Let there be flow - Tanner Hoke

In a prediction market, it is relatively more difficult: maybe you are trading with someone who has natural exposure to a Russian invasion and is just looking for a hedge, but more likely your counterparty is, like, a guy who speaks Russian and is in dozens of Telegram groups waiting for just the right moment to trade against your resting order.

This looks like a pretty reasonable plot of P(Russia invades Ukraine) over time. Except that, as was subsequently revealed, the image is in fact an edited version of a screenshot of this Manifold question, wherein the original price graph has been replaced with that of front-month Brent crude futures1 over the same time period. As it turns out, the... See more

The precision that makes them so theoretically useful is itself a curse for their liquidity, so prediction market evangelists should welcome all new traders with open arms.