The prediction market is all about guessing what will happen with three important things: whether FTX can pay back money in case they have problems, if there will be special investments for Bitcoin, and if Sam Bankman-Fried will have to go to jail. People can bet on these things to see who’s right!
BitMEX, a place where people trade cryptocurrency deals, has launched something new called a “prediction market.” This prediction market lets traders make bets on what they think will happen in the real world.
Prediction markets are not brand new; they’ve been here for a while. But lately, they’ve become more famous, and that’s partly because of a place called Polymarket. They’re like a fun way for people to guess and bet on real-life events.
The exchange, which had to pay a big fine of $1.4 million in January 2022 because they were doing trades that weren’t properly registered, now lets people bet on lots of different things. Some of these bets are about serious stuff, like who will win the first Republican debate. But there are also some really strange ones, like guessing things about former President Obama, whether Russia will use a nuclear bomb before 2023 ends, or if aliens are real. People can place bets on these kinds of questions too!
BitMEX, a place where people do cryptocurrency trading, has a new thing called a “prediction market.” They’re starting with some bets on important stuff, like how much money FTX can give back if they have problems, whether there will be a special investment thing for Bitcoin by October 17, and if Sam Bankman-Fried might go to jail.
The CEO of BitMEX, Stephan Lutz, said they want their traders to be able to guess about what’s happening in the world and make money from it. It’s like adding some excitement to trading cryptocurrency, and it helps traders spread out their investments.
Lutz also mentioned that they’re going to add more bets like these in the future. He thinks that when the cryptocurrency market isn’t doing so well and there isn’t much happening, these prediction bets can be a useful tool to help traders do better.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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