The real answer is nuanced, but a combination of “it wasn’t, until bribary”, “enforcement is difficult”, “it’s built to be nuanced around regulation”, “it depends where”, and “it’s decentralized”
Comment on Insider trading, but make it worse
thedeadwalking4242@lemmy.world 3 months ago
How is this legal
OsrsNeedsF2P@lemmy.ml 3 months ago
whoisearth@lemmy.ca 3 months ago
Gambling.
It’s disgusting but not necessarily illegal.
theneverfox@pawb.social 3 months ago
It’s unrelated gambling to be specific. You can fix the results or have insider knowledge
BigPotato@lemmy.world 3 months ago
I bet you a dollar that the ratio of votes on your post will be some number by January 11th.
I bet you a dollar that President Trump will not live to see 2037.
We’re just two people making bets here. Anyone want to sidebar on this action?
NotMyOldRedditName@lemmy.world 3 months ago
I’ll make a bet on how many bets you get!
yeather@lemmy.ca 3 months ago
Legally they are not betting against the house. People are betting against each other on if a certain event will happen, and the site takes a set percentage for facilitating the bets. This makes it legal under gambling laws in most US States.
NotMyOldRedditName@lemmy.world 3 months ago
It probably can’t be stopped either at this point.
Assuming it was illegal, they could arrest the developers because they are earning money on it, but arresting them and taking the website down won’t stop people from using it as it’s smart contract based on a blockchain.
So now you gotta go after the individuals using it, who could annonymize their funds through something like Tornado Cash, making it pretty hard to stop.
thedeadwalking4242@lemmy.world 3 months ago
So if I opened a physical casino with let’s say roulette without 00 but a commission charge to play it’s legal?
yeather@lemmy.ca 3 months ago
No, roulette is still betting against the house. A more apt comparison is poker, the house has nothing to do with the outcome or the game and has no stakes in the winner or loser when legal. This is why many will either take a percentage of the pot to recoop the cost of facilitating the game and dealer, about 2% I think, or have a membership fee. In many states poker only card houses or card clubs are completely legal.
OshagHennessey@lemmy.world 3 months ago
Crime is legal now
thedeadwalking4242@lemmy.world 3 months ago
I hate that I was primed for a world with rules when there are none.
cheesybuddha@lemmy.world 3 months ago
Well, you still have to follow the rules. Unless you want to get shot of put into a box for the rest of your life.
MoffKalast@lemmy.world 3 months ago
Always has been if you’re rich.