Vitalik: Current prediction markets lack social significance; I have personally made money by betting against the FOMO in the market.
BlockBeats news, on January 28, Ethereum founder Vitalik Buterin stated in an interview with ForsightNews that the markets currently being heavily promoted on the Polymarket platform include topics such as "Which team will win next week" or "Will the Bitcoin price go up or down in an hour." In the long run, these short-term bets actually do not have much social significance. In theory, prediction markets are successful as a tool, but we need more meaningful applications.
Vitalik said that last year he used a principal of $440,000 and made $70,000 on Polymarket. The method was to look for markets that had fallen into "crazy mode" and then bet that "crazy things won't happen." When market sentiment falls into an irrational "crazy mode," betting on the opposite side usually makes money.
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