Agreed. To quote myself like some kind of asshole:
In order for a prediction market to be “serious”, it has to allow epistemically rational people to get very very rich (in fiat currency) without going to jail, and it has to allow anyone to create and arbitrate a binary prediction market for a small fee. Such a platform does not currently exist.
Yes. From the same comment:
And:
I have since updated against hypotheses that it is possible to achieve anything of consequence via legislation. Also, now that the political goodwill and funding potential of FTX has been eliminated, the legislative path is even more implausible.
Therefore, the best plan is to build a serious prediction market on the Ethereum blockchain, and rely on reputation systems (think Ebay star ratings) to incentivize trustworthy market arbitration.