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Are we going to see prediction markets enter mainstream journalism? Taylor Lorenz says yes (archive.md)

submitted 1 week ago* (last edited 1 week ago) by swlabr@awful.systems to c/techtakes@awful.systems

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“If all of this sounds like a libertarian fever dream, I hear you. But as these markets rise, legacy media will continue to slide into irrelevance.”

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[–] sc_griffith@awful.systems 14 points 1 week ago (4 children)

Journalists will also face ethical dilemmas as prediction markets are normalized. Should reporters participate in markets they cover?

sorry, what exactly is the dilemma here? how is it an ethical dilemma to have an unethical way to make money?

The rise of prediction markets raises questions about ethics and regulation. Current platforms are primed for market manipulation, insider trading, and the potential for bad actors to game the system. Platforms will need to enforce rigorous safeguards to maintain credibility and prevent misinformation from being incentivized.

lmaooooooo

[–] swlabr@awful.systems 7 points 1 week ago (3 children)

sorry, what exactly is the dilemma here? how is it an ethical dilemma to have an unethical way to make money?

I'm guessing what's being said is that in this fictional scenario with an ethically neutral prediction market, you could do insider trading but with fake news? Like, you predict that they will find cheese on the moon, and then you make a story about cheese on the moon.

Either way, it is a moot point since prediction markets are bunk, ethically or otherwise.

[–] antifuchs@awful.systems 3 points 1 week ago* (last edited 1 week ago)

Oh lol, isn’t this what Hindenburg Research and others are doing, except on the real market? Shorting some company’s stock and then publishing news stories about how bad things are gonna happen to them is a very fun grift…

Guess what I’m saying is, wonder if an FTC with fangs wouldn’t treat prediction markets as an as-yet unregulated securities exchange…

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