Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen
While the Bitcoin price stays at all-time highs, Coinbase CEO Brian Armstrong looks back at the bet he made and the predictions about Bitcoin hard fork:
Just looking back at the bet I made (winnings going to charity) about bitcoin forks in in early 2016 https://t.co/xohMmf8SwP
— Brian Armstrong (@brian_armstrong) August 7, 2017
A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits
In the original article from February, 2016, Armstrong bets $5,000 that "Bitcoin’s first hard fork works out just fine". Coinbase CEO argued that:
- Bitcoin is not splitting, it is upgrading
- Hard forks are one of the most important innovations of Bitcoin
- Multiple teams working on the Bitcoin protocol is a good thing
However, no one was willing to take Armstrong up on his bet, so he had to officially withdraw the offer (he even offered 10:1 odds and still no takers).
Now, after more than a year, Brian Armstong admits his some of his miscalculations:
Clearly I was wrong about multiple coins persisting (didn't anticipate the minority forks having any real value). At least I get a chance to admit when I'm wrong :)
However, the man also notices that the prediction about the price rising post-fork was correct (at the time of writing Bitcoin price tops $3200).