Bitcoin vs. Ethereum: Big Crypto Bet Puts 69 BTC and 810 ETH at Stake

 

Joe Lubin and Jimmy Song appear to have finalized the terms of their much-publicized crypto bet.

Both men appeared on CoinDesk Live at Consensus 2019 on Tuesday to follow up on the infamous onstage agreement they made at the conference a year ago.

Their wager? The future success of the Ethereum platform.  

Lubin, the co-founder of Ethereum and founder of ConsenSys, believes decentralized applications (DApps) on the platform will grow and continue to gain exponentially more active users in the next four years, while Song, a Bitcoin educator and former Bitcoin core developer, argues that DApps are unnecessary and inferior to their centralized counterparts. 

Their terms are quite specific: For Lubin to win, Ethereum will need to have 15 unique DApps with at least 10,000 daily active users and 100,000 monthly active users in six months out of any 12-month period between now and May 23, 2023. Successful months do not need to be consecutive; they just need to fall within one year of each other.

If Lubin wins, Song will pay him 810.8 ETH, and if Song wins, Lubin will lose 69.74 BTC.

Those numbers were derived from the value of each cryptocurrency at the time of their handshake last year – both amounts were then worth close to $600,000 – and are designed to inflict maximum pain on the loser, Song says.

“Basically, we wanted a maximum pain bet. So if Joe’s right, presumably Ether will be much more valuable than Bitcoin, so I would have to pay him in Ether. And if I’m right, presumably Bitcoin would be much higher than Ethereum, in which case he would feel the pain. It’s a maximum pain kind of bet. Skin in the game.”

The ETH that Song stands to lose is now worth $181,132, and the BTC that Lubin could lose is worth $562,948 at time of writing.

Song and Lubin’s exchange has been visibly fiery at times, with Song accusing the ConsenSys founder of “weaseling” out of the wager. Lubin has disputed Song’s account, saying negotiations have been…

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