Remember when I warned you about wrapped bitcoin?

[Anonymous No.50707117]

I said it wasn't your bitcoin because it's not your keys, and I made a bunch of thread about it I truly tried hard to warn you about this.
And what did you do? You laughed at me and called me a "maxi in cope" and said that you and only you knew the truth and that you could never be wrong about this.

You deserve everything for using "wrapped bitcoin" or whateveer third party to store and trade around your so precious Bitcoin.
Not your keys, not your bitcoin.

[Anonymous No.50707177]

>>50707117
cope maxi. one bridge exploit doesn't mean anything.

[Anonymous No.50707202]

>>50707177
Yes it doesn't mean anything when it wasn't your bitcoin that was lost in the bridge right?
Imagine actually using a bridge at all when you can just use bitcoin directly.
Stupid brainlet.

[Anonymous No.50707218]

>>50707117
that wasn't an issue with wrapped bitcoin though

[Anonymous No.50707307]

>>50707218
WBTC.
Do you know what this means? wrapped bitcoin.
Search up about things before opining my dear naive honey bee..

[Anonymous No.50707356]

>>50707202
you don't understand what a bridge is or what it actually does obviously. cringe.

[Anonymous No.50707528]

>>50707356
But do you?

[Anonymous No.50707622]

>>50707117
>tax id
top kek, taxcuck btfo

[Anonymous No.50707688]

>>50707117
Stfu op. You don’t understand what WBTC is. WBTC is unhacked.

[Anonymous No.50707897]

>>50707117
Is wrapped bitcoin an actual bitcoin that has been captured by another blockchain somehow? And the owner of the wrapped bitcoin somehow holds rights to the actual bitcoin? (Kinda like gold paper certificates)
Or is it a fake bitcoin token that tracks the price of bitcoin, and diverts money away from buying actual bitcoin. i.e. it is counterfeit bitcoin that is diluting the value of real bitcoin by increasing apparent supply?

I don't know how it works. Someone explain.

[Anonymous No.50707905]

>>50707117
Oh yeah I specifically remember YOUR thread you're such an important figure in the /biz/sphere what would I do without you?

[Anonymous No.50707935]

this thread is a bunch of autistic maxis arguing amongst themselves

[Anonymous No.50707950]

>>50707307
yeah it has nothing to do with the function and origin of wrapped bitcoin tokens. the nomad hack was the equivalent of an exchange hack.

[Anonymous No.50708000]

>>50707897
a wrapped token is practically people who promise they back the token 1 on 1.

on whether you trust them: is subjective; it's exactly the same mechanism with USDT and USDC by the way (they promise to hold the dollar).

I think the best of all worlds are the fully collateralized tokens like DAI or whatever luna and others do in a similar tech; those basically put people to stake any assets for some benefit but they threaten them with liquidation if the token is in danger; it's practically impossible to go wrong unless there's an apocalyptic event that makes everything go to 0 in seconds but that's extremely unlikely (especially if the tokens backing it are a basket).

[Anonymous No.50708028]

>>50707897
a wrapped token is practically people who promise they back the token 1 on 1.

on whether you trust them: is subjective; it's exactly the same mechanism with USDT and USDC by the way (they promise to hold the dollar).

I think the best of all worlds are the fully collateralized tokens like DAI or whatever aave and others do in a similar tech (NOT luna); those basically put people to stake any assets for some benefit but they threaten them with liquidation if the token is in danger; it's practically impossible to go wrong unless there's an apocalyptic event that makes everything go to 0 in seconds but that's extremely unlikely (especially if the tokens backing it are a basket).

[Anonymous No.50708305]

>>50707117
Do you know why WBTC exists?
Because BTC is a piece of shit dinosaur network which takes hours for confirmations and is completely closed off from the rest of the network.
It also has shitty UI and chain explorers and is literally inferior to ETH in everything.

It would be better to just cancel BTC and either make a new version which is closer to ETH or to replace BTC completely with ETH.
But because this dinosaur coin attracts other dinosaurs the best workaround that was found to keep it relevant was WBTC to make it usable on other networks.

Instead of criticizing the attempt to make your shitcoin relevant, you should criticize those who are unable to improve it and forced others to find solutions.

[BITCOIN OVERLORD No.50708889]

Wake up sheep they are here already
Learn how to make your own private key and store it offline godamnit
how brainlet you gotta do

THEY LIVE, YOU SLEEP!!!

[Anonymous No.50709557]

>>50708305
Didn’t think someone could be dumber than OP

[Anonymous No.50709563]

Shut the fuck up asshole

[Anonymous No.50709649]

>29 January Qubit bridge hacked for 15.7k ETH, 767 BTC, and $9.5M stables
>2 February Wormhole bridge hacked for 93k ETH
>23 March Ronin bridge hacked for 174k ETH and 25.5M USDC
>24 June Horizen bridge hacked for 86k ETH
>1 August Nomad bridge hacked for $190m

[Anonymous No.50709735]

From what I understand Bitcoin is a microwave and Ethereum is a spaceship.

[BITCOIN OVERLORD No.50709764]

>>50709735
Based on what?

[Anonymous No.50709778]

>>50709764
bitcoin actually exists

[Anonymous No.50709798]

>>50709735
kek

[Anonymous No.50709842]

>>50709557
Did you look into a mirror?

[Anonymous No.50709885]

>>50707117
Wtf claims wrapped Bitcoin is saving in Bitcoin, kek fucking insane.
I do have it for the sole aim of partaking in sylo liquidity mining pool for over 60% APR. Possibly a delegated staking might come up before EOY, but easy does it so I only use it for that purpose.

[Anonymous No.50711086]

>>50709649
I am still waiting to see Chainlink's solution to this.
The only idea I have to prevent this 51% attack issue would be to use the Chainlink off chain node network as the source of truth which could invalidate a 51% attack by defining the real chain state outside of those attack vectors.

This would be an extended version of fair sequencing.
Fair sequencing allows the Chainlink nodes to order the operation flow to the blockchain and ignore MEV attacks.

By extending it and creating an official off chain state for all the chains which have Chainlink nodes the Chainlink network could keep an off chain version of all the blockchains and define the real verifiable truth of operations in case of a network attack.

DONs and high staking collateral would ensure this would be done properly and all the L1s could be part of this DON node network too because they have a stake in the proper operation of this.
In that case even if a 51% attack occurs on a L1, the Chainlink network would instantly decide which state is the correct one because it is insensible to 51% attacks, the Anti Fraud network would detect the attack and in case of a decision conflict the DONs would decide as they would in this case be composed of the L1 chain delegates.

[Anonymous No.50711103]

>>50707177
>one
lol
>>50707897
you are just giving away your BTC to someone else that is free to use it as they wish
and in exchange you get some shit-token
not smart, huge counterparty risk
>>50709885
aaaand it's gone

[Anonymous No.50711130]

Not your peas, not your corns.

[Anonymous No.50711148]

>>50707117
Icp solves this. No wrapped btc, never give up your Keys, just move btc faster and for much less

[Anonymous No.50712717]

>>50707117
you are a maxi retard
it wasn't wrapped BTC that got hacked
it was a bridge that bridged tokens that got hacked
one of those tokens was wBTC

[Anonymous No.50712756]

>>50707897
You are just giving up your crypto to some centralized solution and that bridge will "mint" an erc20 token on the eth network called wrapped BTC with the promise of it always being backed 1:1.