@polymarket's astronomical success is the most important story in crypto right now, but it's so obvious that we are ignoring it, when we should be screaming it from the rooftops.

Prediction markets are the purest technological manifestation of liberal democracy. They take free markets and free speech as inputs and output truth. In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth.

It is monumental for crypto that Polymarket is being consistently cited by mainstream media for election probabilities. The seamlessness with which this happened speaks to its product market fit. No one talks about the fact that Polymarket is built on crypto because the product is so good.

If you are a supporter of crypto, the next time you find yourself in a discussion about politics, refer your friends to Polymarket.

Crypto @ Coinbase, foreign policy, political theory. yugacohler.twitter

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What‘s ur take on this? https://worksinprogress.co/issue/why-prediction-markets-arent-popular/

Founder /kiwi-news, a decentralized Hacker News

I wouldn't expect there to be liquid prediction markets on tons of tiny outcomes, and I am not convinced that there is a specific need right now. The most important first step is to have markets on high leverage outcomes like election results. Once we nail that, we can move on to the fat tail.