Duel of the preacher: Bitcoin advocate Jimmy Song and Ethereum co-founder Joe Lubin clarify betting details

the Jimmy Song and Joe Lubin have made a bet on the future of decentralized applications. At this year's Consensus, they clarified the intricacies. The wager depends on the price of Bitcoin and Ether, in the year 2023. So, it could be painful.

By Anton Livshits
16. May 2019ETH$268,88 15.40%part Facebook Twitter LinkedIn xing mail

Have dApps have a future? At the Consensus of 2018, two of the most prominent figures signed in the crypto-Space, then a bet. A year later, Joe Lubin and Jimmy Song clarified, finally, the intricacies of this bet. The use of amounts currently to about US $ 500,000 in Bitcoin.

the reason for The bet was a difference of opinion about the future development of the crypto-Economy. Jimmy Song, his character partners with Blockchain Capital, expressed a fundamental distrust of block chain-based applications. The ConsenSys founders Joe Lubin saw the nature referred to in slightly different. At this year's Consensus fair, he specified the opinion of strife, follow these steps:

Jimmy's Hypothesis was that there would be no significant applications on the Blockchain, and the only thing that was on the Blockchain to be relevant, be Bitcoin. My Thesis is that Bitcoin is fantastic, and there are a number of use cases, based on Bitcoin, and that is wonderful. That is what we like, but also distributed applications are very useful.

It could be painful

The two rivals announced now, the Details of your bet in a live broadcast from Coindesk. For a victory of Lubin, a minimum of 15 dApps need to have a certain number of users. There is talk of 10,000 daily and 100,000 monthly users over a period of at least six months. As of the reporting date, the two agreed on the 23. May 2023. A up to now unknown, an independent third party will monitor compliance with the wagering requirements.

If these conditions are met, must Song numbers 810,8 ETH to Lubin. Otherwise, you will need to give Lubin a Song with 69,74 BTC. Since the bet was completed in the year 2018, as well as the stalls the operations of the former Course. While Lubins at the time of application was 598.190 US dollars, it is also according to current exchange rate is still 553.114 US Dollar. For Songs use, this difference is much greater. He applied to ETH in may 2018 586.095 US Dollar value, their value is only 187.845 US Dollar. However, this must mean nothing at all. Finally, the bet goes up to 2023. Depending on the course development of both betting partner run the risk of ending up with a loss in the millions to. A recording of the entire conversation between Song and Lubin can be found here.

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