Polymarket: The Decentralized Prediction Platform
Crypto betting on Titanic drama
Introduction to the OceanGate Expeditions’ submarine and its unfortunate fate. Discussion about the crypto world’s involvement in betting on the outcome of the submarine’s discovery.
Reactions from the crypto community
Exploration of the various reactions from the crypto community regarding the ethics of betting on tragic events. Highlighting the response of Polymarket to the viral tweets surrounding the Titan quest.
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Polymarket: The Decentralized Prediction Platform
Crypto betting on Titanic drama
The OceanGate Expeditions’ submarine, known as Titan, was specifically designed for exploring the wreckage of the Titanic. Unfortunately, the submarine recently imploded, resulting in the loss of all five occupants. However, amidst this tragic event, some individuals from the crypto world have taken to Polymarket to bet on the unfolding of this immense drama, hoping to increase their crypto portfolio. This article delves into the details of the bets placed on Polymarket, specifically focusing on whether the submarine will be found before midnight on June 23, as stated by the platform.
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According to Polymarket’s website, the bet solely revolves around “finding” the submarine. It explicitly states that if only pieces of the submarine are discovered, but not the cabin where the passengers are located, it will not be considered a successful find. This condition adds an extra layer of specificity to the prediction and makes it more challenging to determine the outcome.
On Thursday evening, news broke of the implosion of the submarine and the discovery of debris from the submarine on the ocean floor, around 500 meters away from the bow of the Titanic. Following this news, the percentage of Polymarket users who believe the submarine will be found in a manner that aligns with the stated conditions currently stands at 85%. Interestingly, prior to the news about the found debris, this percentage was at 90%, indicating a slight shift in sentiment.
Reactions from the crypto community
The crypto community’s response to the bets placed on Polymarket regarding the Titanic drama has been a mix of emotions and opinions. Many individuals find it highly inappropriate to bet on tragic news stories where lives have been lost. They argue that such events should be treated with respect and sensitivity, rather than turned into speculative opportunities. These critics believe that the focus should be on the tragedy itself and showing empathy towards the affected families.
However, on the other end of the spectrum, there are those who view this betting activity as a natural outcome of the decentralized nature of cryptocurrencies and prediction markets like Polymarket. They argue that people have the freedom to use their assets for speculation, and the platform merely provides a space for individuals to express their opinions on various events. Polymarket, in response to the viral tweets and discussions surrounding the Titan quest, chose to capitalize on the massive publicity, further fueling the debate around the ethics of betting on tragic events.
It is important to consider the nuances and complexities of this situation, weighing the freedom of individuals to engage in speculative activities against the sensitivity and respect required when handling tragic events. The crypto community will continue to grapple with the ethical implications of such bets and their role in decentralized prediction platforms like Polymarket.