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Being in the know. For more from this episode, subscribe to our Substack!

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Being in the know. For more from this episode, subscribe to our Substack!

Transcript

42 segments

0:00

There was just a lawsuit against um

0:02

forgive me because I don't know the it

0:04

was whether somebody in the military who

0:06

knew about the Nicholas Maduro capture

0:09

>> it that was inevitable uh who put a bet

0:12

on whether or not he would be captured

0:14

by the end of that day and he cashed out

0:16

you know 30 whatever fortune. There are

0:19

people who work at Google who um bet on

0:22

what would be the most googled thing

0:25

that year. Um who knew obviously in the

0:28

database what's in the database. Oh,

0:30

here's a scary example.

0:32

>> Um

0:34

>> there are questions right now about the

0:37

wildfires that are happening in Oregon.

0:39

Oregon and this has not been I'm not

0:43

this is just questions people are asking

0:45

but like there are poly markets that are

0:48

asking how many acres will burn in

0:50

Oregon by the end of the week and there

0:53

have been people who have discussed

0:55

would it be possible for somebody to

0:56

make a bet that it would reach a certain

0:58

number of acreage and then go out and

1:01

and set fires

1:01

>> and set the fires. So you can see all of

1:04

these examples of people who um or let

1:07

me give you one more example. The

1:09

teleprompter technician for Trump's

1:12

speeches put bets on how many words like

1:15

which words he would say in mention

1:17

markets. So all that to say, like this

1:20

is a place for people in the no to make

1:22

money on the the information that they

1:24

have, which to me

1:26

>> is like so antithet anti antithetical.

1:30

Thank you. to a free market and to like

1:34

that's not how capitalism works. That's

1:36

not how like that's cheating. That's

1:39

lame. That's stupid. And I judge you for

1:41

doing it. That's my opinion.

Interactive Summary

The video discusses the ethical concerns surrounding prediction markets, where individuals with insider information use it to profit from bets on various events, ranging from political occurrences to natural disasters.

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