$500k Crypto Bet on Ethereum’s Future by Jimmy Song and Joe Lubin

The bet mentioned above in the caption created much hype among crypto users. It’s terms have already been stabled. Jimmy Song thinks the bet to be a pain kind where $500,000 in crypto is on the line. In an onstage agreement Joe Lubin told song that any amount of bitcoin he would bet so that in five years ethereum’s decentralized apps would have a non-trivial number of users. How much crypto would be wagered, users are not disappointed by the meeting rather they are certain about it.

Deal Conditions

Lubin thinks for Ethereum to win it requires 15 unique dapps which should achieve 10,000 daily users and it can be more than that and 100,000 monthly active users for sic calendar-month or any 12-calendar month period up to which incorporates May 23, 2023. Song will pay Lubin 810.8 ETH on the off chance ethereum is doing great four years from now. On the contrary to that Lubin will send Song 69.74 BTC on the off chance dapp economy is spitting at the point.

Though it’s a small bet for either but whichever side wins the loser will be giving up more money in 2023. According to price at the origination of the bet, Lubin bet $598,190 when the price was $8,577 which is $564,307 at today’s price. Song told Lubin that BTC will go straight to him on the off chance he wins and he wants it to hurt for Lubin. In reply to the statement, Lubin replied that he doesn’t want him to feel like him are donating to charity. Lubin was then fine. When the bet was first spoken into existence, the conditions of the bet have gradually been hammered out over the last year. As their commitment the dual sides have been working on a shared document. Lubin said with Jimmy’s thesis the only thing relevant in blockchain was bitcoin. In that thesis there is a narrow set of use cases built on bitcoin. He suggested that decentralized applications are also really useful. Song disputed over an issue that relates to transactions only count if they are on chain. Who pays for the gas to put them on chain isn’t a big deal but fact is that it requires hitting the base layer.

Web3

Song doesn’t believe in decentralized technology future rather he is in favor of centralized technology and he thinks this will grow faster. Song also said that the main reason behind dapps existence is that to raise money from gullible people or from FOMO people. The world could change in such a manner that doesn’t fit the terms of the bet which seems to be possible. Lubin said that there are many successful applications on ethereum that are enough decentralized and they don’t hit exactly those two criteria.

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