Prediction markets are forking into two completely different beasts.

On one side: the regulated platforms like Schwab binary options and Kalshi. They're listing the sanitized stuff — slow-moving questions that compliance teams can stomach. Safe, boring, approved.

On the other side: the permissionless rails. This is where the real action lives. Internet debates, cultural chaos, edge cases, stuff no compliance desk would touch with a ten-foot pole.

Here's the thing most people miss: that long tail of weird, unapproved questions? That's the actual market. That's where the signal is.

The regulated side will grow steadily. The permissionless side will eat the world.