Angry at Polymarket over Titan submarine's 'chances' of survival
News that cryptocurrency gamblers on the Polymarket website were betting on whether the missing Titan submersible would be found sparked outrage on social media.
As Gizmodo first reported Thursday afternoon, Polymarket users have bet more than $220,000 on whether the sub will be found in time.
Polymarket is a prediction website on the Ethereum blockchain that allows users to buy and trade “shares” of future event outcomes. Once the market clears, users can exchange their shares for $1 per share.
About 62 percent were pessimistic about the crew's chances of survival.
"For the purpose of this market, a vessel does not need to be rescued or physically recovered to be considered 'found,'" the market description page states. "If parts are found, but the cabins where the passengers on board are located are not found, this is not enough for this market to be considered 'found.'" Make a 'yes' decision."
Twitter Wildfire
As news of the market spread on Twitter, Polymarket seemed to relish the publicity, capitalizing on the viral wave of disgust by reminding Twitter users that there was "only a 15% chance of finding the missing submarine on Friday."
In a tone-deaf response to Gizmodo's request for comment, a spokesperson for the site said the marketplace could provide a valuable service to boating families.
“If these families knew about Polymarket, they could use the market to determine in real time a fair probability that the submarine would be salvaged,” Polymarket said in an email after this article was published. “That’s more valuable to them than sensational media coverage: through our market, they at least understand the real possibilities.”
Bad Taste Bet
The regulated betting industry does not engage in death pool betting, although there are no specific rules prohibiting such betting in markets such as the UK that allow bizarre and political betting.
But sleazy betting can have a negative impact on business. In November 2009, Irish sports betting operator PaddyPower said then-President-elect Barack Obama would not complete his first term. This means he could be murdered.
Paddy Power was forced to raise his odds due to public backlash.
Catastrophic Event
The five crew members aboard the Oceangate Titan likely died instantly due to a "catastrophic implosion," the U.S. Coast Guard said Thursday. The news marked a tragic end to an intense four-day international mission to find the submarine and rescue its crew before its oxygen supply ran out.
The ship disappeared around 9:45 a.m. ET on Sunday, an hour and 45 minutes after diving to inspect the Titanic's wreckage, when it lost contact with the supply ship Polar Prince. The ship's oxygen lasts 96 hours, so the fresh air supply will theoretically be exhausted by Thursday morning. Debris from the submarine was discovered Thursday.
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Source: www.casino.org
