CoinDesk’s Consensus 2018 Saw Joe Lubin and Jimmy Song Make a ‘dApps’ Bet: Where’s It At Now?


What About the Bet Made By Joe Lubin and Jimmy Song on Decentralized Apps?

One of the most interesting things that took place at Consensus 2018 in May, was the bet made by the Bitcoin figure Jimmy Song and Consensys CEO Joe Lubin. They talked during the event about the future viability of decentralized applications (dApps).

Song explained hat decentralized applications were ineffective. Additionally, he called them ‘magical blockchain dust,’ compared to Bitcoin, calling it ‘the real innovation.’

Lubin, instead, is a strong defender of dapps. Its company, Consensys works by fostering dapps on the Ethereum network.

And here is where the bet started. He bet ‘any amount of bitcoin,’ that in the next five years, there would be a significant number of blockchain dApps that will be actively used by the community.

And yes! Song accepted the wager and both of them shook hands. However, the terms of the bet were going to be arranged after the conference. The community is currently waiting for the exact terms of the bet and which will they be.

Both of them appeared again on Laura Shin’s podcast to talk about the terms of the bet. Nonetheless, 40 minutes later, no specifications about it were confirmed.

It is important to mention that some of the details were discussed. For example, they talked about how to pay the bet. A good option for the winner would be to choose which cryptocurrency he wants to receive. Lubin would receive the payment in Ether (ETH) if he ends up being the winner, and Song in Bitcoin (BTC).

Another topic discussed was the ‘cry uncle’ provision. In this case, one party could surrender under certain conditions. Moreover, they talked about whether to select an arbitrator to mediate the terms for the future.

Song said that he would be willing to wager 100 bitcoins (or the equivalent amount in Ether), if by May 1, 2023, five dApps running on Ethereum have an average 10,000 daily users and 100,000 monthly active users for a period of six months.

But Lubin did not seem so comfortable with that proposal He was reluctant to agree on it and on the specifications proposed. He mentioned that he needed more time to study the issue in depth.

“How about I write it up, give you some options and you can choose from those options or propose a different option,” Lubin commented.

And Song replied that this is exactly what he was asking even the day after the Consensus conference.

The community is now waiting with attention on Twitter or on another future edition of Shin’s podcast.

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