This type of instictive negative reaction to prediction markets is, unfortunately, common, but, I think, misguided.
Prediction markets are one of the (or just, the?) best ways of aggregating knowledge from multiple sources and producing the best predictions. Having good legible predictions of impactful events such as LK-99 replication is extremely useful for society - it would be an invaluable input for a savvy policy maker for instance.
What I think is silly is that vastly bigger amounts of money are put in betting markets for any mildly important sportsball game. Meanwhile, markets on LK99 replication, one of the most potentially important possibilities in the world right now have only on the order of hundreds of thousands of dollars in them.
And there is no scamming involved. If you are participating in a prediction market, either you have some reason you believe you know something the market does not or you should expect you are simply subsidizing those with better information. The latter is a perfectly reasonable thing to do - it's not easy for an average person to "pay off some lab", but if they provide liquidity to the prediction market they are giving an explicit subsidy for anyone that can answer the question.
Prediction markets are one of the (or just, the?) best ways of aggregating knowledge from multiple sources and producing the best predictions. Having good legible predictions of impactful events such as LK-99 replication is extremely useful for society - it would be an invaluable input for a savvy policy maker for instance.
What I think is silly is that vastly bigger amounts of money are put in betting markets for any mildly important sportsball game. Meanwhile, markets on LK99 replication, one of the most potentially important possibilities in the world right now have only on the order of hundreds of thousands of dollars in them.
And there is no scamming involved. If you are participating in a prediction market, either you have some reason you believe you know something the market does not or you should expect you are simply subsidizing those with better information. The latter is a perfectly reasonable thing to do - it's not easy for an average person to "pay off some lab", but if they provide liquidity to the prediction market they are giving an explicit subsidy for anyone that can answer the question.