Joe Lubin and Jimmy Song Make Bitcoin Bet Over Blockchain ‘Magic Dust’

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Some of the cryptocurrency planet’s most outspoken figures are putting their money where their mouths. Joe Lubin, the founder of the ethereum startup studio Consensys, also Jimmy Song, a partner at Blockchain Capital, hit a handshake in front of an audience of hundreds, possibly thousands of people at the CoinDesk’s Consensus 2018 conference in New York on Monday. The exact terms of the bet haven’t still been sorted out – which will occur on Twitter, the participants stated.

Nevertheless, the broad outlines appeared on point. Lubin bet Song any number of bitcoin that five decades in the future, the blockchain distance will include a number of requests – maybe five – that have won a still to be defined number of consumers. Bitcoin maximalist Song took the wager. To describe how things got to the head, it is needed to back up about 20 minutes. Amber Baldet, former blockchain app lead at JPMorgan, unveiled her new project Clovyr, a decentralized application store which gives users access to projects tied to both people and permissioned, more venture concentrated blockchain networks.

She then brought Song and Lubin onstage to get a conversation that instantly took Fire, with Baldet asking what Song idea about Clovyr. His response was brutal: I did not see anything besides buzzwords.” . The reason, he contended, was an undercover disconnect between centralized enterprises and allegedly decentralized applications, which Song disregarded as magical blockchain dust” . A back and forth among Baldet, Lubin and Song cautioned. Lubin sarcastically predicted the next five decades of the cryptocurrency innovation would see only bitcoin 1.0. Song doubled down, saying that I do not really see a lot of this substance gaining much traction, he explained.

Bitcoin, he contended, is the real innovation here.” . Therefore, Lubin issued a challenge: I will bet you any number of bitcoins that you are wrong.” . For the time being, the number of all bitcoin is unknown, as are other terms of the bet. But Song accepted the bet, and Lubin tweeted Song soon afterward: Well which was entertaining. I will be in touch @jimmysong. , Joseph Lubin May 14, 2018. The leader in blockchain news, CoinDesk is a media outlet that tries for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

May 14, 2018
strict set of editorial policies

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