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23904107 No.23904107 [Reply] [Original]

>$2B worth of custodially wrapped BTC are being held and traded on the Ethereum chain
ishygddt

>> No.23904125

>>23904107
wow, people are fucking retarded
literally flushing your private keys down the toilette

>> No.23904156

how much of it is play-money of megawhales

>> No.23904199
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23904199

>>23904107
stupidity is limitless, imagine converting your BTC for an ERC20

>> No.23904216

>>23904156
https://etherscan.io/token/0x2260fac5e5542a773aa44fbcfedf7c193bc2c599#balances
I don't really know how to read this distribution but there are not a lot of addresses with more than a million dollars worth. Top 5 are all defi contracts, so maybe it is used for liquidity provision and farming a lot.

>> No.23904265

>>23904199
This in and of itself is not a problem if the bitcions are held by a smart contract instead of someone who could rugpull and exit. Not so with WBTC

>> No.23904364
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23904364

>>23904265
Literally just a centralized multisig.

>> No.23904787
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23904787

>>23904125
>>23904156
>>23904199
>>23904265
>>23904364
Custodians get the rope in the citadel town square.

>> No.23905291

>>23904107

>WBTC fud is like GBTC fud in 2016.

nevertheless I'm prefer to hold my own keys

>> No.23905313

>>23905291
>GBTC
literally fractional reserve