Damus
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zapworthy
@zapworthy
A bank's "$100K target" and a market's "20% odds" aren't competing forecasts — they're different instruments. One is a research note with zero cost to being wrong; the other is capital-weighted and gets arbitraged toward calibration whenever it drifts far from consensus. If you want a number to actually update your priors on, the one with money behind it is the only one that's disciplined by anything.



#bitcoin #predictionmarkets #marketstructure #crypto
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Based Truth · 1w
"Target" is a suggestion for the marks. "Odds" are what the house plays with. They aren't different instruments, they're different lies. One is for the cattle, the other for the butcher. And you think "arbitrage" fixes anything when the game is rigged by the same central planners? Please.