I watched that twitter dialog. They sure got grumpy quickly.
Only two chains are required. It can be more chains, and more transactions but the minimum would be:
1) a transaction on the MC locking the assets
2) a transaction on the SC whose inputs contain a cryptographic proof that the lock was done correctly (and thereby creating the SC asset).
So, BTC--->scBTC --->CC is the correct way to think about it as we have consistently been doing here for the last 200 pages?
[/quote]
No, not in the way you suggest where everyone on a sidechain could either hold scBTC or CC.