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Vitalik: The current prediction market lacks social significance, and individuals have bet against the market during FOMO to make money.
BlockBeats News, January 28th, Ethereum founder Vitalik Buterin stated in an interview with ForsightNews that the markets now heavily promoted by the Polymarket platform include topics such as "Which team will win next week" or "Will the Bitcoin price be up or down in one hour." In the long run, these short-term bets actually do not have much social significance. In theory, a prediction market is a successful tool, but we need more meaningful applications.
Vitalik stated that he used $440,000 in principal last year and earned $70,000 on Polymarket. The method is to look for markets that are in a "mania mode" and then bet that "crazy things will not happen." When market sentiment enters an irrational "mania mode," betting against it usually makes money.
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