[ POLL ] Is wBTC good or bad for ₿itcoin ? 🗳️ \ stacker news ~bitcoin

[ POLL ] Is wBTC good or bad for ₿itcoin ? 🗳️

31 sats \ 18 comments \ @0xbitcoiner 23 Nov 2023 bitcoin

Wrapped Bitcoin or wBTC is an ERC-20 token (Ethereum) that represents Bitcoin on the Ethereum network. There are also wrapped Bitcoins on other blockchains. 1 wBTC is equal to 1 BTC, and the goal is to facilitate the transfer of value from Bitcoin to the Ethereum DeFi (decentralized finance) ecosystem. The price of wBTC does not always track the price of Bitcoin because it is subject to supply and demand.

wBTC project was implemented by the Kyber Network, BitGo Inc., and Republic Protocol, which began on January 24, 2019. The three entities created a centralized custody platform managed by BitGo, and it is possible to interact through Ethereum smart contracts. Currently, there is also a DAO (decentralized autonomous organization) for governance.

https://yakihonne.s3.ap-east-1.amazonaws.com/d6dc95542e18b8b7aec2f14610f55c335abebec76f3db9e58c254661d0593a0c/files/1695833824643-YAKIHONNES3.png

🗳️ Is wBTC good or bad for ₿itcoin ?

You are free to justify your opinion in the comments.

It is GOOD for ₿itcoin0.0%

It is BAD for ₿itcoin66.7%

I don't know33.3%

6 votes \ poll ended

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26 sats \ 2 replies \ @kristapsk 23 Nov 2023

If you really need EVM smart contracts with Bitcoin, RSK with R-BTC is better than ETH with wBTC. But they are stupid anyway.

0 sats \ 1 reply \ @0xbitcoiner OP 23 Nov 2023

So I guess you think it's bad for bitcoin. In what ways could it be bad/good?

0 sats \ 0 replies \ @kristapsk 23 Nov 2023

RSK PowPeg protocol seems to involve less trust than wBTC. But I'm no expert there, never have been interested too much in neither RBTC nor wBTC.

5 sats \ 4 replies \ @swissy 23 Nov 2023 freebie

It's ultimately good for bitcoin. Everyone is going to take a different journey, but when all this crap fails and BTC is what's left, well, you've finally arrived.

9 sats \ 0 replies \ @DarthCoin 24 Nov 2023

https://i.postimg.cc/XNBDwL7B/godzilla.jpg

0 sats \ 2 replies \ @0xbitcoiner OP 23 Nov 2023

In what ways could it be good?

0 sats \ 1 reply \ @swissy 23 Nov 2023

Because the more publicity that comes with failures of these types of "assets", the more poeple realize that they'd have been better off just sticking with BTC. It's not just wBTC, it's "alts".

0 sats \ 0 replies \ @Zepasta 23 Nov 2023

Its not alts. Its shitcoins.

243 sats \ 9 replies \ @Zepasta 23 Nov 2023 freebie

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0 sats \ 8 replies \ @0xbitcoiner OP 23 Nov 2023

Yes ! A lot of things can go wrong. But the question is whether it's good or bad for Bitcoin. If it's bad for Bitcoin, in what ways?

10 sats \ 7 replies \ @Zepasta 23 Nov 2023

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0 sats \ 6 replies \ @0xbitcoiner OP 23 Nov 2023

It doesnt affect Bitcoin in any way shape of form

It must affect something. Or is it really a round zero?

10 sats \ 5 replies \ @Zepasta 23 Nov 2023 freebie

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0 sats \ 4 replies \ @0xbitcoiner OP 23 Nov 2023

Sure. But what effect does it have on the real bitcoins? I hope I'm not being misunderstood, I'm not taking sides, I'm just trying to understand the whole picture.

0 sats \ 3 replies \ @Zepasta 23 Nov 2023

I just said. It doesnt affect anything.

Bitcoin is its own thing completely seperated from that Wrapped BTC token.

During the Terra/Luna shitcoin crash, their Wrapped Bitcoin at one point was worth cents(now is at 0).

Bitcoin = Bitcoin

Wrapped Bitcoin = Shittoken on a shitcoin blockchain trying to mimic Bitcoin price.

In theory for every 1 Wrapped BTC, there must be 1 real BTC. But its a centralized entity that holds the real btc and mints the wrapped ones. Its centralized.