Polymarket vs. Kalshi: The Full Meme War Timeline
Original Article Title: Polymarket v. Kalshi: A Complete Timeline of The Prediction Market Meme Wars
Original Article Author: Hunter Ryerson, Pirate Wires
Translation: Peggy, BlockBeats
Editor's Note: From a free grocery store to a meme-filled tit-for-tat, the competition between Polymarket and Kalshi has long transcended mere product and market share rivalry, evolving into a carefully crafted battle for attention. This article outlines the timeline of the two prediction market platforms' years-long confrontation: regulatory maneuvering, user bans and reinstatements, "competitive meme-ing" on social media, and a marketing spectacle that spilled over into the real world. Behind the seemingly absurd theatrics lie rising transaction volumes, valuations, and capital expectations.
Below is the original article:
February 12, early morning, Manhattan. You wake up in a $2000-per-month, shoebox-sized apartment, turn up the heat, shuffle to the pantry to see if you can scrounge up some breakfast. Then you remember: at 3:00 AM last night, you already ate the last pack of instant noodles.
Just as you're debating whether to continue contributing 20% of your income to DoorDash, a friend texts you, informing you of a new grocery store on Madison Street called "The Polymarket" — and everything inside is free. So, naturally, you put on your pants, head downtown, manage to squeeze into the store, and instantly shift into "Black Friday frenzy" mode, frantically grabbing everything in sight, filling your debt-laden hands with whatever you can get your hands on.
As you walk back home with bulging shopping bags filled with Sour Patch Kids and the first vegetables you've seen in weeks tucked under your arms, you pass by a billboard: a market in the East Village is hosting an event sponsored by a company named "Kalshi," offering a $50 free grocery credit.
Am I dreaming? How did I get so lucky?
Congratulations, you've been swept into the latest round of the prediction market's ad blitz.
That's right. This week, the red-hot prediction market platform Polymarket announced its latest marketing stunt: opening a "completely free grocery store" in New York City, operating from February 12 until February 16.
Meanwhile, its competitor and another prediction market, Kalshi, is not one to back down either. It took the initiative to launch its own "Grocery Theme" marketing campaign: at the Westside Market on Third Avenue, for one day only, everyone was given a $50 general grocery subsidy.

This "tit for tat" imitation behavior prompted a user X to couldn't help but comment, "Kalshi and Polymarket can't even go 24 hours without copying each other at everything."
At first glance, the fact that Polymarket and Kalshi are competing with "free bananas" for marketing seems a bit absurd. However, this is just the latest scene in the long-standing rivalry between these two platforms. It's important to note that their weekly trading volume reaches up to billions of dollars. In essence, their business model is simple: people can bet on seemingly trivial events to earn high returns, such as—whether the US military will arrest Venezuelan leader Nicolás Maduro while he is wearing athleisure attire. (That night, an unknown but hopefully not Pete Hegseth internet sleuth made a killing.)
Overall, in the brief five-year development history, these two prediction market platforms have always been competitors, but the real intense confrontation has only fully erupted in the last two years.
Polymarket, founded by NYU dropout Shayne Coplan in 2020, is a cryptocurrency-based platform. Bettors need to deposit stablecoins like USDC on the Polygon blockchain to purchase "yes" or "no" prediction shares.
In contrast, Kalshi initially operated almost entirely in dollars, with transactions and fund access completed through traditional bank accounts. Since its launch in 2021, it has primarily focused on sports betting, which accounts for 90% of the platform's total trading volume. Polymarket, on the other hand, leans more towards geopolitical and cultural events, such as wars, conflicts, and elections. It even pays American internet celebrities to promote its political content.
From 2022 to 2025, due to intense regulatory pressure from the US Commodity Futures Trading Commission (CFTC) (and a $1.4 million fine), Polymarket temporarily banned US users from its platform, essentially ceding the US market to Kalshi for several years. However, just a few months ago, Polymarket re-entered the US market, reigniting the fierce rivalry between the two, and various frictions continue to play out on the X platform and even in the broader online space.
For internet users who are "online all year round," the most entertaining part of this war is undoubtedly the so-called "competitive shitposting."
In the sports arena, this strategy takes the form of parodical imitations of sports official announcement cards, the kind you often see on ESPN or FOX Sports accounts, used to announce trades, drafts, or injury news. Both platforms use eye-catching jokey headlines to "report" sports news, such as Polymarket's "DICK IS GROWING," referencing Toronto Raptors player Gradey Dick's weight gain, or Kalshi's "LOVES RECEIVING BALLS," referring to San Francisco 49ers running back Christian McCaffrey, stating that he "loves catching balls," you know, in the literal sense of "receiving passes."

However, as both sides engage in a battle for "meme-based attention," the tactics have started to get more devious.
In November 2024, evidence emerged that Kalshi attempted to pay off some internet celebrities—such as former NFL wide receiver and current X-platform personality Antonio Brown—to have them post and spread negative comments about Polymarket (see: "Kalshi Enlists Influencers to Attack Polymarket CEO Following FBI Raid"). In one case, a journalist was reportedly offered $3,500 to write a "hit piece" against Polymarket. (On a side note: if Solana were willing to pay me that much to write a hit piece, I could have Jackie Fielder impeached by Monday.)
Reportedly, these influencers "managed" by Kalshi collectively have millions of followers. Over the past few years, they have been slowly chipping away at Polymarket's credibility.
Following this incident, the Trump administration relaxed regulations on prediction markets, allowing Polymarket to make a strong comeback in the U.S. market. After months of preparation, the U.S. user ban was officially lifted in December, and now Polymarket is attempting to reclaim the majority share of the on-chain prediction market (currently dominated by Kalshi after integrating with the Solana blockchain).
One way they found to "amplify their voices" is by making headlines on X. Over the past few months, the brand accounts of Polymarket and Kalshi have clashed head-on on the timeline, vying for dissemination advantage with short, powerful headlines, celebrity quotes—sometimes even disregarding accuracy or any other principles. Recently, Polymarket falsely attributed a quote to Jeff Bezos and significantly exaggerated deportation data, while Kalshi spread false claims about negotiations to acquire Greenland.

Ultimately, this feud has spilled over from online to the real world, and hopefully it can still bring some positive 'spillover effects' to ordinary, cash-strapped Americans like yourself. But the real crux of the matter is this: whether it's marketing gimmicks like 'free groceries' or mutual mocking and trampling on X platform, both companies excel at generating buzz and keeping people talking about them.
Regardless of how dubious or darkly generous their antics are in order to one-up each other, we are always discussing the matter.
Perhaps that is exactly what they are aiming for. The valuations of Kalshi and Polymarket have now reached $11 billion and $9 billion, respectively, and are continuing to soar at an astonishing pace. So, as long as the dramatic maneuvers in this crazy war can attract a few hundred more bettors online or bring in a few more investors, then it’s all worth it. It's a win-win for these two 'duelists,' if you're willing to believe.
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Debunking the AI Doomsday Myth: Why Establishment Inertia and the Software Wasteland Will Save Us
Editor's Note: Citrini7's cyberpunk-themed AI doomsday prophecy has sparked widespread discussion across the internet. However, this article presents a more pragmatic counter perspective. If Citrini envisions a digital tsunami instantly engulfing civilization, this author sees the resilient resistance of the human bureaucratic system, the profoundly flawed existing software ecosystem, and the long-overlooked cornerstone of heavy industry. This is a frontal clash between Silicon Valley fantasy and the iron law of reality, reminding us that the singularity may come, but it will never happen overnight.
The following is the original content:
Renowned market commentator Citrini7 recently published a captivating and widely circulated AI doomsday novel. While he acknowledges that the probability of some scenes occurring is extremely low, as someone who has witnessed multiple economic collapse prophecies, I want to challenge his views and present a more deterministic and optimistic future.
In 2007, people thought that against the backdrop of "peak oil," the United States' geopolitical status had come to an end; in 2008, they believed the dollar system was on the brink of collapse; in 2014, everyone thought AMD and NVIDIA were done for. Then ChatGPT emerged, and people thought Google was toast... Yet every time, existing institutions with deep-rooted inertia have proven to be far more resilient than onlookers imagined.
When Citrini talks about the fear of institutional turnover and rapid workforce displacement, he writes, "Even in fields we think rely on interpersonal relationships, cracks are showing. Take the real estate industry, where buyers have tolerated 5%-6% commissions for decades due to the information asymmetry between brokers and consumers..."
Seeing this, I couldn't help but chuckle. People have been proclaiming the "death of real estate agents" for 20 years now! This hardly requires any superintelligence; with Zillow, Redfin, or Opendoor, it's enough. But this example precisely proves the opposite of Citrini's view: although this workforce has long been deemed obsolete in the eyes of most, due to market inertia and regulatory capture, real estate agents' vitality is more tenacious than anyone's expectations a decade ago.
A few months ago, I just bought a house. The transaction process mandated that we hire a real estate agent, with lofty justifications. My buyer's agent made about $50,000 in this transaction, while his actual work — filling out forms and coordinating between multiple parties — amounted to no more than 10 hours, something I could have easily handled myself. The market will eventually move towards efficiency, providing fair pricing for labor, but this will be a long process.
I deeply understand the ways of inertia and change management: I once founded and sold a company whose core business was driving insurance brokerages from "manual service" to "software-driven." The iron rule I learned is: human societies in the real world are extremely complex, and things always take longer than you imagine — even when you account for this rule. This doesn't mean that the world won't undergo drastic changes, but rather that change will be more gradual, allowing us time to respond and adapt.
Recently, the software sector has seen a downturn as investors worry about the lack of moats in the backend systems of companies like Monday, Salesforce, Asana, making them easily replicable. Citrini and others believe that AI programming heralds the end of SaaS companies: one, products become homogenized, with zero profits, and two, jobs disappear.
But everyone overlooks one thing: the current state of these software products is simply terrible.
I'm qualified to say this because I've spent hundreds of thousands of dollars on Salesforce and Monday. Indeed, AI can enable competitors to replicate these products, but more importantly, AI can enable competitors to build better products. Stock price declines are not surprising: an industry relying on long-term lock-ins, lacking competitiveness, and filled with low-quality legacy incumbents is finally facing competition again.
From a broader perspective, almost all existing software is garbage, which is an undeniable fact. Every tool I've paid for is riddled with bugs; some software is so bad that I can't even pay for it (I've been unable to use Citibank's online transfer for the past three years); most web apps can't even get mobile and desktop responsiveness right; not a single product can fully deliver what you want. Silicon Valley darlings like Stripe and Linear only garner massive followings because they are not as disgustingly unusable as their competitors. If you ask a seasoned engineer, "Show me a truly perfect piece of software," all you'll get is prolonged silence and blank stares.
Here lies a profound truth: even as we approach a "software singularity," the human demand for software labor is nearly infinite. It's well known that the final few percentage points of perfection often require the most work. By this standard, almost every software product has at least a 100x improvement in complexity and features before reaching demand saturation.
I believe that most commentators who claim that the software industry is on the brink of extinction lack an intuitive understanding of software development. The software industry has been around for 50 years, and despite tremendous progress, it is always in a state of "not enough." As a programmer in 2020, my productivity matches that of hundreds of people in 1970, which is incredibly impressive leverage. However, there is still significant room for improvement. People underestimate the "Jevons Paradox": Efficiency improvements often lead to explosive growth in overall demand.
This does not mean that software engineering is an invincible job, but the industry's ability to absorb labor and its inertia far exceed imagination. The saturation process will be very slow, giving us enough time to adapt.
Of course, labor reallocation is inevitable, such as in the driving sector. As Citrini pointed out, many white-collar jobs will experience disruptions. For positions like real estate brokers that have long lost tangible value and rely solely on momentum for income, AI may be the final straw.
But our lifesaver lies in the fact that the United States has almost infinite potential and demand for reindustrialization. You may have heard of "reshoring," but it goes far beyond that. We have essentially lost the ability to manufacture the core building blocks of modern life: batteries, motors, small-scale semiconductors—the entire electricity supply chain is almost entirely dependent on overseas sources. What if there is a military conflict? What's even worse, did you know that China produces 90% of the world's synthetic ammonia? Once the supply is cut off, we can't even produce fertilizer and will face famine.
As long as you look to the physical world, you will find endless job opportunities that will benefit the country, create employment, and build essential infrastructure, all of which can receive bipartisan political support.
We have seen the economic and political winds shifting in this direction—discussions on reshoring, deep tech, and "American vitality." My prediction is that when AI impacts the white-collar sector, the path of least political resistance will be to fund large-scale reindustrialization, absorbing labor through a "giant employment project." Fortunately, the physical world does not have a "singularity"; it is constrained by friction.
We will rebuild bridges and roads. People will find that seeing tangible labor results is more fulfilling than spinning in the digital abstract world. The Salesforce senior product manager who lost a $180,000 salary may find a new job at the "California Seawater Desalination Plant" to end the 25-year drought. These facilities not only need to be built but also pursued with excellence and require long-term maintenance. As long as we are willing, the "Jevons Paradox" also applies to the physical world.
The goal of large-scale industrial engineering is abundance. The United States will once again achieve self-sufficiency, enabling large-scale, low-cost production. Moving beyond material scarcity is crucial: in the long run, if we do indeed lose a significant portion of white-collar jobs to AI, we must be able to maintain a high quality of life for the public. And as AI drives profit margins to zero, consumer goods will become extremely affordable, automatically fulfilling this objective.
My view is that different sectors of the economy will "take off" at different speeds, and the transformation in almost all areas will be slower than Citrini anticipates. To be clear, I am extremely bullish on AI and foresee a day when my own labor will be obsolete. But this will take time, and time gives us the opportunity to devise sound strategies.
At this point, preventing the kind of market collapse Citrini imagines is actually not difficult. The U.S. government's performance during the pandemic has demonstrated its proactive and decisive crisis response. If necessary, massive stimulus policies will quickly intervene. Although I am somewhat displeased by its inefficiency, that is not the focus. The focus is on safeguarding material prosperity in people's lives—a universal well-being that gives legitimacy to a nation and upholds the social contract, rather than stubbornly adhering to past accounting metrics or economic dogma.
If we can maintain sharpness and responsiveness in this slow but sure technological transformation, we will eventually emerge unscathed.
Source: Original Post Link

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