/biz/ - Business & Finance

>>52603268
cause BitGo(yhm) Bitcoins are not your Bitcoins

>>52603268
I've been using WBTC for years now for DeFi and it has never been exactly 1:1

I dunno why you newfags picked it for your next fud target

>>52603268
Imagine going to buy btc and then buying some coin that puts you at the whims of one centralized custodian instead.

Usually means insolvency rumor
People who have been using it for defi will cope and say that it's normal

How hard is it to convert WBTC to BTC?
Why isn't this being done?

>>52603268
the ftx ""hacker""" converted all the eth into wbtc

>>52603268
Wrapped Bitcoin is insolvent

>>52603268
its a free arb. probably because renbtc is being closed

>>52604028
>he thinks he can redeem his fake bitcrab

>>52604028
Fees?

Hmm.... hours later and the gap between BTC and WBTC is still growing....

>>52603268
only "approved" exchanges can cash out WBTC to regular BTC

>>52603268
I think this has been mentioned thousands of times. Wbtc is a fake scam used to make eth look like it's compatible with btc. It's not and if you want to swap eth for btc without intermediaries you need to use atomic swaps. end of fucking story, forever.

>>52606163
Or use THORchain. Not sure why people don't mention this more. No wrapping or bridges.

>>52606177
probably because it's evm and thus got hacked for hundreds of millions.

>>52606006
post link to chart please

>>52606280
Lol no. It hasn't been hacked once since mainnet.

The discount is still growing....

>>52606510
thorchain is shit, I'm sorry anon.
https://news.bitcoin.com/thorchain-trolled-by-hacker-after-two-successful-seven-figure-exploits/

>>52606769
who the fuck is selling it on Coinbase when they could sell it on Curve for only a 0.3% loss

>>52603662
Look at the peg over the last month. It's slowly going down. God luck retard.

NOTHING FUCKING SAFE IN THIS PIECE OF SHIT MARKET. NOW I HAVE TO USE GOYBASE TO SWAP IT

>>52606819
That was when it was in beta, fren. Before NineRealms came in as a security team and they implemented all kinds of new security protocols. Then they released mainnet. I like how it was hacked once in beta, and users lost no funds, and faggots like you can't forget. But when bridges get hacked every fucking day you look the other way. Anyway, fren, I wish you the best. Keep using bridges.

>>52606819
You can also use ShapeShift, Rango Exchange, Pangolin, Trader Joe, and soon SushiSwap to do native cross-chain swaps. Although, I have to warn you, they all do it using THORchain's backend. Kek. Soon you will be using THORchain without even realizing it.

Both Thorchain and Shapeshift are scams

>>52607289
Use Rango Exchange then

>>52607297
No need for anything other than bisq. Bisq is how a true dex should be made.

>>52607353
>bridges
Yeah those never get hacked kek

WBTC is going to zero

>>52608796
Good. It's the same fractional reserve garbage as the rest of the faggot market. All you niggers had to do is buy actual Bitcoin.

the W stands for Wallah! as in, "wallah and it's gone! lol."

did you guys like my joke?

>>52608863
haha

I needhelp biz anons.

Half of my btc bag is wbtc. I have on matic networkdue to gas fees.

Due to fud I am now fearful of depeging. How do I "unwrap" my btc or get regular btc without going to a CEX

>>52606988
anon, many people are exiting the market completely because USDT might be insolvent too, if USDT collapses your "digital dollars" are not redeemeable. even justing sun took like 4 billions the other day.

>>52608996
why would you hold your wrapped assets in a shitchain? like, i dont even like eth but its the most liquid and the less liquely to "corrupt", I had a friend who held WBTC in ftm, and his stables in harmony one. and he got REKT when everything inside the chain unpegged. -90% of his networth wiped.

>>52608863
And WALLAH, just like that the price of WBTC will never be above $0 EVER again!

>>52603268
tip for any defi anons looking to get out, swap wBTC to renBTC on curve and then use the renBTC bridge to go back to full BTC. I just did this, I was in the renbtc/wbtc curve pool on the polygon network and I noticed the ratios were way off and decided to nope out. better safe than sorry

>>52609150
Based. curve is the canary in the mine. Days before Luna collapsed, many noticed that whales were exiting in masse the curve 3pool.

>>52608996
just posted here >>52609150 , use curve finance to swap wbtc for renbtc with minimal slippage while there is still liquidity and then use the renbtc bridge to unwrap back to your native btc wallet. curve and the renbtc bridge are both available on polygon, I just did this myself

Yeah, it doesn't look to good.

I have like 0.03 wbtc but I will convert it to usdc or eth, before changing to actual btc

lmao WTF its happening in real time

Currency reserves
renBTC: 125.04 (15.13%)
wBTC: 704.88 (84.87%)
USD total: $13.7m

Everytime i update the site, it goes down a little bit more

>>52603268
Thanks bruv for showing me this, I can bag a good amount of it alongside sylo which is also trading there and pull it into liquidity mining on the sylo pool, last I checked over 60% APY... Black Friday coming through of y'all.

>>52609127
that is a nice joke anon, haha! do you have any tips for comedy?

>>52609192
goddamn I am glad I woke up early today

god give you 0xbtc, but you choose centralised scams live wbtc. so enjoy.

>>52609150
>>52609192
Renbtc are swapping to 2.0 so they stopped new renbtc issuance or some shit, possibly why the ratios are fucked

>>52608838
>All you niggers had to do is buy actual Bitcoin.
Normies deserve digital judeohomo slavery

>>52604028
Bridges, there are many, but you get fucked by fees.

>>52608863
LoL
Tell another!

>>52609112
>why would you hold your wrapped assets in a shitchain?
Retardation of course

>>52609474
ehh I dont think this explanation is good enouht, Im watching the WBTC/BTC orderbook in binance and its getting thinner and thinner and down 0.59%, there were several hundreds of real BTC in orders but now they are gone down to only 170-ish.

>>52609753
Yeah it only explains the curve ratio fuckiness and still could be a happening. I'm moreso going with the 'nothing ever happens' route though. 0.59% seems shit all. We'll see

>>52609792
>0.59% seems shit all

ehh no? WBTC is a 3 Bn asset, pretty much 1/3 of Luna and 1/5 of the alameda blow up, Several defi protocols are paired with WBTC across every blockchain, this is big.

https://twitter.com/0xMerp/status/1596014533923213313

0 Cexes are arbitraging it too, fucking hell, there is a non zero chance that the real BTC that collaterizes WBTC was inside ftx lol

>>52609192

Currency reserves
renBTC: 93.84 (11.40%)
wBTC: 736.32 (88.60%)
USD total: $13.6m

ehh so i assume before the day ends WBTC unpegs.

where can i short WBTC?

>>52609825
It could be big, probably isn't. The twitter you linked gives some good explanations with bitgo redemptions possibly taking long since its centralized. Put me in the screenshot if anything ends up happening and post gains from shorts

And by the way I said nothing ever happens with FTX and bought UST when it started depegging :^)

>>52609569
sorry anon i'm all out of my best material.

>>52609435
>0xbtc
Nigga we are talking about actual BTC not copycats that leech off of btc's name

>>52609865

No, there is a zero % chance WBTC are "in FTX." The only thing I've heard is that Alameda was a market maker for WBTC and if they are found to have stolen user funds from FTX then stolen BTC went into WBTC, which bitgo is the custodian and a new york trust, so the fear is that the government wants to come after that bitcoin. But this seems really far fetched to me.

I think its just WBTC market makers wanting a little more profit before they burn. They are burning, they just aren't propping up the peg really aggressively. With the FTX fear and FUD people are trying to get to BTC, the only way to do that without KYC is swapping to renBTC, but ren stopped mints.

WBTC has gone down much further in the past, so its probably not a good arb unless you know when the market makers are going to really aggressively burn, but if you have renBTC it might be a good idea to convert to WBTC for a few extra % BTC when the FUD ends.

I'm not one to fall for cheap FUD but I admit I redeemed all my WBTC

>>52610308
>No, there is a zero % chance WBTC are "in FTX."
lol.

Imagine using coinbase anon. bybit is better.

>>52610579
WBTC list their reserve addresses publicly, you can look at the coins on chain. So yes, 0% chance. That doesn't mean there isn't some liability against it, but they aren't in FTX or any other exchange, they are held directly.

>>52610620
how do you know that addy wasnt a lender/ counterparty adress "gaining yield" on it ? many such cases of "cold reserve wallets" being misused.

>>52610652
Read... I said that.

Follow this canary for speculator opinion on Coinbase health
https://coinmarketcap.com/currencies/coinbase-wrapped-staked-eth/cbeth/eth/

>>52610780
that's staked eth, its price is going to depend on a lot more factors than just trust in coinbase, like when you can redeem staked eth, the expected rewards, and discount rate.

>>52610282

Which would Satoshi prefer? WBTC or 0xBTC.

One is a centralised, corporate-led, law abiding coin that relies on you trusting the original members of the WBTC DAO with the keys to the multisig contract. Half of those member companies are bankrupt now.

The other is a trustless, immutable, decentralised asset usable without bridge or wrap inside the Ethereum virtual machine.

Satoshi loves 0xBTC.

>>52610815
Why do you think it has dumped from 0.985 to 0.965? Extension of time until eth2 is convertible is also fattening of the tail risk of Coinbase failing before then.

>>52603268
ICP Bitcoin integration next week.

>>52609207
Pain anon. Pain makes funny. All these wbtc holders are gonna be fucking fucking hilarious soon.

>>52603268
One word. Da joos

>>52610620
"They" being some anonymous Chinamen or chosenite on the other side of the globe who is tasked with not fucking up, getting hacked, or lying. good luck!

>>52603662
Go get some real pussy gains anon, cant be sure that the next bullrun will have impact on that as GSD keeps growing it's ecosystem and soon it will lunch it's governance token

>>52606769
The discount is still growing...

>>52611015
Shut the fuck off and don't be a retard dick anon go get your ass spank faggot as GSD DAO protocol manages funds through the highest yield aggregators available on each networks

>>52611172
I got my bag fill with ETH and GSD looking forward for the next big pump can't wait to get some juicy shit anon

I'm short wbtc via Link on aave (avax network)
Am I about to get free money? How low can this scam really go?

>>52611015
Yea anon you sound good as investing in crypto is talking a risk that will make your or get you rekt as have been accumulating some juicy pussy experience like GSD XRP and MATIC this shit got me so horny

>>52611610
>>52611707
pajeet shills get the fuck off my board reeeee jannies do your fucking "jobs"

>>52610010
You sound great anon but wbtc sound horrible as BtC is not making any progress atm,will just hold GSD as it set to lunch it's governance token.

>>52603268
>WBTC

did people actually fall for this shit?
Literally no point in using wrapped anything

>>52611587
Wow this looks familiar! I think this is called, losing the peg? Now we wait for the cope posters to come in and tell us that we're missing out on the deal of a lifetime. There is only one Bitcoin. If you want to hold BTC you hold BTC. WBTC is just a free pass for "financial innovators" to print fake BTC.

You should be longing WBTC
Redemptions are not processing because they are in the process of upgrading their multisig to remove FTX among others
https://www.theblock.co/post/189991/wrapped-bitcoin-dao-removes-ftx-nine-others-in-move-to-new-multisig
Big market makers are still submitting new redemption requests - Cumberland burned 103 WBTC an hour ago
https://wbtc.network/dashboard/order-book

>>52607052
Fukin indian

>>52611610
Jesus christ. Another Indian. Fuck off rajesh.

>>52603268
Someone explain wrapped tokens to a nocoiner. You give your internet money, which was created for the purpose of decentralization and self custody, to a custodian who in return give you a different internet token saying you have a claim to the underlying internet token? Did I understand that correctly?

>>52612272
Yes
This way you are still exposed to the underlying token and have access to Defi hacks and malpractices.
but hey you could learn a whopping 3% apr on your burrcorn!

>>52612272
There is no singular type of wrapped token, WBTC (and WLUNA, WDOGE) work as you described. Other wrapped tokens are converting the native currency of a blockchain into an ERC20 token so it is easier to use in smart contracts, such as WETH. These are minted and burned directly through a smart contract on the native blockchain - literally impossible to not be 1:1 backed. Sometimes the wrapped version is also bridged to another blockchain, but it has nothing to do with the fact that it was bridged

>>52612166
yeah that's not good. I'm pretty sure any Solana WBTC was backed by nothing. And since these fucking geniuses let that toxic waste into ALL of the protocols because Sam was such a trustworthy guy, Its gonna take weeks if not months to calculate wtf is really backed by something. Changing multisig keypairs is literally one command, they are stalling for time and trying to prevent a panic.

>>52612449
Solana WBTC was backed by WBTC held in the Ethereum chain Wormhole bridge contract. The one that depegged was soBTC, which was exclusively minted by Alameda. Solana WBTC is still fine

>>52612166
And before someone asks why the people with access to redeem aren't arbing the depeg
There's fees involved in the redemption, which creates a minimum threshold before it's worth their time to arb.
They also know that people will panic and are letting it temporarily depeg to buy lower. The same reason as why Tether can go a few cents below par when people panic

>>52612473
Oh neat! So which contagion hit centralized shitshow was running custody for those bitcorns? >Wormhole, who got hacked for 320 million worth of now worthless shit,

>>52612573
Wormhole was hacked on the Solana side, minting fake tokens on Solana only. No real effect on the real WBTC on the Ethereum chain, some of it is just held by the hacker on the Ethereum chain in perpetuity and will never be allowed to be redeemed

>>52612568
The only arb here is to buy real BTC because all of the fake shit is about to be worthless.

anyone know where i can unload ~1053 worth of WBTC w/o affecting the peg?

i need to sell my collateral, but I can't have that liquidate loan either.

>>52612619
pic related

>>52613279
CoinList number two, didn’t they just suspend withdrawals?

>>52613299
Idk, my bitcoins are real. What happens now is a giant game of musical chairs where there will be (tens of?)thousands of people without chairs to sit in when the rest of the wbtc gets burned. This is probably why CZ is shitting bricks rn. https://www.zerohedge.com/crypto/there-will-be-pain-binances-cz-floats-billion-dollar-bailout-distressed-crypto

WBTC is at risk, even if it doesnt depeg fully now. Switch to BTC.b

Here is a scientific visual re-enactment of this new, and never before seen phenomena.

>>52611587
Hows it going now I ceebs looking

>>52613279
Bump. Not sure why this isn't getting more attention today given the potential implications of connections like these. It would mean some of these companies are short Bitcoin in real terms and that the WBTC they minted essentially represents that debt. But what would this mean for liquidity in the EVM ecosystem?

>>52613734
It's because most of these people are paid shills who's only aim is to misinform, scam, and/or pump their bags. The EVM ecosystem is poisoned to the core with fake wbtc now and the funny thing about all of these cross chain bridges is that they unceremoniously spread the toxins through every inch of every evm chain. We already know SBF had no accountant on staff, and it turns out he had basically no fucking BTC because they probably burned it al scamwicking their customers. No one is going to be able to look at every single instance of fake wbtc getting swapped for any other wbtc so no real price discovery is possible without burning every wrapped btc out there and redeeming it to find out exactly how much btc they represent, respectively.

>>52608863
>>52609127

its spelled voilà and not "wallah"

Tell me if I'm retarded but doesn't WBTC have all the on-chain evidence to show they are backed 1:1? Is the depegging scenario assuming some of these wallets would not participate in redemption of the underlying asset? https://wbtc.network/dashboard/audit

>>52613963
>we live in a reality where everythign inside ETH might unpeg and fucking BSC might end up being the real """chain"""""

>>52614147
Do you know who controls the keys to your bitcoin besides some anonymous entity who promised to redeem your evm token? What happens when they go into bankruptcy? Why are all these faggots foaming at the mouth now their precious wbtc TVL is dropping like a rock because their cohort has been demonstrated to be full of literal scammers? WBTC is not fucking crypto and it never will be.

>>52614374
>your bitcoin
>foaming at the mouth
You seem to be mistaken, I don't own any wrapped BTC, and I was just asking a question about what we know regarding the wallets that hold the underlying BTC.

>>52614147
>enter website
>TRANSPARENCY IMPROVES TRUST in all caps
> ask for a multisig confirmation on twitter
>crickets
yeah im thinking its over

>>52614413
I apologize if that came off as specifically targeted at yourself. I was speaking mostly of the twitteratti who are admonishing any who doubt the veracity of their value transfer token with pleas like "But you're hurting retail when you redeem your wbtc!' which is a crock of shit on it's face. The mostl likely to be hurt in a wbtc drawdown is the whales who are likely leveraged to the hilt on the btc they claim to be holding in "responsible, insured custody".

>>52614058
wallah you are gay

>>52603268
people will learn what is the value of a fake BTC... and then we will hit a price range of 10k-5k

>>52603284
>bitGo
>bitGo
>bitGo
>bitGone

>>52613963
Let's think more about what this means for EVM. Here's my line of reasoning: what is WBTC used for, mostly? Probably mostly used as collateral, so that one keeps one's exposure to BTC while borrowing against WBTC to trade. This makes sense in a bull market, because alts generally tend to rise faster than BTC, making your loans easier to pay off. But obviously the opposite is true once we enter a bear market and alts crash much faster than BTC. So wouldn't the people getting wiped out here in EVM by a WBTC de-peg be mostly leverage traders who are already on their last legs? How over-leveraged can EVM still be at this point? Terra implosion was like - 80% at least across the board. Even at the time, Terra was barely a top 10 ecosystem that few real people used. FTX (2nd largest exchange) blows this month and we only see a - 30% drop that starts getting gobbled up pretty quickly. Surely the 3 billion USD in WBTC runs for real BTC, ETH, stables or promising alts once the game of musical chairs stops. Whoever is still in the game at this point and has enough BTC to bother collateralizing probably isn't running for fiat as their first choice

Lmao look at all these brainlets falling for the wBTC fud. It’s literally backed by btc via chainlink proof of reserve. You guys are either paid fudders or absolute retards

>>52615039
>>52615039
this
craig wright is satoshi and only bsv is the real unadulterated form sent to us by god to rid us of the shackles of fedcoin

>>52615582
If that's true then why aren't market makers arbing right now? Why aren't you?

>>52615644
Who says they aren't? Look I know you are underwater but this starts to be so desperate kek. Guys I know you idiots lost it all but it's time to accept your mistakes and move on. Maybe you can retire after you wagecuck 30years.

>>52615873
You sound scared and desperate, rabbi.

>>52615873
The fact that the peg isn't being restored suggests that market participants aren't arbitraging BTC and WBTC by exchanging the former for the latter. If 1 BTC is backed by exactly 1 WBTC and you exchange the former for the latter while the peg is off, you've received 1.025 BTC/WBTC. Why wouldn't market participants be doing these trades in large enough quantities to restore the peg?

>>52603268
ICP is integrating with btc next week, all wbtc will be obsolete, and often the underlying btc for the wbtc has already been hacked so people want to get out of them ASAP

Also WETH is going to go under. ICP is integrating into ETH and BTC directly. You'll be doing the transactions on the BTC and ETH blockchain directly but paying ICP fees/speed.

>>52607048
safety long term