The bet on Ethereum surviving until December 2015 became the most popular one on the wager contract platform BitBet.

The terms of the bet are crude. “The ETH scam won’t see 2016,” says the creator of the bet. He does not mean Ethereum would cease to exist – only that it would lose any economic viability. The bet will resolve as ‘Yes’ if the price of the ether (Ethereum digital token) falls under 0.001 BTC at any point during December 2015 or if the total trading volume of ethers stays under 100 BTC. The cryptocurrency exchange Poloniex have been chosen as the reference data source.

Currently, according to Poloniex, the price of 1 ETH is slightly under 0.004 BTC, and the total volume of trade during the last 24 hours is around 400 BTC. It means that the creator of the bet will win it if either of the indicators falls fourfold. 

28 bitcoiners have so far participated in the bet, fifteen of them betting for Ethereum and thirteen against. However, Ethereum supporters have been much more generous so far: they wagered 134.02 BTC as opposed to 50.00 BTC wagered by users betting against. More money can be bet before 2 December 2015.

BitBet is a bitcoin betting platform where users can place a bet, sending the amount of bitcoins they are ready to risk. If they win, they will get the money wagered on the other side of the bet. BitBet takes a 1% share. It offers many categories of bets including sports, politics and entertainment but most bets are dedicated to bitcoin.

While in the past the amount wagered on the site would reach 5,500 BTC, the bet over Ethereum is currently the one with the highest budget. The next three bets are dedicated to the growth of bitcoin price and to Bitcoin XT.

Alexey Tereshchenko