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A crypto-world gentleman’s wager was resolved this week — and not in favor of the Bitcoin booster who sparked it. Back in March, my colleague Ben Schreckinger reported on a bet between gadfly venture capitalist Balaji Srinivisan and pseudonymous economics blogger James Medlock. The terms: Srinivasan bet Medlock that 1 Bitcoin, then (and still) hovering just below $30,000, would be worth more than $1 million in 90 days as a result of catastrophic “hyperinflation.” It’s possible Srinivasan truly believed it would happen in the immediate aftermath of Silicon Valley Bank’s collapse. And it’s possible he simply wanted to pump up the value of Bitcoin and overtake a theoretical loss on the bet with gains in its overall value. (Read Ben for more on that.) However, it’s also possible he was just *********** in the brash, consequence-disregarding manner that’s almost a requirement to participate in the Bitcoin community — an act that has subtly turned the gears of history in the modern internet era. But hold that thought. Whatever Srinivasan’s motivation, on Monday he lost the bet. (Inflation modestly decreased in March.) Or rather, he surrendered, 45 days ahead of its date of expiry — “The million dollar bet is now closed out by mutual agreement,” he tweeted, adding that he donated $1 million to charity and paid out $500,000 to Medlock. (Nice work, if you can get it.) |
All this started as a response to a ****-post by Medlock that he'd bet anyone a million dollars that hyperinflation isn't happening (the joke being that if hyperinflation did occur, a million dollars would be easy to pay)
https://twitter.com/jdcmedlock/statu...80393007489024
Rare bit of personal integrity from the Bitcoin community that Srinivisan actually payed out.
Right wing fear-mongering about runaway inflation was quite hot at the time and being used to shill crypto investments as a supposed hedge against the soon to be doomed US dollar.
Medlock says he plans to buy a fancy cat condo for ferals in his neighborhood, among other things:
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Medlock has plans for the rest of the money. “I’ll pay off some debt, build a nice cat house for my neighborhood feral, and invest in a much better investment than BTC, namely low-fee index funds.” |
via International Skeptics Forum https://ift.tt/CME1q5A
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