Anger at the Polymarket ‘Obligation’ on Titanic Submarine Survival

Sub Levels

Posted: June 23, 2023 at 12:33.

Last updated: Jun 23, 2023 12:42.

The U.S. Coast Guard said Thursday that five crew members aboard the submarine Oceangate Titan may have died instantly in a “catastrophic implosion.” The announcement marked a tragic end to a desperate four-day international mission to locate the submarine and rescue its crew before it ran out of oxygen levels.

Titan sub, OceanGare, Titanic, Polymarket
Debris from the Oceangate Titan submarine was discovered by the U.S. Coast Guard on Thursday, suggesting it imploded shortly after it went missing. (image: telegraph paper)

But the news that cryptocurrency gamblers were betting on the website Polymarket whether the submarine would be found sparked outrage on social media.

The ship went missing around 9:45 a.m. ET on Sunday, after an hour and 45 minutes of diving to investigate the wreckage of the Titanic, after it lost contact with the support vessel Polar Prince. rice field. With 96 hours of oxygen on board, the ship theoretically runs out of fresh air on Thursday morning. Debris from the submarine was found on Thursday.

On the other hand, as originally reported, gizmodo On Thursday afternoon, Polymarket users were betting more than $220,000 on whether the submarine would arrive in time.

What is polymarket?

Polymarket is a prediction site on the Ethereum blockchain that allows users to buy and trade “shares” in the outcome of future events. Once the market is settled, the user can cash out his shares at $1 per share.

“For the purposes of this market, it is not necessary for a vessel to be salvaged or physically recovered to be considered ‘spotted,'” the market description page explains. “If you can find a part, but you can’t find a cabin with passengers on the ship, it’s not enough for this market to say yes.”

About 62% were pessimistic about the crew’s chances of survival.

As news of the market spread on Twitter, Polymarket seemed overjoyed with the publicity, riding the wave of virus-induced disgust by telling Twitter users, “The missing submarine could be found by Friday. Sex is only 15%,” he reminded.

with a tone-deaf reaction of gizmodo Asked for comment, a spokeswoman for the site suggested the market could provide a valuable service to crew members’ families.

“If families knew about Polymarket, they could use the market as a real-time, unbiased means of knowing the odds of a submarine being recovered,” Polymarket said in an email after the article’s publication. “This is a much more valuable service to them than sensational media coverage. In our market, at least they understand the real odds.”

bad taste bet

The regulated gambling industry does not engage in “death pool” type gambling, but in a market like the UK where outlandish offers and political gambling are permitted, there are no specific regulations to prevent such practice. .

But bad bets can hurt your business. In November 2009, Irish sportsbook Paddy Power suggested that then-President-elect Barack Obama might not be able to complete his first term. It meant he might be assassinated.

Public backlash forced Paddy Power to cut his odds.

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