Prediction markets are gaining mainstream traction, particularly with the upcoming US elections. In this episode, Nick Tomaino, founder of 1confirmation, which is an investor in Polymarket, explores how platforms like Polymarket identified the possibility that President Biden might drop out of the campaign before the mainstream media did. He talks about the journey of Polymarket, the challenges it faced, and how it overcame them to provide a credible platform for betting on political outcomes. Finally, Nick explains why prediction markets are currently illegal in the U.S., the implications of the Supreme Court striking down Chevron deference, and what the future holds for prediction markets in the U.S.Show highlights:Visit our website for breaking news, analysis, pop op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!iTrustCapitalPolkadotPlayFi LabsGuestNick Tomaino, Founder & General Partner at 1confirmationLinksRecent news on Polymarket:Unchained: Polymarket Hits Record Highs in Monthly Users and Trading Volume Due to Presidential ElectionCrypto.news: Polymarket reverses Oracle decision on Barron Trump's involvement in DJT meme coinDecrypt: Ethereum ETFs Approved by the SEC? Yes—But Don't Bet On It - DecryptDune dashboard: Prediction MarketsCommentary:Vitalik’s tweet: “Prediction markets and Community Notes are becoming the two flagship social epistemic technologies of the 2020s. Both truth-seeking and democratic, built around open public participation rather than pre-selected elites. I want to see many more things like this.”Nick Tomaino’s tweet: “2024 will go down in history as the year prediction markets went mainstream.” Learn more about your ad choices. Visit megaphone.fm/adchoices