Last Week in Review: Who won the $500K Ethereum bet made in 2018?

by Team Luno
· 3 minute read
Satu tahun lagi menuju halving, bagaimana dampaknya terhadap harga Bitcoin?

The highlights from last week’s headline grabbers. All the important news, numbers and events from the world of crypto in one place. 

News from the block

🤝 A $500K Ethereum bet matures, who won? 

  • In 2018, industry heavy-hitter and Bitcoin maxi Jimmy Song and Ethereum co-founder Joe Lubin made a bet. Song was convinced that in five years’ time decentralised apps (dapps) will continue to play an insignificant role in the crypto ecosystem. Joe Lubin accepted, saying he was willing to bet any amount of bitcoin to the contrary – $500,000, it turned out. 
  • For Lubin to win, five or more applications built on Ethereum needed to hold onto 10,000 daily and 100,000 monthly active users for at least six months in any 12-month period before 23 May 2023, according to an article by CoinDesk. “A handful of Ethereum apps needed to get, as Song put it, the sort of traction enjoyed by a minimally successful Android or iPhone app.” 
  • So, five years later, who won? Well, neither of the participants seemed committed to the deal when recently questioned by CoinDesk, but they ran the numbers, anyway. 
  • Two blockchain data firms confirmed that five dapps met Song’s requirements for Lubin to seal the deal, but there is some uncertainty around whether these applications can actually be labelled a decentralised app. No consensus on the matter as of yet.

🏀 Nike, it’s in the game 

  • Nike’s .SWOOSH digital collectibles will soon be integrated into EA Sports games. 
  • .SWOOSH is Nike’s Web3 platform, built on Polygon (MATIC), and currently sells digital sneakers and membership cards. The platform is still in the testing phase. 
  • “EA SPORTS and Nike plan to make select .SWOOSH virtual creations available allowing members and players unique new opportunities for self-expression and creativity through sport and style,” Nike said. What this means for .SWOOSH NFT owners remains unclear at this point. 

✍️ The EU signs landmark crypto legislation into law

  • The Markets in Crypto Assets (MiCA) legislation was signed into law in the European Union last week. 
  • The law was signed alongside a separate anti-money laundering law that requires crypto providers to verify customer identity when transferring funds.
  • MiCA will allow crypto exchanges and wallet providers a licence to operate across the 27-nation bloc. 

🟠 Bitcoin Standard author becomes economic adviser to El Salvador

  • Dr Saifedean Ammous, author of The Bitcoin Standard, was appointed an economic adviser to the National Bitcoin Office of El Salvador, as reported by CoinTelegraph. 
  • El Salvador is one of a few countries globally to have adopted bitcoin as an official currency. 
  • Ammous has declined remuneration for his new role. “Thrilled, honoured and excited to start working with the Bitcoin Office in the first country to adopt a bitcoin standard!,” the author and academic tweeted. 

TL;DID read

Are you a long-term investor or do you regularly buy and sell crypto as the market moves? Understand your investment time horizons, HERE.

Crunching the numbers

🫢 $3,499 – The price for one Apple Vision Pro, a virtual reality headset  released yesterday by Apple. 

📶 46% – Bitcoin dominance of the total crypto market. 

💎 20% – Ether dominance of the crypto market, with stablecoins taking up 22%.

🧺 88% – Percentage of bitcoin addresses belonging to retail investors, individuals who own less than 0.1% of circulating supply. 

🐋 14% – Percentage of MATIC (Polygon) addresses belonging to retail investors. Whales, investors who each own more than 0.1% of supply, account for 67% of addresses.

The crypto time capsule

Ethereum had a cracking 2017 👀  

Crypto trivia

What is the Howey Test?

How does the Securities and Exchange Commission (SEC) decide which investments are securities? They use a set of criteria under the Howey Test. Read more, HERE. 

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