I think it's worth noting that my bank lets me ruin my own life too if I want with their own trading platform
replyWhat are they sharing that they know though? That someone's getting bombed in an hour? That the government is rampant with corruption?
replyThe first seems arguably treasonous. And the latter seems directly supported and funded by these "prediction markets".
If the argument is that prediction markets are truth machines, their social function seems to be support crime on a massive scale and get away with it.
Well, that's the entire point.
replyIf we take a completely utilitarian and amoral viewpoint, the insiders are selling their material, non-public information. The rest of the market participants are buying. From the latter's utilitarian perspective the former are providing a valuable service and getting paid for it. I'm pretty sure there was a legal term for such sales activity...
The only people playing fair are those who don't know how to cheat well enough.