Vitalik Buterin Defends Polymarket as a Tool Against Misinformation Amid Controversy
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Recently, Ethereum co-founder Vitalik Buterin expressed his support for Polymarket, a cryptocurrency-based prediction market. He emphasized its role in providing accurate information and combating misinformation.
On Monday, Buterin defended this decentralized prediction market, especially during the U.S. election season. His remarks came after a user on X raised concerns about betting on the ongoing conflict in the Middle East involving Israel, Iran, and Hezbollah.
The user criticized Polymarket for having a section dedicated to betting on Hezbollah, stating, “It feels wrong that Polymarket has an entire Hezbollah betting section that makes a war look like a football game to bet on.”
Buterin responded by saying that Polymarket serves as a credible news source for those who might encounter misinformation on social media. He said, “There’s all kinds of people on Twitter making harmful and inaccurate predictions about conflicts. Being able to see if people with actual skin in the game think something has a 2% chance or a 50% chance is a valuable feature that can help keep people sane.”
He stressed that the intention is not to profit from tragic events but to create an environment where accurate information can flow freely, without government or corporate censorship. However, he did draw the line at betting on assassination predictions, indicating that some events could encourage illegal actions.
Buterin's support is notable, especially since he invested in Polymarket's $70 million funding round in May, which included backing from billionaire investor Peter Thiel’s Founders Fund. Polymarket is also reportedly seeking additional funding and preparing for a token launch, which is expected to play a crucial role in its operations.
Built on Ethereum's Layer-2 chain, Polygon, Polymarket allows users to buy and sell outcome shares using cryptocurrencies. If the outcome is correct, shares can be redeemed for $1; if not, they become worthless.
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