Ripple CEO: US Regulators Need To “Step Up And Lean Into Digital Currencies” Bitfury’s Bitcoin Mining Programme Allows New Institutional Investment Swiss Government Supports Blockchain Startups Offering Over $10 Million USD The Top 5 Cryptocurrencies to Mine [2020] Coldplay Bassist Launches Into Cryptocurrency, Backing New App The Coinbase Pump: OmiseGo (OMG) Sees A Massive Surge JPMorgan: Digital Currency Threat To Dollar Domination Coinbase Adopts A Remote-First Approach After Lockdown Lifts Bank Of France Successfully Launches Blockchain-Based Project Supernodes Across Europe Attacked By Cryptojackers To Illicitly Mine Monero Andreessen Horowitz On Crypto Entrepreneurs: “Excited To See What They Build”

6h
coininsider

Bitcoin Presents Good Opportunities To Short

6h
cryptodaily

Beware of False Bottoms: Comparing Bitcoin and the S&P 500 to 1929’s Great Depression

6h
bitcoinist

Never Let Another Arbitrage Opportunity Pass Again with 24/7 Bitbengrab Trading » The Merkle News

6h
cryptonewmedia

Crypto-Powered Brave Browser Launches Privacy-Centered Zoom Competitor

6h
cryptoglobe

Goldman Sachs Still Has No Love for Bitcoin, but Market Does Not Seem to Care

6h
cryptoglobe

BitGreen Initiative is Folding@Home to Fight COVID-19.

7h
cryptodaily

CryptoKitties Creator Debuts NBA Game on Its Own Blockchain

7h
cryptonewmedia

Is Bitcoin Leveraged Trading Only For Veterans and Where Should Beginners Turn to?

7h
nulltx

A High-Profile Acquisition Shows Bitcoin Demand from Institutions is Surging

7h
bitcoinist

Justin Sun: “Craig Wright is a fraud.”

7h
cryptodaily

Breaking: Goldman Sachs Includes Bitcoin Alongside Gold In Client Call

7h
coingape

Governor of France’s Central Bank ‘Pleased’ with Negative Interest Rates

7h
beincrypto

How a Trader Lost $1,200 in 100 Seconds » The Merkle News

7h
cryptonewmedia

The unpredictable nature of BTC following its halving. Could it hit $1m in the next 10 years?

8h
cryptodaily

Crypto.Com Exchange Extends Its Card To Over 30 Countries In Europe

8h
coingape

Three New Crypto Exchanges That Rival the Big Guns

8h
cryptonewmedia

RBI brings clarity to bitcoin situation in India

8h
cryptodaily

No, Goldman Sachs Doesn’t Think Bitcoin is the Next Big Thing

8h
newsbtc

Internal Struggle at the Biggest Bitcoin Mining Equipment Manufacturer Persists

8h
newsbtc

AMZN Stock Down 0.16% Now, Amazon in Talks to Buy Zoox

8h
cryptonewmedia

Bitcoin Whales Prop Up Crypto Markets As Bulls Regain $9,000

8h
zycrypto

Goldman Sachs Says Bitcoin ‘Not Suitable Investment’ in Hyped Client Call

8h
beincrypto

Bitcoin Jumps $9,100 as Dow Prepares For Massive 400-Point Open

9h
newsbtc

Coinbase Outbids Binance to Acquire Crypto Prime Broker Tagomi in All-Stock Deal

9h
cryptoglobe


What’s the $500,000 Bitcoin Bet Everyone Talks About?

An outrageous bet with more than $500,000 of crypto at today’s prices is on the line between Ethereum’s co-founder Joseph Lubin and Bitcoin educator, developer, and entrepreneur Jimmy Song.

As reported by Coindesk, Lubin and Song made an onstage bet at Consensus 2018 last year, where Lubin told Song that he would bet any amount of Bitcoin (BTC) that Ethereum (ETH) will have successful decentralized applications with a non-trivial number of users in five years.

Now, just one year later, the two individuals met again and settled specific terms of the bet to make it official at Consensus 2019. The entire discussion was recorded by Coindesk Live and can be seen below:

All bets are… off? on? @ethereumJoseph & @jimmysong are hashing it out now at #Consensus2019 Watch live on Periscope:https://t.co/FtJVbOEMlJ#CoinDeskLIVE

— CoinDesk (@coindesk) May 14, 2019

The official terms of the bet have been settled. If Ethereum and its dapp economy are doing great 4 years from now, Song will pay Lubin 810.8 ETH. If Ethereum’s dapp economy has failed to perform up to Lubin’s specifications, Lubin will forfeit to Song 69.74 BTC.

At today’s prices, over $500,000 is on the line. In 4 years from now, this bet could easily be valued in millions of dollars. Both parties are aware that whoever loses, it will hurt very badly.

Now, as for the details of the bet: for Lubin to win, Ethereum must have 5 unique dapps with 10,000 or more daily active users and 100,000 monthly active users for any six calendar months up to and including May 23, 2023.

Over the past year, the terms of this bet have been negotiated and hammered out by the two sides. They have even been working on an official document that will be shared with Coindesk once completed. The document is said to include specific definitions of daily active users, among other things, to ensure there is no confusion.

During the Coindesk Live show, Lubin explained both his own and Song’s thesis of the bet:

“Jimmy’s thesis was that there would be no significant applications on blockchain, and the only thing relevant in blockchain was Bitcoin. My thesis is Bitcoin is awesome, and there’s a narrow set of use cases built on Bitcoin and that’s wonderful. We love that, but decentralized applications are also really useful.”

All in all, this bet is no joke, and it will keep everyone on the edge of their seats for the next 4 years. Whether Ethereum will usher in the new decentralized web is yet to be determined, but for Lubin’s sake, it had better succeed.

Who do you think will win this potentially astronomical bet? Let us know what you think in the comment section below. Hot News Ethereum News What’s the $500,000 Bitcoin Bet Everyone Talks About? May 17, 2019 0 Cryptocurrencies & Platforms News IOTA Price Explodes 52% After New Partnership Announcement May 17, 2019 0 Bitcoin News Breaking: Bitcoin Commercial To Be Aired at US National TV Today May 16, 2019 1

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments