WEBVTT 00:00.791 --> 00:13.779 [SPEAKER_00]: These guys are arguing that there's no incentive on their platforms for people to lose, and that they don't directly profit from losses, but instead from small fees on trades that are made between the users and those users continuing to use the platform. 00:14.235 --> 00:18.317 [SPEAKER_00]: So if you want, if you want to bet, I think they take a fee off of what you're buying. 00:18.417 --> 00:24.359 [SPEAKER_00]: But can you imagine why it doesn't necessarily make this not gambling? 00:24.880 --> 00:30.502 [SPEAKER_01]: Well, yeah, I mean, you can bet against another person and it's so... 00:31.002 --> 00:32.323 [SPEAKER_01]: count as gambling. 00:32.623 --> 00:46.949 [SPEAKER_01]: Like, I get the distinction between that and the casino, which is sort of a place specifically designed for that type of activity, and where, yeah, that's their main business, but like, it's still encouraging gambling behaviors. 00:47.409 --> 00:50.351 [SPEAKER_01]: The people are still at risk of losing money. 00:50.911 --> 00:54.695 [SPEAKER_01]: And the actual behavior of a psychology of it is still gambling. 00:54.715 --> 00:55.556 [SPEAKER_00]: That is how. 00:55.616 --> 01:05.727 [SPEAKER_00]: I feel like they're getting really technical and loop holy about it, but the actual just when you get to the kernel of the behavior and what people are thinking when they're doing it, why they want to do it, all this stuff? 01:05.907 --> 01:06.488 [SPEAKER_01]: Yeah. 01:06.548 --> 01:07.549 [SPEAKER_00]: It's basically gambling. 01:07.729 --> 01:12.234 [SPEAKER_01]: Did you know you need like licenses to have like raffles in shit because that's considered gambling? 01:12.482 --> 01:18.326 [SPEAKER_00]: Yeah, gambling regulations are like really intense, especially in Ontario, except when Doug got in, obviously, he went crazy. 01:19.727 --> 01:37.499 [SPEAKER_00]: So economists have argued that the distinction between stock trading and gambling is this, because I wasn't sure, and I'm still like, you know what, I'm someone who loves to be like the economy's fake, because I can't see it, and to me stock trading is basically just high-end gambling for men who wear all our money suits. 01:37.719 --> 01:41.263 [SPEAKER_00]: But this is what they distinguish it with, which was interesting to learn about. 01:41.343 --> 01:57.979 [SPEAKER_00]: They say that stock trading is supposed to produce economic activity like boosts the economy with the idea that investors lend money to companies and governments with the expectation that they'll make physically responsible decisions and to build their own wealth over a, like for these investors to build their own wealth over a period of time. 01:58.019 --> 02:00.161 [SPEAKER_00]: So it's kind of like a checks and balances thing. 02:00.501 --> 02:01.922 [SPEAKER_00]: Against these companies and governments, 02:02.643 --> 02:18.100 [SPEAKER_00]: this is how it's envisioned and then also you're you're putting in stocks so that's slowly you know in 20 years you're gonna have accumulated this money you're leaving your money in there and letting it grow and fluctuate versus sticking it all on it and then taking whatever your wins are I guess your gains are. 02:18.120 --> 02:22.585 [SPEAKER_00]: Yeah that's I'm someone correct me in the comments this if I'm explaining this wrong let me know because 02:23.647 --> 02:24.808 [SPEAKER_00]: This is extremely foreign to me. 02:24.948 --> 02:26.410 [SPEAKER_00]: Although I would love to get into stocks. 02:26.430 --> 02:29.613 [SPEAKER_00]: It's just really hard to get into stocks, but then like, choose ethical stocks. 02:29.913 --> 02:34.777 [SPEAKER_00]: Like my friend, she has a stock portfolio, but she was like, I don't want to have anything to do with mining. 02:34.818 --> 02:35.899 [SPEAKER_00]: I don't want to have to do with oil. 02:35.919 --> 02:37.200 [SPEAKER_00]: I don't want to have to do with this that. 02:37.540 --> 02:39.822 [SPEAKER_00]: And then she makes literally no money of it. 02:39.902 --> 02:41.163 [SPEAKER_00]: And there's no point of having that. 02:41.904 --> 02:52.266 [SPEAKER_01]: When my great-grandfather died, he left me and my brother $2,000 and my parents were like, we're gonna invest in stocks, but also only wanted to pick ethical stocks. 02:52.447 --> 02:54.907 [SPEAKER_01]: So now I don't have that small inheritance. 02:55.547 --> 02:56.607 [SPEAKER_01]: Oh, my goodness. 02:57.428 --> 03:00.608 [SPEAKER_00]: Yeah, I really feel like you have to kind of compromise some of your values if you want to have a stock. 03:00.628 --> 03:02.429 [SPEAKER_01]: When I was a kid, I didn't understand money. 03:02.469 --> 03:05.310 [SPEAKER_01]: I was like, wow, I'm gonna be so rich when I'm 18. 03:05.450 --> 03:06.230 [SPEAKER_01]: I'm gonna have $2,000. 03:07.690 --> 03:08.631 [SPEAKER_01]: Oh, I did it. 03:08.651 --> 03:10.312 [SPEAKER_00]: But it is a little money when you're 18. 03:10.372 --> 03:29.185 [SPEAKER_00]: I didn't all have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't have $1,000, I didn't 03:34.948 --> 03:42.172 [SPEAKER_01]: Exactly, and I don't think you like naturally just humiliate a literacy for that No, it's like really hard. 03:42.212 --> 03:43.452 [SPEAKER_00]: It's huge learning curve. 03:43.872 --> 03:49.295 [SPEAKER_01]: Which is why I'm gonna go bury my money in my mattress or something because I don't 03:50.076 --> 03:52.058 [SPEAKER_00]: You're Hannah's really good at saving. 03:52.078 --> 03:53.199 [SPEAKER_00]: I think you guys just need to know this. 03:53.339 --> 04:00.788 [SPEAKER_00]: She really is a little squirrel and it drives me crazy because as we've discussed, she will not buy herself clothes that cost more than like $10. 04:00.888 --> 04:04.752 [SPEAKER_00]: But the benefit of that is that she has could zillions of dollars secretly. 04:04.772 --> 04:08.156 [SPEAKER_01]: Well, I don't have a stock portfolio and no one will tell me how they work. 04:08.396 --> 04:10.217 [SPEAKER_01]: But you know what, I actually did by myself. 04:10.357 --> 04:12.999 [SPEAKER_01]: I found this really cute casual sweater for 10 pounds today. 04:13.179 --> 04:20.004 [SPEAKER_01]: And it's this turquoise color because I'm trying it into great turquoise into my wardrobe because I think it's a nice color on me. 04:20.405 --> 04:25.368 [SPEAKER_00]: I think it is with your hair color, but also that's really funny that you're still proving my point that you don't buy anything. 04:25.388 --> 04:27.089 [SPEAKER_01]: But it's still 100% casual. 04:27.690 --> 04:28.671 [SPEAKER_01]: That's amazing. 04:29.751 --> 04:30.152 [SPEAKER_01]: So cool. 04:31.352 --> 04:38.955 [SPEAKER_00]: I want to start investing if I get like a chunk of money sometime in this year maybe I think I would put it into something, but yeah, it's just like what would do I want to put it into? 04:38.975 --> 04:39.935 [SPEAKER_00]: Oh, fucking now. 04:39.975 --> 04:41.416 [SPEAKER_00]: Yeah, Bitcoin. 04:41.716 --> 04:56.581 [SPEAKER_00]: But yeah, basically the guy John would think Cohen that I quoted earlier He said that the investment in a stock market like if something is an investment or a trade It's defined by being productive in some way where is and I don't maybe we like that is debatable But that's what he says 04:56.841 --> 05:07.145 [SPEAKER_00]: Whereas prediction markets are hedging risks that aren't designed to build well over time, but to get rich quick, like waging money on sports, or wartime activity, it's not really like a long-term investment, hey. 05:07.365 --> 05:14.649 [SPEAKER_00]: It's kind of a bet on an outcome that's offering you potentially tons and tons of money all at once, and like gambling at triggers, a dopamine rush. 05:15.149 --> 05:22.612 [SPEAKER_00]: Polymergan and Calshy have brought in a lot of former and current gambling addicts, and they're able to justify themselves these 05:22.912 --> 05:28.235 [SPEAKER_00]: people who were starting to use these platforms, like there's a lot of men that were interviewed in different articles. 05:28.255 --> 05:38.960 [SPEAKER_00]: I was reading who had been gambling addicts and then were able to literally convince their wives that on Polymarketing Calshy, by kind of positioning these companies as stock exchanges for events. 05:39.400 --> 05:44.103 [SPEAKER_00]: Yeah, these legal loopholes that Calshy and Polymarketing are doing really affects the little person. 05:44.843 --> 05:46.884 [SPEAKER_00]: Ever since PATHPA was repealed, there's been 05:51.326 --> 05:57.552 [SPEAKER_00]: Polimarkin and Kalashir are just the most recent and rogue in the successes of, you know, your draft kings, for example. 05:57.993 --> 06:05.260 [SPEAKER_00]: Kalashir links to suicide help lines, but in classic kind of somewhat evil fashion, polimarkit does not.