket You Need to Know
This is long. Bear with me.
If you find this useful, please share it. Everyone needs to understand what Polymarket is and how it is being used.
Polymarket is all over your X feed, and every MAGA account is using its betting odds to predict a Donald Trump victory. It is the latest tool being used by Trump sycophants to drive a fake narrative that Trump is leading in this election.
I have mostly ignored Polymarket because I don't buy into the idea that betting systems can predict political outcomes.
But as a cryptocurrency trader and developer for years, I decided it was time to do some digging into exactly how Polymarket is being used as propaganda and disinformation in this election cycle.
Whether you know about Polymarket or not, you are going to want to read this.
What is Polymarket?
Polymarket is a decentralized blockchain-based prediction market platform that allows users to bet on the outcomes of real-world events, like politics, sports, or current events, using cryptocurrency.
Polymarket is Partly Funded by Peter Thiel
Not only is the cryptocurrency space right-leaning to begin with, but it’s also notable that Peter Thiel, a billionaire and early supporter of Donald Trump, funds Polymarket.
Whales are Skewing Presidential Betting Odds
Trading markets and price movements are susceptible to the manipulation of market makers and large investors referred to as "Whales."
This is a key reason why betting markets make for horrible prediction systems - markets can be, and are, moved by larger players. They do not represent public sentiment in the way you are being told.
Why Does Polymarket Not Represent American Sentiment?
No one is telling you this:
First, Polymarket is hosted offshore, like most cryptocurrency projects - usually because they violate U.S. law. First red flag.
Second, Polymarket is off-limits to Americans.
Everyone read that?
🚨 Americans Are Not Legally Allowed to Use Polymarket 🚨
This is extremely common with cryptocurrency exchanges as well, as the vast majority of them are also banned in the U.S.
The way Americans get around this is by installing a VPN to mask their location.
But let’s be real: most Americans barely understand how to use the Internet properly! They're not installing and configuring VPNs to place bets on an offshore cryptocurrency betting site, and most have no idea how to purchase USDC crypto tokens to place bets.
The reality is that fiat (or U.S. dollar) onramps into crypto are scarce and often difficult to execute. Most Americans have no idea how to convert dollars to crypto.
What Does This Mean?
It means the betting odds you are being flooded with on X in the U.S. Presidential election are mostly made up of non-American crypto traders!
And the U.S.-based users savvy enough and willing to jump through the hoops it takes to place bets are hardcore right-wing!
Polymarket is a fun cryptocurrency project for traders looking for an interesting way to trade real events. But it is a scam for predicting American sentiment in our presidential election when the betting market isn't made up of Americans.
MAGA influencers on X posting about Polymarket odds in the American presidential election are gaslighting you with betting sentiment made up mostly of non-Americans.
