In 2018, a $500,000 wager was made between Joe Lubin, co-founder of Ethereum, and Jimmy Song, a Bitcoin developer and educator. The bet was centered around the future success of Ethereum, with Lubin betting that the platform would have more developers and dApps (decentralized applications) than Bitcoin by 2023. Now, five years later, it’s time to assess the outcome of this high-stakes wager.
Firstly, it’s important to note that the bet was made at a time when Ethereum was still in its early stages and facing significant challenges. The platform was struggling with scalability issues and had experienced a number of high-profile hacks and security breaches. Meanwhile, Bitcoin was seen as the more established and secure option.
However, since the wager was made, Ethereum has made significant progress in addressing these issues. The platform has implemented a number of upgrades, including the highly anticipated Ethereum 2.0 upgrade, which aims to improve scalability and security. Additionally, Ethereum has seen a surge in developer activity and dApp usage, with many new projects being built on the platform.
On the other hand, Bitcoin has also seen significant growth in the past five years. The cryptocurrency has become more widely accepted as a form of payment and investment, and has seen a surge in institutional adoption. However, Bitcoin has not seen the same level of development activity as Ethereum, with fewer new projects being built on the platform.
So, who won the bet? It’s difficult to say definitively, as the terms of the wager were somewhat subjective. However, based on current trends, it seems that Lubin may have come out on top. Ethereum has seen significant growth in both developer activity and dApp usage, while Bitcoin has not seen the same level of development activity.
Of course, it’s worth noting that both platforms have their strengths and weaknesses, and there is no clear winner in the ongoing debate between Ethereum and Bitcoin. However, it’s clear that the $500,000 wager between Lubin and Song was a significant moment in the history of cryptocurrency, and serves as a reminder of the ongoing competition and innovation in this rapidly evolving industry.
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- Source: Plato Data Intelligence.