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A trader who relied solely on "consensus cognition" to participate in prediction markets lost over $2 million in 35 days
BlockBeats News, January 5th, according to LookIntoChain monitoring, trader "beachboy4" lost over 2 million USD on Polymarket in just 35 days. By analyzing his trading records, the trader relied on his "popular consensus cognition," meaning he predicted based solely on the likely outcome that most people believed in.
According to statistics, he participated in a total of 53 predictions in 35 days, with a win rate as high as 51%, but he never set exit strategies for his predictions, nor did he set hedge strategies, resulting in "most of the losing positions being held until they went to zero or the price had already plummeted long before settlement."
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