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Also, Kalshi is in growth stage. Once they transition to the enshitification stage, you can be sure they will crack down on things in the TOS in ways that will not always make sense
Also, Kalshi is in growth stage. Once they transition to the enshitification stage, you can be sure they will crack down on things in the TOS in ways that will not always make sense
Although you can be at least 99.99% certain that any TOS will make sure the company wins
Although you can be at least 99.99% certain that any TOS will make sure the company wins
Other people doing dumb things isn't a bad business model - I know I've made a profit off of it occasionally
Other people doing dumb things isn't a bad business model - I know I've made a profit off of it occasionally
I get it - my strict interpretation was just that - a very strict interpretation having dealt with compliance teams and regulators in financial services for years - a strict interpretation will find issue with such a setup. I'm not saying that I agree with such an interpretation or that such an interpretation is likely. I would caution newcomers on following such an approach unless they really know what they are doing - keeping runtimes separated from both an internal and external perspective is absolutely doable but requires proper planning and knowledge - otherwise its a great way to have someone else trade all your funds away or get banned after being perceived as trading on behalf of someone else. Just because the exchange has not enforced their rules in such a manner does not mean they will not. Granted I derive significant income from this and have decent capital exposed so may have a different view than others on what risks I am willing to take in my infrastructure.
I get it - my strict interpretation was just that - a very strict interpretation having dealt with compliance teams and regulators in financial services for years - a strict interpretation will find issue with such a setup. I'm not saying that I agree with such an interpretation or that such an interpretation is likely. I would caution newcomers on following such an approach unless they really know what they are doing - keeping runtimes separated from both an internal and external perspective is absolutely doable but requires proper planning and knowledge - otherwise its a great way to have someone else trade all your funds away or get banned after being perceived as trading on behalf of someone else. Just because the exchange has not enforced their rules in such a manner does not mean they will not. Granted I derive significant income from this and have decent capital exposed so may have a different view than others on what risks I am willing to take in my infrastructure.
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3.2 - "inducing users to enter their Kalshi password into another site" would be a prohibition, especially if there is just one application handling all of it. A shared VPS with seperate applications would be a bit of a grey area that could be open to interpretation (although I think a strict interpretation would find it to be an issue). I also think there are additional regulatory concerns around the faciliation of trades and/or providing of a pricing engine - if any profit is derived from those, there is a decent likelihood they become an intermediary who is required to register with the CFTC.
3.2 - "inducing users to enter their Kalshi password into another site" would be a prohibition, especially if there is just one application handling all of it. A shared VPS with seperate applications would be a bit of a grey area that could be open to interpretation (although I think a strict interpretation would find it to be an issue). I also think there are additional regulatory concerns around the faciliation of trades and/or providing of a pricing engine - if any profit is derived from those, there is a decent likelihood they become an intermediary who is required to register with the CFTC.
If you really want to be a collective like that, you likely need to start a company with your users as owners/officers - then its all under one umbrella. Not exactly a simple undertaking but it should allow you to preserve such a structure - not a lawyer though so get real advice if you do want to proceed down this path.
If you really want to be a collective like that, you likely need to start a company with your users as owners/officers - then its all under one umbrella. Not exactly a simple undertaking but it should allow you to preserve such a structure - not a lawyer though so get real advice if you do want to proceed down this path.
Simple - they don't adhere to KYC, AML, and tax regulations. The existence of their regulated exchange in the US should require all of the company to adhere to these regulations but that is not the case under the current regime - that will change at some point though - right now its a bit like letting Walter White running a pharmacy as a side hustle.
Simple - they don't adhere to KYC, AML, and tax regulations. The existence of their regulated exchange in the US should require all of the company to adhere to these regulations but that is not the case under the current regime - that will change at some point though - right now its a bit like letting Walter White running a pharmacy as a side hustle.
For some it definitely does matter. I agree, for many it is not really as big of a deal for their strat as they may make it seem. I would also say that there is a lot of focus on latency to the exchange without enough focus on the myriad of other factors that would reduce a bot's overall latency to action.
For some it definitely does matter. I agree, for many it is not really as big of a deal for their strat as they may make it seem. I would also say that there is a lot of focus on latency to the exchange without enough focus on the myriad of other factors that would reduce a bot's overall latency to action.
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