/biz/ - Business & Finance

>>24045561
xBTC is smart money, yes. how did you know?

>>24000427
Why not just ride xBTC?

this is your last chance.

12PM PST.

fuck it's finally happening TONIGHT. strap in lads. this is the only dip you're gonna get under a $2M cap.

https://twitter.com/chainlink/status/1326918924076797953?s=20

https://medium.com/@Social.Capital/xbtc-collaborates-with-chainlink-to-power-the-dominance-hedge-218d8dffb4b

This first of its kind integration creates a spot price for a novel data point that has never before had a spot price: Bitcoin Market Cap Dominance (BMCD). Having an accurate spot price that is constantly updated and resistant to manipulation allows the use of BMCD in trading, liquidity pools, options contracts, and other financial instruments.
This integration is the most direct connection that can exist between an oracle and an ERC-20, as the Chainlink price oracle determines the fluctuating supply of the token. xBTC brings two novel technologies together: rebasing and oracles. Once Chainlink feeds the current BMCD to xBTC’s smart contract, it affects the economy of the xBTC token once a day:

Positive Rebase: If xBTC spot price is above BMCD, more supply is added to the market to push the price down to BMCD.
Negative Rebase: If xBTC spot price is below BMCD, supply is taken from the market to push the price up to BMCD.

Through rebasing, an oracle is directly connected to the economics and spot price of a token in the most simplified way possible.

xBTC can be seen as a synthetic dominance hedge against Bitcoin. As BMCD falls, positive rebases trend towards happening in larger quantity and frequency. It can also be seen as a synthetic index fund on the dominance of every single altcoin on earth — as their dominance outpaces Bitcoin’s, positive rebases are more likely. This kind of index creates an on-chain, decentralized, and autonomous prediction market where traders can predict where BMCD will go and make a bet for or against every single altcoin outpacing Bitcoin.
This reimagining of synthetics and prediction markets is the first of its kind.