Former Coinbase CTO Believes Bitcoin (BTC) is Exceptional at Being Digital Gold, ETH for DeFi
- BTC evangelist Jimmy Song recently stated at Consensys 2019 that Ethereum will become worthless in the coming 4-8 years.
- He also believes that as we move into the future, Bitcoin will wipe out all of its closest rivals and monopolize the crypto market.
Former Coinbase CTO, Balaji S. Srinivasan, recently posted a flurry of tweets online wherein he claimed that Bitcoin had already established itself as being “digital gold” and that the future of the flagship alt-currency looked extremely bright.
Similarly, he also commented that Ethereum too had immense potential within the global economic domain — so much so that Srinivas even went as far as saying that the currency’s native framework may serve as the perfect foundation for the much-hyped ‘DeFi platform’ in the future.
Reminds me of this great post by @sriramk. New platforms notch their first wins on metrics the old platforms don’t even measure. PayPal just held your USD, didn’t give BTC-like upside. Social networks think about DAUs, not decentralized loan originations. https://t.co/xY98jNsrMj
— Balaji S. Srinivasan (@balajis) May 14, 2019
On the subject, Srinivas was also quoted as saying:
“At the end it makes the same point I would have made. The Horowitz/Salmon bet was on Bitcoin as a payment rail, but it really shined as digital gold. The Song/Lubin bet is on Ethereum for social/mobile-ish DApps, but it may work primarily as a defi platform.”
For those of our readers who may not be aware, Jimmy Song and Joe Lubin recently entered into a bet involving over $500k worth of BTC and ETH. In regards to the matter, it is being reported that Song will have to pay Lubin 810.8 ETH if Ether’s financial performance remains steady over the course of the next 48 months. However, on the flipside, if the world’s second largest crypto asset struggles to stay afloat financially (during the above mentioned time frame), Lubin will have to dish out a cool 69.74 BTC to Song.
Some of the Technicalities Associated with the Aforementioned Bet Include:
- In order for Lubin to win the 810.8 ETH, the premier asset’s ecosystem will need to feature a total of (at least) 15 unique developer applications in the coming four years.
- By the end of 2023, the Ether network should boast of a minimum of 10,000 active daily users.
- The ETH network needs to showcase an active user count of at least 100,000 individuals for six consecutive months between 2019-2023.
In closing out this piece, it should be pointed out that as the crypto market continues to evolve and grow, concepts such as “ETH locked in defi” for the purpose of issuing decentralized loans, derivatives will most likely gain more traction all across the planet.