Joseph Lubin and Jimmy Song argued about the future of Ethereum. Rates above $ 500 thousand



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Joseph Lubin and Jimmy Song argued about the future of Ethereum. Rates above $ 500 thousand

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Ethereum co-founder Joseph Lubin and Bitcoin Core developer Jimmy Song bet on the future of decentralized applications. It happened at the conference Consensus 2019. What happened to THE bet? At consensus2018, Jimmysong and EthereumJoseph made a wager about the future of  ETH.

The dispute began at last year’s Consensus conference. Then Lubin said that he would have put “any number of bitcoins” on the fact that many will use decentralized applications based on Ethereum in five years. Song also accepted the bet. Note that he is known as a convinced Bitcoin-maximalist, who has repeatedly stated that the majority of Altcoins “do not offer anything new and interesting and do not solve any problems.”

A year has passed since this discussion, and only now the conditions of the dispute have been finally determined. On the eve of the meeting, Song reminded Lubin of the betting.

Ethereum’s success will be judged by the following criteria: if 15 unique decentralized applications have more than 10,000 active users per day and 100,000 per month for half a year, Lubin will win.

The deadlines are set to May 23, 2023 inclusive. Note that at the time when the size of the rates was determined, the prices of Bitcoin and ETH were significantly different from the current ones.

So, on May 14, 2018, the first cryptocurrency was trading over $ 8,500. Thus, Lubin actually made a bid of almost $ 600 thousand, based on the prices of that time. But if Bitcoin managed to recover in a year, the difference in ETH is much more significant. During the discussion of rates last year, the coin was trading at about $ 720.

Thus, Song actually put more than $ 580 thousand at that time, which is currently only about $ 168 thousand. In this case, by 2023 the losses of the losing side can be much more “painful”. Lubin’s condition may be particularly affected, as some experts, such as Tim Draper, predict Bitcoin will take off to $ 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 narrow set of options for using solutions based on it, which is great. We love BTC, but decentralized applications are also very useful, ”said Joseph Lubin.

Recall recently that Ethereum co-founder and CEO ConsenSys startup made some loud predictions during his speech at the Ethereal Summit conference. So, in his opinion, by 2047, all assets will be tokenized, the Internet – completely decentralized, and individual networks will center around various key interests, by analogy with national states.

Joseph Lubin and Jimmy Song argued about the future of Ethereum. Rates above $ 500 thousand



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