What's the point of a bubble if you can't have some fun pumping it!?
Former Coinbase CTO’s $1M Bitcoin bet has zero chance of happening: Raoul Pal
Raoul Pal dismissed Bitcoin hitting $1 million in 90 days, but thinks $50,000 could happen sooner than people think.
Never say never, but 90 days sounds like an options pump.
The hustle:
On March 16, Twitter user James Medlock put out an open bet “that the US does not enter hyperinflation.” Disagreeing with Medlock, the former Coinbase CTO Srinivasan accepted the bet.
Under the terms of the bet — should Bitcoin fail to reach $1 million by June 17 — Medlock stands to win $1 million and have his 1 BTC collateral returned. Likewise, if Bitcoin hits $1 million or more by the deadline, Srinivasan will win 1 BTC and have $1 million returned.
Actually, Balaji Srinivasan makes some good points, with some data. But timing it is a public spectacle. Balaji also has a book: The Network State.
What is also funny is how the thread is full of people wanting to be in on the action as counter-parties. No, don't call it gambling.
Raoul Pal got it right - a million dollars of adoption marketing.
and a gold bug think we will have digital gold...
fiat is tethered to a debt-economy, and that economy cannot inflate beyond bursting point. This is the monetarist con - and it has worked.
That's what I was thinking as I read this - good marketing stunt. Sometimes I hope it works, then I realize that price for bitcoin would mean that the US had no value at all. If that's the case, this bet is actually very low stakes. Maybe I am overthinking it?
nah, one guy in this article thinks the same as you ;-)
“Black Swan” Author Nassim Taleb Weighs In On Balaji’s $1 Million Bitcoin Price Prediction
https://zycrypto.com/black-swan-author-nassim-taleb-weighs-in-on-balajis-1-million-bitcoin-price-prediction/
the whole thread is fun-ny
I see it this way
yeah, but I think this is a marketing spend ;-)
but the maths is hilarious, hence all the counter parties trying to open a betting book on it!
Great video. Thanks for posting
yep, kinda like DARPA meets RAND.