I don't believe that the bet is #btc will be worth 1 million usdc, I think the bet is on the true dollar denominated value... and since he's locking the isdc in escrow today he's spending $1M on it even if it goes to 0.. the usdc downside isn't his gain, it's the other parties loss.
Either way, I don't believe he really expects to win this bet money wise. He wants engagement.. question is what does he intend to do with the engagement, and why is that worth $1M.
#usdc can become 0 usd cent in value - he win 1BTC full
He will have paid 1 million actual dollars for it since he escrowed the usdc today. If he didn't have to escrow now, then yes he could have upside from usdc collapse.
usdc - is not exact dollar although current exchange peg recovered to present usd - check terra luna , waves-usd depeg case
I understand that usdc can become worthless. Today, he paid an actual million dollars for usdc that will be used to pay out the bet (or at least, he could have converted it to an actual milly instead of putting it in escrow). His cost already was an actual $1M ... what the winner receives at the end may be worth less at that time, but his cost basis is set in stone.
if he could/can convert his usdc now - yes u r right if no other constraint 1usdc=1usd for now - unless guessing usdc from ransomeware lol
yup same
Depends on how big his stack is.
Spend $1M to create FOMO and make your stack go up in USD value by X?
I don’t think he’ll really lose anything (except for not buying more BTC with that $1M and wait for organic growth).
