The recent story of the missing OceanGate Titan submarine, which was exploring the Titanic wreckage, has been making headlines all over the world. However, it has also become the subject of an unsettling development within the world of cryptocurrency. Polymarket, a betting site, has seen wagers exceeding $170,000 on whether the manned submarine will be found before the deadline of midnight on June 23, as initially reported by Gizmodo.
The OceanGate Titan submarine, carrying five people onboard, went missing on June 18 during an expedition to the Titanic wreck. The submarine had only 96 hours of oxygen supply, which suggests that those onboard may have already run out of air to breathe. Although the search for the submarine and its passengers continues in the Atlantic Ocean, some crypto enthusiasts have turned to gambling as an unusual way to engage with the developing story.
According to the rules on the Polymarket website, the submarine does not need to be rescued or physically recovered; it simply has to be located. Finding just “pieces” of the submarine is not considered sufficient, as they must also locate the cabin where the vessel’s passengers are trapped. At the time of writing, 62% of the wagers are betting “no” – that the submarine won’t be found meeting these stipulated conditions, while the rest are hopeful about the resolution of this emergency situation.
Not surprisingly, reactions to crypto traders gambling on people’s lives have been met with shock and disapproval. While one Twitter user called it “the most dystopian thing I’ve seen on the [timeline] in a while,” others have opted for a more sarcastic response, saying, “I’m thinking about dumping my bonus into this.” Video game publication Dexerto also weighed in, tweeting, “Gambling on lives is actually insane.”
Despite the backlash, Polymarket has seized this opportunity for publicity, responding to viral tweets about the ongoing search for the Titan submarine. “Still a 15% chance they find them by Friday,” the platform replied to musician Rico Nasty. An official statement from OceanGate, the U.S. Coast Guard, or “another credible government agency” is required to settle this bet. If none is available, “a consensus of credible reporting” will be taken into account.
This situation reflects the darker side of blockchain technology, raising critical discussions around ethics and responsible use. While cryptocurrency holds the potential to revolutionize finance and create new opportunities, its unregulated nature can lead to the exploitation of tragedies such as this one, revealing the moral dilemmas surrounding this emerging technology.
Source: Decrypt
