Joe Wiesenthal

When I look at the platforms currently, I see a price for like snowfall, but I don't see anywhere near the volume level that say would really justify like an airline could, you know, you see $150,000 in volume on whether there'll be between six and eight inches of snow.

That's obviously nowhere near deep enough for a serious economic actor to participate in.

So where are we on that in terms of the promise of actually useful instruments for hedging?

So this is really important.

So if I look at a contract and I see a number there like $150,000, it's possible that there was a trade, an off-platform trade of much bigger size that was not printed on that, but that was more by swap form.

And is that currently happening?

It is possible.

And the more they do it, the more they're going to- If an institution, again, let's go to the airline hedging snowfall, would they have a relationship with you?

Would they go through a prime broker who then has a relationship with you?

What is the actual chain of phone calls or whatever that

Do you see right now, so again, people say, yeah, these are just, it's sports betting, et cetera.

And then maybe every two years or every four years, there's some election activity.

Maybe there's some trades that are sort of like, look like crypto derivatives, et cetera.

When you actually look at today's volume of activity, do you see a meaningful shift towards what polite people who wear suits would say like real things?

Is that happening?

So one of the concerns or one of the things that people talk about with prediction markets is the possibility of insider trading.

And you know, like, um,

Obviously, when I think of a market-making firm or some of these firms that do a lot of flow and volume, you just sort of assume there's a lot of noise and it all sort of washes out, right?

How does it change you?

You have to think, if there are participants in the market that are like,