#predictionmarkets

NEW: Why We Changed Our Code of Ethics to Address Prediction Markets In an era when people can bet on news events, we want readers to know we’re not willing to gamble with their trust. https://www.propublica.org/article/prediction-markets-propublica-code-of-ethics?utm_source=mastodon&utm_medium=social&utm_campaign=mastodon-post #News #Journalism #Media #Ethics #Transparency #PredictionMarkets

“the whole world, unfortunately, has become somewhat of a casino” says the man who ran multiple casinos, whose company plans to launch a prediction market, and who nominated a CFTC chair who celebrates prediction markets as part of a “golden age” for finance #PredictionMarkets

Prediction markets function as financial redistribution machines. A small cohort of traders capture most of the gains, while everyone else supplies the cash and the notion that this is collective intelligence. “The top 1 per cent of users capture about 84 per cent of all gains, while the top 0.1 per cent capture nearly 60 per cent. In effect, most participants lose money to a small group of sophisticated traders…” https://www.theglobeandmail.com/investing/personal-finance/article-the-investors-profiting-from-prediction-markets-the-top-1-of-course/ #finance #markets #futures #predictionMarkets