Ethereum co-founder Joseph Lubin and developer of Bitcoin Core Jimmy song made a bet on the future of decentralized applications. It happened at the Consensus conference 2019.
What happened to THE bet?
At #consensus2018, @jimmysong and @ethereumJoseph made a wager about the future of the $ETH, today they’re scheduled to hash out the terms… Will they show??@BradyDale is ready for our 10am show #CoinDeskLIVE https://t.co/SnDktAabmk pic.twitter.com/MNM0Kw5ALw
— CoinDesk (@coindesk) may 14, 2019.
The dispute began at last year’s conference Consensus. Then Lubin stated that he would bet «any amount of bitcoins» that decentralized applications based on Ethereum five years will be used by many. The song took the same bet. Note, he is known as a bitcoin maximalist, have repeatedly stated that most of the altcoins «do not offer anything new and interesting and do not solve any problems.»
A year has passed since this discussion and just now was finally determined the terms of the dispute. Ahead of the meeting song reminded Lubinu about the bet.
As Consensus/MCC and other events near, I want to remind everyone of what happened last year. It’s been almost a year and @ethereumJoseph is still squelching on this bet that he proposed in public and on stage. Joe, your ego is writing checks your body can’t cash. pic.twitter.com/1V1gkidbGF
— Jimmy Song (송재준) (@jimmysong) 6 may 2019
It was agreed that if four years later, Ethereum will continue to evolve, the song will pay Lubino (or his representative) 810,8 ETH. If by that time the ecosystem dАpps «burst», Lubin will send the Song 69,74 BTC.
Evaluated the success of Ethereum will be on the following criteria: if 15 unique decentralized applications will be more than 10 000 active users per day, and 100,000 — per month for six months, Gliwice wins. The timing is set to 23 may 2023.
Note that at the time when determining the rates, the prices of bitcoin and ETH was significantly different from the current. So, 14 may 2018, the first cryptocurrency was trading over $8500. Thus, Lubin actually made a bid of nearly $600 million, based on prices at the time.
But if bitcoin for the year managed to recover the difference in ETH is much more significant. During the discussion of rates in the past year, the coin was trading around $720. Thus, the song actually put more than $580 thousand at the time that currently is only about $168 thousand.
In this case, by 2023 the losses of the losing side can be much more «painful». Especially may suffer as Lubin, as some experts, for example, Tim Draper, bitcoin predict a rise to $250 000 by 2022 or 2023.
«The position Jimmy is in the fact that the blockchain will not be a valuable application, and the only significant thing that is created on the blockchain — bitcoin. My position is that bitcoin is amazing and there is a narrow set of use cases solutions based on it, which is great. We love BTC, but decentralized apps are also very useful,» said Joseph Lubin.
Recently, Ethereum co-founder and CEO of a startup ConsenSys has made several high-profile predictions during his speech at the conference of the Ethereal Summit. So, in his opinion, by 2047, all assets are licenzirovanie, the Internet is completely decentralized, and individual networks will focus around the different key interests, by analogy with nation-States.
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