Medlock- Balaji Bet Update: Balaji Calls it a Simon-Erlich Style Bet
CoinEdition
Published Mar 25, 2023 03:11AM ET
Updated Mar 25, 2023 03:30AM ET
Medlock- Balaji Bet Update: Balaji Calls it a Simon-Erlich Style Bet
- Balaji Srinivasan tweeted confirming the transfer of $2 million into USDC regarding the bet with Medlock.
- The entrepreneur stated that the bet is a Simon-Erlich-style public interest bet.
- The tweet was in response to Medlock’s claim that the amount has not been submitted in the escrow.
Balaji Srinivasan, the American entrepreneur, and former Chief Technology Officer of the crypto exchange Coinbase (NASDAQ:COIN) confirmed via his Twitter thread that he has already transferred $2 million into USDC regarding his bet with the tax enthusiast under the Twitter pseudonym James Medlock.
On March 25, Balaji tweeted updating the status of the bet as a “Simon-Erlich style pubic interest bet where it is clear that there’s zero profit motive”:
As per the proposal of Balaji, there should be a “mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation”. Once the plan has proceeded, Medlock’s 1 BTC and Balaji’s $1 million would be put in escrow with the third party, after which the whole sum would be presented to the winner.
In detail, in the next 90 days, if the BTC price is less than $1 million, then Medlock would be the winner, while, if the BTC price exceeds $1 million, Balaji would be the winner.
The post Medlock- Balaji Bet Update: Balaji Calls it a Simon-Erlich Style Bet appeared first on Coin Edition.
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