Charlie Lee’s Cut in Roger Ver’s 1,000 BTC Bet to Go to Litecoin Foundation

As bitcoin’s scaling debate heats up, some cryptocurrency heavyweights are starting to put their money where their mouth is. Last month, angel investor and CEO Roger Ver made a 1,000 BTC ($5,522,000 at press time) bet with various community members, that SegWit2x coins will ultimately be worth more than bitcoins from the original bitcoin blockchain, following November’s hard fork.

Litecoin creator Charlie Lee, who earlier that month had added “NO2X” to his Twitter handle to show where he stands on the hard fork, was part of the bet, and got 250 BTC ($1,380,500) on the line, against 250 of Roger Ver’s BTC. Lee recently tweeted that, if he won, the money would be donated to the Litecoin Foundation, while simultaneously confirming the bet was still on.



Per his own words, the New York Agreement – which led to the SegWit2x hard fork – was meant to prevent hard forks in the first place, and failed back in August when Bitcoin Cash came to be.

Other members involved in the bet with 250 BTC against Roger Ver are Tuur Demeester, Alex Morcos, and Ben Davenport. They haven’t announced what they will do with the money if they win.

On Reddit, Roger Ver, later on, stated that he is more bullish on Bitcoin Cash than bitcoin from the original blockchain or the one that will be created from the SegWit2x hard fork. Either way, however, he claimed that the real winner in the “bitcoin civil war” have been, and will continue to be altcoins.

How the bet came to be

Interestingly, the bet started because Charlie Lee had challenge three SegWit2x supporters to do a public 1:1 trade with him, for 250 bitcoin from the original chain, for 250 SegWit2x bitcoin each. He challenged ShapeShift CEO Erik Voorhees, SegWit2x developer Jeff Garzik, and Digital Currency Group, CEO Barry Silbert.



While these three largely ignored the challenge, in an unexpected turn Roger Ver, whose company signed the New York Agreement and embraced Bitcoin Cash, entered the challenge by stating he would “gladly accept” the offer. He added that Charlie Lee was “economically illiterate” if he thought to restrict the supply of block space was a good thing.



Charlie Lee swiftly replied with “deal” and now only time will tell who will win millions, and who’s going to regret the day that bet was made.