Hacker News

points by Miner49er 5 days ago | 0 comments

Options trading can be just as much gambling as Kalshi.

Even insurance is similar, Kalshi markets can be used as a form of insurance.

Yet AFAIK Utah doesn't ban either of those.

Utah would probably ban more things if it could (or enforce requirements for participation, like "accredited investor" status), but stock options and commodity futures are both federally regulated. Sports gambling is not, and other things like mention markets also clearly have no conceivable real world utility and are just gambling.

[–] Miner49er 4 days ago

From my understanding Kalshi is federally regulated by the CFTC.

[–] bagacrap 4 days ago

That is what the lawsuit will determine.

In 2018, SCOTUS ruled sports gambling was the domain of the states.

[–] jbs789 4 days ago

Insurance generally requires an interest in the thing being insured.

[–] Miner49er 4 days ago

Yes, and there are many such cases.

Like a resort hedging their income against bad weather.

Or a sports bar hedging their city's team getting knocked out of a tournament early.

[–] ktm5j 4 days ago

But neither of those two things come with an addictive app. They require some actual work.

[–] mikestew 4 days ago

Yet AFAIK Utah doesn't ban either of those.

And that's the part where you ask yourself, "I wonder why that is?" and "Do my analogies parallel reality as much as I currently think they do?"

Or I can cut to the chase: cut the crap, it's gambling and you know it. Semantic pedantry isn't going to convince anyone to the contrary.

[–] Miner49er 4 days ago

It can be used to gamble, but it's disingenuous to say there are not legitimate use cases that aren't gambling.