Quote from: Shymaa-Arafat on June 18, 2022, 12:09:19 PM

From Binance:
https://www.binance.com/en/how-to-buy/ibtc

Quote

$ 0.0001114 USD
-8.24%
(24H)
The live price of iBTC is $ 0.0001114 per (IBTC / USD) today with a current market cap of $ 5,568.54 USD. 24-hour trading volume is $ 0 USD. BTC to USD price is updated in real-time. Bitcoin is -8.24% in the last 24 hours. It has a circulating supply of $ 49.99M.

It doesn't make sense both are down by 8.24% as if it's pegging BTC not its inverse?

You've just answered your own question. If it's going down along with the price of bitcoin doesn't that shows that it can't serve the purpose for which it was created for.

Quote from: KingsDen on June 18, 2022, 10:31:02 AM

Let me see if you can appreciate this answer I will give you.

There is no specific code or protocol that is designed in any coin that makes it work with the name given it. All projects is based on the demand and supply. The names such as iBTC is for publicity and there is no tangibility behind it.

Take for instance, I can create a coin and name it 'Sun-Rise'. I will tell you that the coin falls at night when there's no sun but rises in the morning as the sun is rising. That does not mean I coded the sun into the project. I only gave the name to make you sell in the evening and buy in the morning. And thousands of people will keep selling in the evening and buying in the morning, and you will think the coin is fulfilling its name. Yes, it might work for sometimes until the big boys (whales) will prove you wrong.

I don't know if this answer helped.

I suggest you go over the answer provided by OP above. The creator of iBTC doesn't have the power to control the price of BTC to go inversely to the price of his own coin and neither does he have the power to control the price of iBTC to move against BTC.

These two coins are traded on exchanges and the market decide their price not some pre-conceived speculation. The only reason you're confused is you're taking the words of the creator of iBTC for it. You're better off ignoring those speculations.