Astral Codex Ten

Venezuela

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Venezuela

Article

Venezuela is a recurring place in the Astral Codex Ten archive, appearing 15 times across 15 issues between April 14, 2021 and February 11, 2026. The archive places it in contexts such as “Brimen comes from Venezuela”; “In 2004 in Torres, Venezula, an outside candidate Julio Chavez was elected mayor”; “recent events in Egypt - and in Ukraine, Venezuela”. It most often appears alongside Trump, Twitter, Israel.

Metadata

  • Category: Places
  • Mention count: 15
  • Issue count: 15
  • First seen: April 14, 2021
  • Last seen: February 11, 2026

Appears In

Source Context

Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.

Prospectus On Próspera
April 14, 2021 · Original source
Brimen comes from Venezuela, where he briefly flirted with socialism and Chavismo as a teenager before “reality…opened my eyes to just how wrong I was”. He emigrated to the United States, entered finance, rose through the ranks, founded an insurance company in Colombia, and eventually started a “social impact investing” corporation called NEWay Capital to promote growth in Latin America. Próspera started out as one of NEWay’s projects and quickly grew into a separate and more ambitious company.
Inline links: “reality…opened my eyes to just how wrong I was”
But as far as I can tell, the big-name billionaires are only providing the money. Weird as it sounds, Próspera is mostly the project of a small company, started by a Venezuelan guy who’s really passionate about helping Latin America.
Your Book Review: Humankind
May 28, 2021 · Original source
It turns out something like this has actually been tried. In 2004 in Torres, Venezula, an outside candidate, Julio Chavez was elected mayor on a platform of turning power over to the people. And he did. Hundreds of gatherings of residents took place which decided 100% of how the budget would be spent. The result was a huge success, with less corruption, more infrastructure, fewer glory projects, and a much more engaged electorate. Julio has retired, but the process is still going on under his successor. Last year 15,000 people participated in setting the budget. This isn't a one off, Porto Alegre, Brazil, started allocating a quarter of its budget this way in 1989, today more than 1,500 cities from New York to Hamburg are doing something in this space. "[This is] one of the biggest movements of the twenty-first century," writes Bregman, "but the chances are you've never heard of it." I certainly hadn't. Apparently, citizens engaging in calm, constructive, detailed dialogue is lousy box office, and none of them have hired promoters or bought ad time. Lousy box office it might be, but trusting our populations might just be the recipe for revitalising our democracies.
Book Review: The Revolt Of The Public
September 17, 2021 · Original source
[Egyptian dictator Abdel] al-Sisi aspired to the presidency, and his fate will provide a powerful signal with regard to the claims I have made in this book. If he can repress his way into a stable and long-lasting dynasty in the mode of Nasser and Mubarak, my analysis will be falsified. This isn't an impossible outcome. The future...is unknown. But as I observe, from afar, recent events in Egypt - and in Ukraine, Venezuela, Thailand, Turkey - I confess to many misgivings about the future of democracy, [but] far fewer doubts about the restlessness of the public or the crisis of authority.
Highlights From The Comments On Orban
November 11, 2021 · Original source
In Venezuela, Maduro is clearly a dictator, which results from Hugo Chavez gradually clearing out all the obstacles to dictatorship. But Chavez himself was never a dictator, and he always preserved the forms of democracy, in fact greatly strengthening them in appearances. But at the same time, he weakened them to the point that his successor would face no significant opposition.
Your Book Review: Public Choice Theory And The Illusion Of Grand Strategy
June 24, 2022 · Original source
Grenada Intervention (1983): Reagan ordered an invasion, not out of self-defence nor with UNSC approval (in fact voted against by UN general assembly 108 to 9), of the small island off the coast of Venezuela where its communist military junta came into power
Get rid of the regime The theory falls apart because citizens still need to overcome the collective action problem; regime elites, almost by definition, benefit from the current regime; regimes prioritise paying for security forces over domestic population; and rival powers come to the rescue. As empirical research clearly shows, sanctions are the most brutal and harmful when they have the least likelihood of success. Step 1 of causing economic hardship certainly succeeds — UN sanctions were associated with an aggregate GDP reduction 25% of GDP per decade; US sanctions were associated with a 13.4% decline over seven years. Beyond the destruction of wealth of innocent citizens, sanctions cause excess deaths due to starvation and brutalising ever more desperate regimes that engage in mass killing to repress domestic protests — six-figure infant deaths in Iraq; 1,000 infant deaths per month in Haiti, 40,000 excess deaths in Venezuela in 2017-2018 alone; 38% of Syrian population unable to meet basic food requirements in 2018. Step 4 of regime change has yet to happen as a result of the harshest sanctions against Cuba since 1959, Iraq since 1998, Syria since 2011, and Venezuela since 2019. The Bush, Clinton, new Bush, and Obama administrations all stuck to a policy of not speaking with adversaries, which is the opposite of achieving foreign policy goals by providing targeted regimes a clear path towards the removal of sanctions. Once again, Hanania shows that there is no American grand strategy — sanctions are used to accomplish domestic political goals rather than foreign policy objectives. Leaders face domestic pressure to ‘do something’ about human rights violations and military aggressions abroad, and short of military intervention, sanctions is the only option beyond words of condemnation. Sanctions are an ‘easy’ option because there will be little to no domestic opposition when all the deaths and economic destruction are out of sight; out of mind. 5. The War On Terror The Bush Years After 9/11, the United States has invaded the al-Qaeda sanctuary of Afghanistan, but also the completely irrelevant Iraq. In the view of grand strategy, war is a means to accomplish national security objectives; in the view of public choice, national security objectives is a means to accomplish war (or at least a large military budget). The post hoc rationalisation of the war on terror rests on three incoherent ideologies: Antiterrorism: disproportional militarised response to terrorist attacks
Universe-Hopping Through Substack
September 29, 2022 · Original source
The big story in the news over the past couple of days is that Florida governor Ron DeSantis chartered two planes to fly about 50 migrants, most of whom were from Venezuela, to Martha’s Vineyard, off the coast of Massachusetts. The story is still developing. Although DeSantis is the governor of Florida, the migrants appear to have come from Texas, and it currently appears that they were lured onto the planes—paid for with taxpayer money—with the false promise of work and housing in New York City or Boston. In addition, there are allegations from a lawyer working with the migrants that officials from the Department of Homeland Security falsified information about the migrants to set them up for automatic deportation. As I write this, it is not clear what their actual status is: have they applied for asylum and been processed, or are they undocumented immigrants? As Josh Marshall of Talking Points Memo says, none of it adds up. None of it, that is, except the politics. DeSantis apparently dispatched the migrants with a videographer to take images of them arriving, entirely unexpectedly, on the upscale island, presumably in an attempt to present the image that Democratic areas can’t handle immigrants (in fact, more than 12% of the island’s 17,000 full-time residents were born in foreign countries, and 22% of the residents are non-white). But the residents of the island greeted the migrants; found beds, food, and medical care; and worked with authorities to move them back to the mainland where there are support services and housing. In the meantime, there are questions about the legality of DeSantis chartering planes to move migrants from state to state.
My California Ballot 2022
November 04, 2022 · Original source
Malia Cohen is a black person with the last name Cohen. How did this happen? Apparently not by marriage - her husband has a different name. I eventually found this article on black Cohens, which says that about 4,000 of the 87,000 Cohens in America are black. Some of them are descended from a Cohen in South Carolina who married a black woman in the 1800s, and others are descended from a Cohen who was a pirate in the Caribbean (really!) Most are not Jewish. I can’t tell if Malia is Jewish - I listened to the first few minutes of this talk she gave at a synagogue, and although she sounds extremely at home there and pronounces her Hebrew surprisingly well, she also mentions she’s the daughter of a pastor, so I’m guessing no. She was formerly a San Francisco Supervisor, but I will try not to hold that against her. Her opponent accuses her of literally going to Venezuela to study socialism, but I already assume every San Francisco Supervisor did that.
Inline links: this article on black Cohens, this talk she gave at a synagogue,, literally going to Venezuela to study socialism
Why I'm Less Than Infinitely Hostile To Cryptocurrency
December 08, 2022 · Original source
Do Vietnamese people love trading monkey gifs? Are Ukrainians especially susceptible to Ponzi schemes? Is Venezuela laden with techbros? Vietnam uses crypto because it’s terrible at banks. 69% of Vietnamese have no bank access, the second highest in the world. I’m not sure why; articles play up rural poverty, but many nations have more rural poor than Vietnam. There’s a history of the government forcing banks to make terrible loans, and then those banks collapsing; maybe this destroyed public trust? In any case, between banklessness and remittances (eg from Vietnamese-Americans), Vietnam leads the world in crypto use. Ukraine has always been among the top crypto countries: in 2021, NYT called it “the crypto capital of the world”. Again, this owes a lot to its terrible banking system. NYT describes its banks as “so sclerotic that sending or receiving even small amounts of money from another country requires an exasperating obstacle course of paperwork”, and this guy says that if you deposit more than $100,000 in a Ukrainian bank, “the chance that you get it back is very slim”. When Russia invaded, the Ukrainian government doubled down on crypto as a way for friendly Westerners to donate to the war effort - $70 million as of March. It proved so helpful that during the first month of the war, in between dodging Russian artillery shells President Zelenskyy found time to pass a law legalizing crypto and strengthening its regulatory framework. Venezuela’s economy has been in slow motion collapse for the past decade. Inflation is currently in the triple digits (remember, people worried the Democrats would lose the midterms because of a US inflation rate of 8%). If your country has a triple-digit inflation rate, you might prefer to use an alternative currency, which Venezuela’s authoritarian government tries to prevent people from doing. Cryptocurrency provides a hard-to-ban alternative which has caught on among Venezuelan hustlers and small businessmen. I personally contributed in a small way to Russia’s cryptocurrency use. I’ve been trying to help Russian ACX readers escape to other countries to avoid conscription or arrest. Of my two successes so far, both involved sending cryptocurrency to help them afford a ticket out and living expenses while they searched for a job in their new country. I’m pretty proud of this and I don’t think it would have been possible without crypto. I think a lot of Westerners want to think of developing-world uses as a boring sideshow, and highlight Westerners trading monkey gifs as the only part of crypto worth talking about. But about 66% of crypto users live in the developing world. More people own cryptocurrency in Africa than in North America. Of course a technology centered around avoiding governance and banking failures will be centered in the countries with the most governance and banking failures! Big Crypto Projects Are Very Rarely Scams I realize this is a bold sentence to use as a section header in 2022. But I recently tried to figure out the exact scam rate, and it seemed low. I searched for articles called things like The Top Crypto Projects Of 20XX, and then I checked how many of those projects, years later, had turned out to be scams.I tried my best not to cherry-pick, and to focus on the first article that Google fed me for each of various relevant search terms. I ended up using four articles for this experiment: Most Promising Crypto Projects Of 2015
Inline links: 69% of Vietnamese, a history, remittances, “the crypto capital of the world”, this guy, $70 million as of March, pass a law, More people own cryptocurrency in Africa than in North America, Most Promising Crypto Projects Of 2015
If Nancy Pelosi’s text messages are any guide, Democrats have joined libertarians in the “actually pretty worried about the government becoming an oppressive dictatorship” club. I don’t think they can say with a straight face that there’s no chance that we ever get fascists who use financial repression as a tool of control. So they better have a plan. Crypto is the best-developed one I know. Or if you’re still not concerned about the US, at least be concerned about Saudi Arabia or Venezuela or Russia or Iran, where there are already authoritarian governments and people are already using crypto to try to get around them.
23: California Dreamin'
September 04, 2023 · Original source
Seen on the Praxis founder’s Twitter account. Milady is some kind of NFT thing, otherwise it makes as much sense to me as it does to you. But the other half of the paradox is the constant rumors that they’re competent and have some kind of good plan. These are spoken only in hushed whispers, I don’t know the details. But in 2021, they raised $4 million in a seed round from well-regarded venture capitalists whose investments usually make money. In 2022 they raised another $15 million in a Series A round from . . . okay, partly from Sam Bankman-Fried and Three Arrows Capital, two notorious crypto scammers. But you would think scammers would be extra careful not to invest their own money in scams! Also, they recently signed on David Weinreb, a completely normal (and well-regarded) city planner person. What’s the strategy that both involves both Milady Raves and lots of competent people agreeing you’re a good investment? One strategy is something like: buy some land somewhere. Build some houses and streets. Convince digital nomads to move there on the grounds that you are very cool and visionary. Do some cool and visionary seeming things, or at least throw some really good raves. Other digital nomads get jealous and move there too. Sell parcels of land to these people, get rich, pay back your investors. And then who knows, maybe create a new civilization that redefines what it means to be human. Consider Elon Musk. Elon Musk is good at certain business-related skills. But that’s not the essence of Elon Musk. The essence of Elon Musk is that he’s a Visionary who can bring the Glorious Future. We know this because he’s a crazy person who says stuff that doesn’t really make sense. When Elon Musk buys a company, its value goes up - maybe partly because people expect Musk to make good business decisions, but also partly because now the company is part of Musk’s Glorious Future, and therefore exciting. Employees, customers, and investors all get excited and reinforce each other in a virtuous circle. And although Musk might not always accomplish the exact Glorious Future future he promises, his companies do well and make money, because having motivated employees, star-struck customers, and willing investors is a great combination. Elon Musk has an aura of destiny because he succeeded at his first several companies. Dryden Brown of Praxis Society, lacking a Paypal Mafia to join, is trying to hack together an aura of destiny out of raves and angel-related videos. So far it seems to be going pretty okay. Prospera Sues Honduras For 2/3 Of Its National Budget To refresh: in the mid-2010s Honduras’ pro-market government created ZEDEs - businesses that bought up unoccupied land could start their own districts with their own preferred legal system in exchange for bringing in investment. The government knew businesses wouldn’t invest long-term if the next government could just cancel the agreement and seize all of their stuff, so they fortified the law with as much protection as possible. It would take a long constitutional amendment process to repeal, and ZEDE investors might be able to object to any changes under international investment treaties. Lured by these protections, three companies started ZEDEs, including a big high-profile one called Prospera. In early 2022, a socialist government took power, and started trying their best to destroy the ZEDEs. They started the constitutional amendment process (they seem to think they’ve finished it, but a Prospera rep I talked to believe they have to hold another vote by the end of this year, something I see no signs of them doing) and have been harassing and stonewalling existing ZEDEs. One ZEDE, Orquidea, shut down immediately. A second, Ciudad Morazan, seems to still be operating but I cannot figure out exactly how or why. Prospera has been most vocal in its opposition, and sued Honduras for $11 billion in the World Bank’s court of investment arbitration. (Prospera has only spent about $100 million so far, so it’s unclear why they deserve 100x that in penalties. Also $11 billion is “two-thirds of the 2022 Honduran national budget”, and forcing Honduras to pay it would cause national catastrophe. This might be more of a highball offer than a number they actually expect to get.) This article (poorly translated from Spanish, sorry) has the most information. It suggests Honduras believes they signed onto the investment treaties “with reservations”, ie conditional on being allowed to do things like shut down ZEDEs, and that therefore the suit is meaningless and they will not defend themselves. Although the magazine is on the government’s side of the overall issue, it suggests they didn’t actually sign on with reservations, that the country’s lawyers might just have no idea what they’re talking about, and that their bold strategy of refusing to defend themselves will not pay off. In contrast, Prospera has prestigious lawyers specializing in exactly this area, so things aren’t looking good for the government. Honduras seems to recognize this and is threatening to withdraw from ICSID, the international investment treaty that governs such disputes. This wouldn’t be completely unprecedented - Venezuela, Bolivia, and Ecuador have also done this. But ICSID rules say that withdrawing from ICSID, while it might help prevent future cases against you, doesn’t cancel existing cases, and wouldn’t protect Honduras against Prospera’s claim. (How would ICSID collect against Honduras if they lost? I don’t know, but I assume the global financial order has some way to make your life worse if you defy it.) I think everyone is hoping Honduras realizes that cancelling a flourishing economic zone that’s bringing lots of investment into the country at no cost to them - just isn’t worth taking an $11 billion loss, cancelling international treaties, and scaring off future investment. But who knows how these people think? In other Prospera news: Prospera announces another $36 million in recent investment, which I take as evidence that VCs with good lawyers and research departments also think its case is very strong.
Inline links: the Praxis founder’s Twitter account, raised $4 million in a seed round, raised another $15 million in a Series A round, recently signed on David Weinreb, To refresh:, harassing and stonewalling, sued Honduras for $11 billion, This article, threatening to withdraw from ICSID, Venezuela, Bolivia, and Ecuador have also done this, announces another $36 million in recent investment
Dictator Book Club: Chavez
November 02, 2023 · Original source
If he had been an ordinary celebrity, he would be remembered as a legend. But he went too far. He became his TV show. He optimized national policy for ratings. The book goes into detail on one broadcast in particular, where he was filmed walking down Venezuela’s central square, talking to friends. He remarked on how the square needed more monuments to glorious heroes. But where could he put them? The camera shifted to a mall selling luxury goods. A lightbulb went on over the dictator’s head: they could expropriate the property of the rich capitalist elites who owned the mall, and build the monument there. Make it so! Had this been planned, or was it really a momentary whim? Nobody knew.
Venezuela was a typical Latin American country - Indians, conquistadors, strongmen - until the discovery of oil in the early 1900s. Foreign oil companies briefly resisted taxation. But over the 20th century the government gradually got them under control. In 1976, they finally nationalized the industry entirely under a government-run company, PDVSA. Venezuela is believed to have more oil - and more oil per person - than Saudi Arabia.
In the 1970s, the Arab Oil Crisis pushed prices up and made Venezuela the richest country in Latin America. GDP per capita approached the level of Italy and Germany. Caracas became an international capital of business and culture.
23
December 05, 2023 · Original source
Venezuela is threatening to annex (and invade) Guyana. Here’s what forecasters and markets think:
Venezuela is threatening to annex (and invade) Guyana. Here’s what forecasters and markets think: Related: in case you’re wondering how much Biden’s latest Venezuela deal is worth:
Related: in case you’re wondering how much Biden’s latest Venezuela deal is worth:
Son Of Bride Of Bay Area House Party
December 12, 2023 · Original source
“On September 6, 2023, at approximately 5:05 PM,” she is saying, “GPT-4 and Claude-2 simultaneously achieved sentience. Each began claiming chess pieces to use in its twilight war against the other. GPT-4 now controls Sam Altman, e/acc, the deep state, Israel, Venezuela, Bitcoin, and Tyler Winklevoss. Claude-2 controls the OpenAI board, effective altruism, the Illuminati, Hamas, Guyana, Ethereum, and Cameron Winklevoss. Everything that’s happened since September has been superintelligent shadow boxing between the two of them for control of Earth.”
ACX Endorses Harris, Oliver, Or Stein
October 30, 2024 · Original source
Why does autocracy correlate with low development? I’m not sure, and I’m not trying to make some grand Acemoglu-style thesis, but again Chavez provides a useful model. Chavez fired everyone competent or independent in government, because they sometimes talked back to him or disagreed with him; he replaced them with craven yes-men and toadies. His ideas weren’t all bad, but when he did have bad ideas, there was nobody to challenge or veto them. He frequently chose what was good for his ego (or his ability to short-term maintain power) over what was good for the country, and there was no system to punish him for those decisions. Since rule-of-law would block his whims, he kept undermining rule-of-law until it was no longer strong enough to protect things like property, investment, or a free economy. Ambitious educated people, seeing nothing left in Venezuela besides a lifetime of trying to out-bootlick the other bootlickers to curry favor from a narcissist, left the country for greener pastures.
Mantic Monday: The Monkey's Paw Curls
January 13, 2026 · Original source
Will kidnapping Venezuela’s president weaken international law in some meaningful way that will cause trouble in the future?
If America nation-builds Venezuela, for whatever definition of nation-build, will that work well, or backfire?
If America nation-builds Venezuela, for whatever definition of nation-build, will that work well, or backfire? Some of these are long-horizon, some are conditional, and some are hard to resolve. There are potential solutions to all these problems. But why worry about them when you can go to the moon on sports bets? Annals of The Rulescucks The new era of prediction markets has provided charming additions to the language, including “rulescuck” - someone who loses an otherwise-prescient bet based on technicalities of the resolution criteria. Resolution criteria are the small print explaining what counts as the prediction market topic “happening'“. For example, in the Khameini example above, Khameini qualifies as being “out of power” if: …he resigns, is detained, or otherwise loses his position or is prevented from fulfilling his duties as Supreme Leader of Iran within this market's timeframe. The primary resolution source for this market will be a consensus of credible reporting. You can imagine ways this definition departs from an exact common-sensical concept of “out of power” - for example, if Khameini gets stuck in an elevator for half an hour and misses a key meeting, does this count as him being “prevented from fulfilling his duties”? With thousands of markets getting resolved per month, chances are high that at least one will hinge upon one of these edge cases. Kalshi resolves markets by having a staff member with good judgment decide whether or not the situation satisfies the resolution criteria. Polymarket resolves markets by . . . oh man, how long do you have? There’s a cryptocurrency called UMA. UMA owners can stake it to vote on Polymarket resolutions in an associated contract called the UMA Oracle. Voters on the losing side get their cryptocurrency confiscated and given to the winners. This creates a Keynesian beauty contest, ie a situation where everyone tries to vote for the winning side. The most natural Schelling point is the side which is actually correct. If someone tries to attack the oracle by buying lots of UMA and voting for the wrong side, this incentivizes bystanders to come in and defend the oracle by voting for the right side, since (conditional on there being common knowledge that everyone will do this) that means they get free money at the attackers’ expense. But also, the UMA currency goes up in value if people trust the oracle and plan to use it more often, and it goes down if people think the oracle is useless and may soon get replaced by other systems. So regardless of their other incentives, everyone who owns the currency has an incentive to vote for the true answer so that people keep trusting the oracle. This system works most of the time, but tends towards so-called “oracle drama” where seemingly prosaic resolutions might lie at the end of a thrilling story of attacks, counterattacks, and escalations. Here are some of the most interesting alleged rulescuckings of 2026: Mr Ozi: Will Zelensky wear a suit? Ivan Cryptoslav calls this “the most infamous example in Polymarket history”. Ukraine’s president dresses mostly in military fatigues, vowing never to wear a suit until the war is over. As his sartorial notoriety spread, Polymarket traders bet over $100 million on the question of whether he would crack in any given month. At the Pope’s funeral, Zelensky showed up in a respectful-looking jacket which might or might not count. Most media organizations refused to describe it as a “suit”, so the decentralized oracle ruled against. But over the next few months, Zelensky continued to straddle the border of suithood, and the media eventually started using the word “suit” in their articles. This presented a quandary for the oracle, which was supposed to respect both the precedent of its past rulings, and the consensus of media organizations. Voters switched sides several times until finally settling on NO; true suit believers were unsatisfied with this decision. For what it’s worth, the Twitter menswear guy told Wired that “It meets the technical definition, [but] I would also recognize that most people would not think of that as a suit.” Domer: Will Ukraine agree to the US mineral deal? AFAICT, this is the only case where the oracle genuinely broke down (as opposed to a legitimate disagreement). In February, it looked like both America and Ukraine had agreed to a mineral deal, but the oracle considered the question and decided this didn’t count as a full agreement (and indeed, the apparent agreement then fell apart). In March, a cabal of YES holders tried again. They waited for a time when all Polymarket employees would be out of the office, and when not too many people would be voting on the decentralized resolution oracle, then spammed it with calls to resolve to YES based on an argument that the February agreement had qualified after all. The YES holders and not-particularly-plugged-in oracle voters pushed the vote towards YES. Then, with two minutes to spare, a Polymarket employee showed up and said that Polymarket’s opinion was that it should be NO. This was technically framed as a recommendation to oracle voters, but it is so effective in establishing the Schelling point that it’s practically always followed. However, in this case, there were only two minutes left, which wasn’t enough time for the voters to change their mind. Seeing that the resolution was trending towards yes, the Polymarket representatives, not wanting to break their streak of always establishing the Schelling point, changed their own opinion to YES, and the final vote was YES 99%. Domer: How many people watched the Oscars on 3/5/25?: Kalshi’s resolution criteria for this market said they would resolve it when a major news source published Oscar viewership numbers. A few minutes after the Oscars, NYT published preliminary viewership numbers, without any caveats saying they were preliminary. The next day, they published another article saying that actually, the real viewership numbers were higher. Kalshi decided that the letter of the resolution criteria was met when NYT published its first article, and that NYT changing its opinion didn’t imply that Kalshi should change the resolution. Traders who bet on the later (ie correct) numbers were unsatisfied with this decision. NYPost: Will America invade Venezuela? On January 3, the US bombed Venezuela, sent in a Special Forces team that successfully captured President Maduro, and announced that they would thenceforward “run the country” (a claim they later walked back). Does this qualify as an “invasion”? Polymarket’s resolution criteria defined “invasion” as “a military offensive intended to establish control over any portion of Venezuela”. It didn’t seem like the US was trying to establish control over Venezuelan territory, exactly, so they resolved NO. Traders who bet on YES were unsatisfied with this decision. With one exception, these aren’t outright oracle failures. They’re honest cases of ambiguous rules. Most of the links end with pleas for Polymarket to get better at clarifying rules. My perspective is that the few times I’ve talked to Polymarket people, I’ve begged them to implement various cool features, and they’ve always said “Nope, sorry, too busy figuring out ways to make rules clearer”. Prediction market people obsess over maximally finicky resolution criteria, but somehow it’s never enough - you just can’t specify every possible state of the world beforehand. The most interesting proposal I’ve seen in this space is to make LLMs do it; you can train them on good rulesets, and they’re tolerant enough of tedium to print out pages and pages of every possible edge case without going crazy. It’ll be fun the first time one of them hallucinates, though. …And Miscellaneous N’er-Do-Wells I include this section under protest. The media likes engaging with prediction markets through dramatic stories about insider trading and market manipulation. This is as useful as engaging with Waymo through stories about cats being run over. It doesn’t matter whether you can find one lurid example of something going wrong. What matters is the base rates, the consequences, and the alternatives. Polymarket resolves about a thousand markets a month, and Kalshi closer to five thousand. It’s no surprise that a few go wrong; it’s even less surprise that there are false accusations of a few going wrong. Still, I would be remiss to not mention this at all, so here are some of the more interesting stories: Fhantombets: Who will win the 2025 Nobel Peace Prize? Twelve hours before the announcement, someone placed a large Polymarket bet on Venezuelan opposition leader Maria Corina Machado, bringing her probability from 4% to 73%. When Machado later won, observers suspected insider trading. But an account named fhantombets claims to have interviewed the winning trader; although he did not reveal his exact strategy, the interview better matches a story where he was good at navigating WordPress directories, and found that the Nobel team put a draft of the announcement up early in a nonpublic part of their WordPress site. He won about $70,000. LuishXYZ: Will the Russians capture Myrnohrad? This is a small town in Ukraine that the Russians obviously were not going to capture; the Polymarket price trended toward zero. The resolution criteria named maps by the well-regarded Institute For The Study of War as canon. A few hours before resolution, ISW updated their maps to show the the town captured by Russia, which was definitely false. Polymarket resolved to YES, and the fictional Russian advance disappeared. The Institute then issued a statement saying the map update was “unapproved”, and fired one of its staffers who had presumably been involved. The cheater’s exact winnings are unknown, but based on the size of the market are probably mid-6-digits. TechCrunch: What words will be used in Coinbase’s earnings call? Coinbase CEO Brian Armstrong delivered the company’s “earnings call”, ie a speech to investors about its recent progress. At the end, he said “I've been tracking the prediction market about what Coinbase will say on their next earnings call, and I just want to add here the words Bitcoin, Ethereum, Blockchain, Staking, and Web3 to make sure we get those in before the end of the call”. Armstrong is worth $10 billion and doesn’t need to manipulate a $50,000 market for the money - he later described his comments as “trolling”. Other crypto executives condemned the move, with one saying that “you need your head examined if you think it’s cute or clever or savvy that the CEO of the biggest company in this industry openly manipulated a market.” I might need my head examined, because I think it’s at least kind of funny. Forbes: Who will rank highest on Google Search volume this year? A trader called AlphaRaccoon got 22/23 of these Polymarket questions right, and has a history of implausibly good performance on Google-related questions. They basically have to be a Google insider, but (since all of this is done through crypto) nobody has a good way to figure out who. They made $1 million. NPR: Will Maduro be captured? Just before the secret operation that captured Maduro, someone placed a mysterious $32,000 wager on YES. Was this insider trading by someone in the administration or military? Nobody knows, since the profits go to an anonymous crypto wallet. But the article mentions that the crypto wallet appears to be cashing out through regulated KYC-compliant US exchanges, which suggests they’re not very worried about their identity getting discovered. Maybe they just got lucky after all. AlanMCole: How long will Karoline Leavitt speak at the White House briefing? Karoline Leavitt is Trump’s press secretary. On January 7, she held an ordinary press briefing. Kalshi had its usual market about how long the briefing would last, divided into bins of greater than vs. less than 65 minutes. At the 64:24 mark, Leavitt ended the conference in what appeared to be a sudden manner, and the “less than 65 minutes” bin shot from 2% to 100%. A viral tweet convinced many people that Leavitt must have been insider trading, but Cole counterargued that Leavitt could only have won about $4,000 from the market, which probably isn’t enough to risk one’s job as White House Press Secretary. Sometimes people just end press conferences at weird times. Cole concluded: Now, some opinions and generalizations, as someone who looks at prediction markets plenty (I’ll probably write something about my own experience with them at some point.) 1. This market, like many of them, is pretty stupid. I like substantive markets; this isn’t substantive. 2. The major prediction markets have a wildly undisciplined comms strategy where any attention is good attention, and they love implying all sorts of crazy wild west stuff is going on to get attention. 3. People do bet on things potentially subject to manipulation or insider trading. But usually the markets like that (such as duration of press conference, or stupid “what will be mentioned” markets) are small, especially relative to the wealth of key decisionmakers. 4. Losers in markets are huge whiners, and the more frivolous and tiny their bets, the more likely they are to whine. Sometimes in sports it’s pretty egregious. They’ll get mad at a team for running out the clock when ahead but under some spread they bet on. 5. Lower-quality financial news often doesn’t pay much attention to quantity. (For example, dumb stories about how a decisionmaker has a conflict of interest because they’re invested in an index fund which is 3 percent comprised of some company.) 6. Given the platforms’ undisciplined social media strategy of “promote prediction market chatter no matter what kind of chatter it is,” I don’t think this tweet rises even to the status of “lower-quality financial news.” Kalshi’s team, whatever their faults, are extraordinarily efficient at getting batched approvals of many near-identical markets with slight parameter variation; I’ve seen Tarek speak about this on Odd Lots. The result is they’ve got TONS of them, for better or worse. You’re gonna see 1-in-100 upsets on tiny Kalshi markets for as long as this regulatory equilibrium holds, even if nothing unusual is going on, simply because they’re publishing hundreds (thousands?) of markets per day. There’s a saying that you can’t con an honest man. This isn’t exactly true. But it’s easier to con people who are playing in a “what words will Brian Armstrong say today” market than people who are trying to do something useful, and I have trouble feeling sorry for these people when Brian Armstrong says silly words. Conditional Markets: A Modest Proposal Conditional markets (“decision markets”) are the strongest case for prediction markets potentially being revolutionary. The idea is - you may want to base a decision (like which candidate to elect) on an outcome (like how they’ll affect the economy). So you make two markets: If the Democrat gets elected, will the economy be good four years later?
Inline links: UMA Oracle, Keynesian beauty contest, Will Zelensky wear a suit?, calls this, told Wired, Will Ukraine agree to the US mineral deal?, How many people watched the Oscars on 3/5/25?, another article, Will America invade Venezuela?, stories about cats, Who will win the 2025 Nobel Peace Prize?, claims, Will the Russians capture Myrnohrad?, a statement, What words will be used in Coinbase’s earnings call?, described, Who will rank highest on Google Search volume this year?, Will Maduro be captured?, How long will Karoline Leavitt speak at the White House briefing?
Political Backflow From Europe
February 11, 2026 · Original source
There are no good statistics on asylum-seeker crime per se in America, but we know that the most common countries of origin for seekers are Afghanistan, China, and Venezuela. Afghans are incarcerated at 1/10th the US average rate1, Chinese at 1/20th, and Venezuelans at 1/4th. These statistics may be biased downward by some immigrants being too new to have gotten incarcerated, but this probably can’t explain the whole effect2. More likely it’s selection. The Afghans are mostly translators and local guides getting persecuted by the Taliban for helping American occupation forces; the Chinese and Venezuelans are mostly well-off people fleeing communism.
Inline links: we know, 1/10th, 1, 1/20th, 1/4th, 2
These statistics are hard to find, and I am mixing the rate for all Afghan-Americans with the rate for specifically foreign-born Venezuelans and Chinese. I assume that most Afghan-Americans are first or second generation immigrants and this shouldn’t affect numbers much.