I don’t bet because it’s not a way to actually make money given the frictional costs to set it up, including my own ignorance about the proper procedure and having to remember it and keep enough capital for it. Ironically, people who are betting in this subculture are usually cargo culting the idea of wealth-maximization with the aesthetics of betting with the implicit assumption that the stakes of actual money are enough to lead to more correct beliefs when following the incentives really means not betting at all. If convenient, universal prediction markets weren’t regulated into nonexistence then I would sing a different tune.
I guess I do think the “wrong beliefs should cost you” is a lot of the gains. I guess I also think that bets should be able to be at scale of the disagreement is important, but I think that’s a much more niche view.
I don’t bet because it’s not a way to actually make money given the frictional costs to set it up, including my own ignorance about the proper procedure and having to remember it and keep enough capital for it. Ironically, people who are betting in this subculture are usually cargo culting the idea of wealth-maximization with the aesthetics of betting with the implicit assumption that the stakes of actual money are enough to lead to more correct beliefs when following the incentives really means not betting at all. If convenient, universal prediction markets weren’t regulated into nonexistence then I would sing a different tune.
I guess I do think the “wrong beliefs should cost you” is a lot of the gains. I guess I also think that bets should be able to be at scale of the disagreement is important, but I think that’s a much more niche view.