Quote from: Biodom on Today at 05:18:04 AM

Quote from: nullius on Today at 05:04:57 AM

Am I missing something?

Pretty much everything.
Wrapped bitcoin is a ERC-20 token and "lives" on "their" platform, not their token on "ours".

I have not looked into WBTC. Does it claim to be 1:1 redeemable for actual bitcoins? If so, I really dont see a problem (except perhaps for the people who trust that claim).

Quote from: Biodom on Today at 05:18:04 AM

BTW, it is trading at exact same price as btc, but you can do 'tricks' with it on de-fi.

So...? At some point, if it claims to be 1:1 redeemable, the wrappers need to be able to unwrap it. Meaning that they need to have actual bitcoins.(*) Otherwise, the holders of the wrapped stuff are left with empty bagsand that is pretty much just their problem. If (if) the backing is honoured with real Bitcoin, I dont see any problem with that at all.

(* Another subject that I recently began to write about, and did not yet finish: Fractional reserve banking is mathematically impossible with Bitcoin. Because fractional reserve banking is not what most people think it isit is worseit creates money out of thin air, whereas it is impossible to loan new bitcoins into existence out of nowhere.)

It runs on a different blockchain, so it also doesnt have the dangers of various sidechain proposals that could interfere directly with the security of the Bitcoin blockchain.

Quote from: Biodom on Today at 05:18:04 AM

Those who have the widest platform...

That is Bitcoin.

Defi generates much hype; but contrary thereto, it is not actually taking over the world anytime soon.

Quote from: Biodom on Today at 05:18:04 AM

I fear for such ignorance/superiority complex to continue forth unabated.

I am not defending WBTC. I just dont see how it significantly threatens Bitcoin; and you have not proposed any way it can.

So what if people issue instruments based on Bitcoin? It is bound to happen; and its not necessarily a bad idea. (I myself have had other, very different ideas for Bitcoin-backed instruments.) At the bottom line, either the bitcoins are there, or they arent. That is a matter of counterparty risk, which falls on the people who trust the counterparties.