Titanic Sub Crew’s Fate Becomes Betting Frenzy for Crypto Degens

2023-07-05, 05:58

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1684401663RDZZ.jpeg)
Crypto degens wagered more than $300 K on whether or not the Missing Titanic submersible crew would be rescued by 23 June.

The broader crypto community criticized betting on the Missing Titanic submersible crew.

Polymarket defended its position saying that betting was a way of gathering the sentiments of people on whether or not the crew would be rescued on time.

The United States government is putting measures to restrict event betting.

**Keywords**: Crypto betting, crypto degens, crypto gambling, crypto bets, crypto gaming, crypto restrictions
## Introduction
As the crypto space keeps on evolving new activities such as event betting have come on the market. The emergence of betting on live events has created mixed reactions among crypto fanatics and the broader society.

In this article, we discuss an example of betting on an event that has resulted in various reactions among cryptocurrency lovers and analysts. It is betting on the survival chances of the missing Titanic submarine crew. 
## Betting on the Missing Titanic Submarine
Online crypto gamblers or degens participated in betting whether or not the submersible with five individuals onboard that went missing while on an expedition to explore the Titanic wreckage would be rescued with the crew members still alive.

By the last week of June, the search for the submersible and its crew was still on-going, although the hope for finding the team alive was fading. In fact, the bet was whether or not the submarine would be recovered by 23 June.

The surface vessels lost touch of the submarine, operated by **OceanGate Expeditions**. Sadly, the rescue mission was hampered by bad weather and the hostile state of the North Atlantic Sea where the submersible sank. 
![](https://gimg2.gateimg.com/image/article/16885365311.png)
The Missing Titanic Submarine - MirrorUK

According to available information, the crew included OceanGate Expeditions’ founder, a French diver, a British adventurer as well as a Pakistani father and son. 
## Could the Crew be Rescued on Time
It was during the on-going search mission that an unsettling event emerged within the crypto community, betting on the safety of the missing Titanic sub crew. Some crypto degens  wagered on Polymarket whether or not the OceanGate vessel would be recovered by 23 June, a time frame when the crew members were expected to be alive, considering that their oxygen reserves were expected to last for 96 hours only.

The crypto degens put over $170 K betting that the **Missing Titanic Submarine**, which went missing on June 18, would be found by 23 June. In all the crypto [gamblers](https://www.gate.io/price/view/gambling "gamblers") had wagered over $300 K. However, a few days before the end of the betting there was only a 15% chance that the submarine would be found by midnight 23 June.

On the other hand, the Polymarket website had specific conditions for the betting event. It stated that the vessel should only be located, not necessarily to be recovered or rescued by 23 June. The other important requirement was that the vessel that carried the crew be located not just some of its parts.

If only the pieces of the vessel are found without the cabin that contained the crew, the submarine would have not been found. A few days before the end of the betting about 62% of the wagers betted that the cabin vessel would not be found by 23 June. However, less than half of the wagers were optimistic that the vessel would be found by the declared date.

It is essential to note that the degens wagered using cryptocurrencies and would earn $1 per every share if their guesses were correct. However, by 22 June the odds that the cabin vessel would be recovered were in the negative. According to one analyst hypothermia and carbon dioxide poisoning would affect the crew members. 
## Moral Concerns Over Crypto Bets on Missing Sub Crew’s Fate
The crypto community has raised concerns pertaining betting on live events such as missing sub crew’s fate. Some people have voiced that it is unethical to bet on people’s lives. One twitter user said that it is “the most dystopian thing I've seen.”

Similarly, the video game publication Dexerto tweeted, “**Gambling on lives is actually insane.**” One argument against betting on people’s real-life activities caused by circumstances beyond their control is that the family members of the affected individuals might undergo excruciating pain because of wagering on the possibility of the death of their loved ones.

Another Twitter user said, “**Actually insane, imagine making money off if someone is gonna die or not.**” However Polymarket defended its position saying that it was a natural way of estimating the possibility of a successful rescue.

In an email to Gizmodo the company said “**If the families were privy to Polymarket, they could use the market as a way to obtain the real-time, unbiased probability of the submarine being recovered.**”

It added, “**That is a far more valuable service to them than sensationalist media coverage: with our markets at least, they understand the true probabilities.**”

In the case of the missing submarine and its crew members, it is obvious that their families experience emotional toll about the possibility of losing their loved ones and worse still people betting on their fate. 
## US Government Considers Restrictions on Event Betting
Already, the United States government is considering restricting betting on certain events such as political elections. In fact, in 2022 the US government started a process of stopping event-based betting by cancelling the licenses of betting platforms that offer such services like PredictIt.

As we speak, PredictIt was served with a notice of intention to cancel its license. However, it has legally challenged the US government for that move. Generally, betting over events like the missing Titanic submersible shows the need to curb irresponsible betting on some real-world events.

Read also: [Cryptocurrency laws in United States and other countries](https://www.gate.io/blog_detail/384/ "Cryptocurrency laws in United States and other countries")
## Conclusion
The world witnessed what some analysts believe to be one of the most unethical betting events where crypto degens wagered on the likely fate of the missing Titanic submersible crew. Already, by 22 June crypto gamblers wagered a total of over $300 K. Nonetheless, many members of the Twitter community criticized betting on the fate of the missing Titanic submersible crew as they deem it to be unethical. 
## FAQs About Crypto Degens
### Can you bet in crypto?
People can bet with cryptocurrency on various issues on platforms that accept them as means of payment. They can engage in sports betting or betting over some events. 
### How does crypto betting work? 
The crypto betting platforms enable individuals to deposit specific cryptocurrencies in their accounts then bet on a possibility of a certain outcome. When you win a bet you can [withdraw your crypto](https://www.gate.io/help/guide/deposit_withdrawa/16447/How-to-Withdraw "withdraw your crypto") assets like <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> or ETH.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>