Comment on Betting on nuclear Armageddon means you don't think it will happen.
Cattail@lemmy.world 1 week agoI’m actually wondering how payouts for poly market works I’d assume it would be proportional to how much you bet versus everyone else. Probably whole range.
But that is interesting that you could influence decisions and even bribe with poly markets. If you make another outcome more of a payout then it should motivate someone to make it happen like with the dildo thrown at the wmba
Rivalarrival@lemmy.today 1 week ago
docs.polymarket.com/concepts/positions-tokens
When someone starts an event, there are initially no shares to be had. You can pay $1 and buy both a “yes” share and a “no” share from Polymarket. This is called “splitting”. You’re splitting your money into shares on both sides of the event.
Presumably, you want something more than breaking even. So, you keep the side of the bet that you want, and you offer to sell the other side of that bet.
You could offer your “no” shares for $0.25 each. Someone can give you $25 for them. Now you have 100 “yes” shares that will be worth $100 or $0 in the future, and $25 cash. You could offer your “yes” shares for $0.80 each. Someone else might buy them from you at that price, giving you $80. You are now out of the market, with a total of $105 back. This is “trading”.
After a hard day of trading back and forth, you find yourself with good positions on both sides of the bet. You have 200 “yes” shares that you paid $80 for, and 100 “no” shares that you also paid $40 for. You can take 100 yes shares and 100 no shares, join them together, and sell them back to Polymarket for $100. This is called “merging”.
Finally, you can wait until the event occurs. Let’s say the outcome was “yes”. Your 100 “yes” shares are now worth $1 each, and can now be traded at that price. This is called “redeeming”.