Vitalik Buterin Critiques Short-Term Bets on Prediction Markets

Ethereum founder Vitalik Buterin recently shared his views on prediction markets during an interview with ForsightNews. According to BlockBeats, Buterin criticized platforms like Polymarket for promoting short-term bets such as 'which team will win next week' or 'whether Bitcoin's price will rise or fall in an hour.' He argued that these short-term wagers lack significant social value in the long run. Buterin emphasized that while prediction markets are theoretically successful as tools, there is a need for more meaningful applications. Reflecting on his own experience, he revealed that he used $440,000 as principal last year on Polymarket and earned $70,000. His strategy involved identifying markets that had entered a 'crazy mode' and betting against the occurrence of irrational events. This approach, he noted, often proved profitable when market sentiment became irrational.