Bitcoiners who only recently joined the cryptocurrency ecosystem are likely overwhelmed by the amount of noise coming in from each side of bitcoin’s scaling debate. The debate recently had an interesting turn, as angel investor and Bitcoin.com CEO Roger Ver made a $4.3 million bet that the SegWit2x coins will ultimately be worth more than the bitcoins from the original blockchain, following the potential November hard fork.
The scaling debate has taken numerous turns, and even led to a hard fork on August 1, inwhich Bitcoin Cash was “created.” According to the New York Agreement, a 2 MB hard fork is
scheduled for November, but various community members recently started opposing it, forvarious reasons.
One of SegWit2x’s most vocal opponents if Litecoin creator Charlie Lee, as per his own wordsthe whole point of the New York Agreement was to prevent a hard fork on the bitcoin network, which already happened.
Recently, he added “NO2X” to his Twitter handle to show where he stands, and this weekdecided to put his money where his mouth is, and challenged three SegWit2x supporters,ShapeShift CEO Erik Voorhees, SegWit2x developer Jeff Garzik, and Digital Currency Group CEOBarry Silbert, to a bet. The bet was to trade 250 BTC from the original bitcoin blockchain, for 250 SegWit2x blockchain tokens following the hard fork. At current rates, this equals over $1 million.
— Charlie Lee [NO2X] (@SatoshiLite) September 29, 2017
At press time, despite being active on Twitter, none of the SegWit2x proponents answered Charlie Lee. However, in an unexpected turn, New York Agreement signatory Roger Ver, who embraced Bitcoin Cash, entered the challenge stating that he would “gladly accept” the offer. Charlie Lee swiftly replied with “Deal!”
Why wasn't invited? I'll gladly accept! You are economically illiterate if you think restricting the supply of block space is a good thing. https://t.co/oEneGQeCql
— Roger Ver (@rogerkver) September 29, 2017
Roger Ver’s words unleashed various similar offers, three of which he accepted, making it a 1,000 BTC ($4.3 million) bet for him, against four people who bet 250 BTC ($1.08 million) each, as the angel investor clarified on Reddit:
“It looks like the bet will be:
Me (Roger Ver) 1,000
Charlie Lee 250
Ben Davenport 250
Alex Morcos 250
Tuur Demeester 250”
Roger Ver later on revealed that he is still more bullish on Bitcoin Cash than bitcoin from the original blockchain, or the one created in the potential November hard fork. Either way, he pointed out that altcoins have been gaining a lot of value due to bitcoin’s scaling debate.
Be that as it may, the bets were made and, as Charlie Lee put it, as they’re public figures, their word is their bond. Only time will tell who wins, and who regrets making the bet.