#ETH🔥🔥🔥🔥 #BinanceSquareFamily Vitalik Buterin responds to Polymarket criticism, highlights misunderstandings on prediction markets.
Ethereum co-founder Vitalik Buterin recently addressed the ongoing debate surrounding Polymarket and its classification as gambling. Buterin’s comments came after some users voiced concerns over the nature of decentralized prediction markets, triggering a conversation about how the community understands these platforms.
Buterin explained that prediction markets like Polymarket are often misunderstood. In his view, they serve as a social epistemic tool, allowing the public to gain insights into important events without the influence of editorial bias.
Buterin noted that these markets provide a clearer sense of what is likely to happen in a way that surpasses both social media and news outlets. He emphasized that conditional prediction markets are already finding applications in governance.
Confusion Over DeFi vs. Prediction Markets
The conversation was prompted by a user known as “strobie reeeee” who suggested that confusion arises from how people perceive decentralized finance (DeFi). The user argued that Buterin’s perceived skepticism toward DeFi could stem from the public’s association of DeFi with unsustainable token issuance schemes from 2021.
However, the user pointed out that DeFi also encompasses healthier applications like lending, borrowing, and synthetic assets. In response, Buterin acknowledged the concerns but reiterated that he supports decentralized applications that are both useful and sustainable over time, highlighting that prediction markets fall into this category due to their utility in information sharing and decision-making
