CMC 003 - Hedgehog Markets Founder, George Yu Crowd Money Cast

You can also listen on Spotify; Apple Podcasts; or wherever you listen to podcasts.❤️ Please click the little heart at the top of the post—it’s like a tip, but free!✍️ Share your thoughts with us about the episode in the comment section below.📧 A warm welcome the 67(!) Crowd members who joined since our last newsletter. If you are new, we’d love for you to #JoinTheCrowd:Show Notes00:00 - 01:05 | Introduction01:06 - 26:40 | PM News for OctoberIn a shift from the typical format of open-ended discussions to start the show, Andrew and Clay break down the biggest prediction market news of the month in this segment:* After the CFTC opened an investigation into Polymarket, the company returns to social media and continues to release new markets.* Following a year of testing, Reddit launched prediction tournaments with gamified rewards for large subreddits.* Axios continues to leverage PredictIt data in their news articles, but with mixed results.* Kalshi releases a redesign and a Twitter competition about their inflation markets which they argue is a good hedge against rising inflation.26:41 - 51:37 | Interview w/ George Yu, Hedgehog Markets FounderWhat is Hedgehog Markets? How do their ‘No-Loss’ competitions work? Why did they choose Solana? Are they watching the CFTC’s investigation into Polymarket? We discuss the answers to all of these questions and more!51:38 - 58:39 | Post-Interview CommentsAfter the interview we reflect on our time with George, his platform, Hedgehog Markets, and look forward to Crowd Money 004 and what’s in store for you all.🎧 Welcome to the third episode of the Crowd Money Cast. Every month, Global Guessing co-founders Clay and Andrew chat with interesting thinkers, leaders, bettors, and entrepreneurs in the prediction market space to explore markets, strategies, and news. This month we spoke with George Yu, Founder of Hedgehog Markets, a new prediction market platform operating on the Solana blockchain.Prior to founding Hedgehog Markets, George worked as a software engineer at several companies, the most recent being Google where he worked for nearly three years. While at Google, George became interested in how to predict the outcomes of future events with greater accuracy, but observed that there were few ways to do it with approachable UIs and simple market mechanics. So with the support of several backers, inducing Alameda Research. quantitative cryptocurrency trading firm, George launched Solana. Since launching on the Solana mainnet in September, Hedgehog Markets has made a splash in the prediction market ecosystem. First, the company introduced ‘No-Loss’ competitions: a Futarchy-derived tournament structure where users stake USDC to receive tokens to trade and win prizes. What makes this approach to prediction markets especially fascinating, is that if you don’t perform well on a trade, you don’t lose any money! Your USDC is returned and you can re-enter at a later date. Hedgehog Markets stood out for its unique market features as well. The current markets cover exciting topics like sports games, cryptocurrency markets, and e-sports leagues. There are also plans to explore the allocation of collectibles or NFTs as prizes for trading performance. And possibly most interesting is that Hedgehog Markets has not even released a traditional prediction market product yet!In this episode we talked to George about how Hedgehog Markets started, the company’s impressive $3.5 million raise this past summer, and how he views Hedgehog Market’s position within the prediction market ecosystem. We also get George’s views on the recent CFTC investigations into Polymarket and how it might affect Hedgehog Markets, as well as continue our search to find the right terminology around ‘prediction markets’. Before the interview, Clay and Andrew attempt a new Crowd Money Cast format, and cover exciting news in the prediction market space from the past month. This includes