The default on Polymarket is no expiration. It is only after actively choosing to have an expiration date that it goes to 1 day. I suspect that is so short that it encourages people not to choose it. Similarly, the default with Manifold is not expiring. But if you do click to change, it offers 5 options from immediate to 1 month.
Both sites encourage market orders over limit orders. Polymarket makes limit orders visible but not default. Manifold buries them under “advanced.” So the people Joern profited off of were sophisticated enough to choose the “advanced” options but not sophisticated enough to choose good expiration dates.
Encouraging people to use limit orders is a step in the direction of a smoother market. Limit orders with 1 month expiration are somewhat like a sequence of monthly auctions. But they may be harder to understand and require more UI work.
The default on Polymarket is no expiration. It is only after actively choosing to have an expiration date that it goes to 1 day. I suspect that is so short that it encourages people not to choose it. Similarly, the default with Manifold is not expiring. But if you do click to change, it offers 5 options from immediate to 1 month.
Both sites encourage market orders over limit orders. Polymarket makes limit orders visible but not default. Manifold buries them under “advanced.” So the people Joern profited off of were sophisticated enough to choose the “advanced” options but not sophisticated enough to choose good expiration dates.
Encouraging people to use limit orders is a step in the direction of a smoother market. Limit orders with 1 month expiration are somewhat like a sequence of monthly auctions. But they may be harder to understand and require more UI work.
Hmmm you’re right, guess I misremembered.