2024-10-26 01:29 |
Polymarket CEO Shayne Coplan responded to a recent New York Times article that scrutinized the platform, clarifying key points about its non-partisan stance and transparency.
The article described Polymarket as a “crypto website where election odds swing in… favor” of former President Donald Trump, which Coplan felt mischaracterized the company’s purpose and operations.
In a statement posted on social media, Coplan emphasized that Polymarket is strictly non-partisan, countering claims that it caters to specific political groups.
He wrote:
“We’re told we’re Dem operatives and MAGA, depending on the day. Unfortunately, the story is much less juicy — we’re just market nerds who think prediction markets provide the public with a much-needed alternative data source.”
He highlighted that the platform offers a space for market-based forecasts, enabling users to engage with data-driven predictions rather than algorithms that push them into echo chambers.
The New York Times piece also alluded to Polymarket’s rise during the 2020 Presidential race, when the platform gained attention for accurately predicting the outcome of the elections that year.
However, Coplan clarified that the company’s vision extends beyond politics and stressed that the broader goal is to help people understand market forecasts across various domains.
Addressing another claim in the article, Coplan took issue with the narrative surrounding Peter Thiel’s alleged influence over Polymarket. He said:
“It’s crazy, I have to say this, but it’s time to put the ‘Thiel-controlled’ narrative to rest. He has no direct contact or control with the company.”
He noted that Thiel’s venture capital firm, Founders Fund, is one of over 50 investors with only a minority stake, and Thiel himself has no involvement in the company’s operations or pricing.
Coplan emphasized the platform’s peer-to-peer model, contrasting it with traditional finance. He argued that Polymarket’s transparency is a feature, not a bug, allowing users to audit all usage and prices directly.
He further explains that Polymarket does not set odds but rather allows users to act on their own views if they believe a market is mispriced.
The Polymarket CEO wrote:
“The market sets the price, not the operator.”
As Polymarket continues to grow, Coplan expressed optimism about the future of prediction markets. He envisions a landscape where decision-making is guided by market data rather than sensationalism and where capital supports more informed opinions.
The post Polymarket CEO says platform is strictly ‘non-partisan’ in response to NYT article appeared first on CryptoSlate.
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