Ethereum co-founder Joseph Lubin and Bitcoin Core Jimmy Song developer have bet on the future of decentralized applications. It happened at the Consensus Conference 2019.
What happened to the bet?
to # consensus2018. @jimmysong is @ethereumJoseph made a bet on the future of $ ETH, today they are programmed to cancel the terms … They'll show it ??@BradyDale it's ready for our 10am show #CoinDeskLIVE https://t.co/SnDktAabmk pic.twitter.com/MNM0Kw5ALw
– CoinDesk (@coindesk) May 14, 2019
The dispute began at the consensus conference last year. Then Lubin said he would put "any number of bitcoins" on the fact that many will use decentralized Ethereum based applications in five years. Song also accepted the bet. Note that he is known as a convinced Bitcoin maximalist, who has repeatedly stated that most Altcoins "offer nothing new and interesting and do not solve any problems".
A year has passed since this discussion and the conditions of the dispute have been determined only now. On the eve of the meeting, Song reminded Lubin of the bets.
– Jimmy Song (송재준) (@jimmysong) 6 May 2019
The following has been decided: if Ethereum continues to develop four years later, Song will pay Lubin (or its representative) 810.8 ETH. If at this time the ecosystem dApps is "bursting", Lubin will send 69.74 BTCs sung.
Ethereum's success will be judged based on the following criteria: if 15 unique decentralized applications have more than 10,000 active users per day and 100,000 per month for six months, Lubin will win. The deadlines are set for May 23, 2023 inclusive.
Note that at the time the tariff size was determined, Bitcoin and ETH prices were significantly different from current prices. So on May 14, 2018, the first cryptocurrency was trading over $ 8,500. Thus, Lubin actually made an offer of almost $ 600 thousand, based on the prices of that time.
But if Bitcoin managed to recover in one year, the difference in ETH is much more significant. During the discussion of the rates last year, the currency was trading at around $ 720. So, Song actually put in more than $ 580,000 at the time, which is currently only around $ 168,000.
In this case, by 2023 the losses of the losing party can be much more "painful". Lubin's conditions may be particularly affected, as some experts, such as Tim Draper, predict that Bitcoin will take off at $ 250,000 by 2022 or 2023.
"Jimmy's position is that there will be no valuable applications on the blockchain, and the only significant thing created on the blockchain is Bitcoin. My position is that – Bitcoin is amazing and there is a small set of options for the use of solutions based on it, which is great. We love BTC, but decentralized applications are also very useful, "said Joseph Lubin.
We recently recall that the co-founder and CEO CEO of Ethereum, the startup of ConsenSys, made strong predictions during her speech at the Ethereal Summit conference. So, in his opinion, by 2047, all assets will be made tokens, the Internet – completely decentralized, and the individual networks will center around various key interests, by analogy with national states.
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