A big drama happened yesterday between a KOL who was advertising KALSHI a prediction market and a regular guy.
So, the KOL guy was flexing the metrics of this prediction market, calling it the next big thing, only for the guy (who was a founder of a random project) to call the bluff of this KOL, saying 3/4 of the volumes of KALSHI was all washtrading and nothing real, then the KOL responded by saying the guy was retarded and slow, this guy who was obviously underrated (very common with big KOLS to underrate others)
This guy decided to go all GODZILLA mode, and launched a bigger investigation on KALSHI and released a more detailed tweet and evidences of why KALSHI was washtrading and all their metrics were fake, and this is currently the biggest trending discussion on Twitter today.
This guy now threatened to sue KALSHI in the US, and in a bid to do some damage control, KALSHI decide to reply by saying "everyone was actually doing it"
So apparently, this arrogant KOL may or may have not known that the platform he's advertising for was washtrading and their metrics were fake.
It he didn't know, then the platform did him dirty by not giving him the full details of their platform numbers and letting him on on what he can tweet and what he obviously can't.
So we can actually cut him some slack if he says he didn't know, but that would make him look like a dullard for not doing his research on the platform that hired him, or perhaps he did, and just didn't care because they were obviously paying him a lot of money to just spread the narrative of the platform.
Secondly if he had known they were doing that and still went ahead to say horrible stuff to a person who told him they were, then he's an even more terrible and proud individual who let his hubris get the better of him.
In reality the platform he's influencing for already inflates their metrics to look good on the surface.
I started using prediction market in December and decided to try out this KALSHI, the website was horrible, their market options were very limited, but they said they did 2B$ work of trading volumes (not sure the exact figures, but definitely in the billions)
and I wondered how people were able to trade in such a horrible trading conditions, and what happened today actually proved it.
They were manipulating their charts, using insider wallet to create artificial volumes even though it wasn't real people bringing in the $$$ and doing that trading on the platform.
In their defence, they tried doing damage control by saying "everyone does it" but the truth is that tnt arrogance of their influencer may have not killed the brand, but it may have significantly caused a FUD that will eventually stop users from using the platform.
It just proves that a lot of metrics, prices, figures and metrics we see online are just fakings, they're there to make the external market believe they already have motion.
I think it's just how people tend to create an inflated numbers around themselves so it creates an impression they they have already arrived. The recommendation system in life is one of the biggest metrics that determines your level of connection in life.
This is some business people people tries to artificial get these recommendations, so that you can obviously trust them with your time and money.
This isn't to say it's always for bad intentions. Some people have done this in the past, not because of a malicious intent but because they understand that you're more recommended in life when you're connected and shows example of having some form of motion.
Conclusion
It's just like I talked about in the post I made yesterday. The very reason why this happens is simple, people look down on business or people who do not have records, volumes, numbers, and metrics to show result or success.
The only difference is that some people fake numbers and success just to make money off other people.
A lot of Blockchains are doing this too, and this is why we see people buy crypto based off of CoinMarket ranking and instead of actually Blockchain utility and usability.
At some point in time, everyone may have been tricked to acting like what they're not, why not? The world wants to see results before they're affiliated to you, and sadly if you don't have people who believes in you, your brand or the value you bring without you bring mainstream, then at some point you'll be tempted to fake it, because you badly want to reach more people out there..
