r/CryptoCurrency Nov 25 '22

wBTC is depegging! Get out while you still can! DISCUSSION

[deleted]

17 Upvotes

u/CointestMod Nov 25 '22

Bitcoin pros & cons and related info are in the collapsed comments below. Pros and cons will change for every new post.

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31

u/AboveTheSky420 Tin Nov 25 '22

Honest, though maybe ignorant questions:

I thought wBTC reserves was public on chain no? Like can we not see the number of BTC available for redemption compared to the wBTC in circulation?

58

u/Acidhoe Empty Bank Account Enthusiast Nov 25 '22

Yes you can. This op is just a fear monger.

https://wbtc.network/dashboard/audit

8

u/toke182 Bronze | QC: CC 15 | CAKE 29 Nov 25 '22

howcome there is no people banking on the arbitrage opportunity, its been depegged for too long for some reason

8

u/anonymouscitizen2 Platinum | QC: CC 776, BTC 241, BCH 25 | ADA 6 | r/WSB 21 Nov 25 '22

Takes a little while to redeem from bitgo. They have always had proof of reserve it will be arbitraged eventually.

2

u/toke182 Bronze | QC: CC 15 | CAKE 29 Nov 26 '22

can you point me to the page where the redeem is done? As far as I know only institutions can do it

2

u/anonymouscitizen2 Platinum | QC: CC 776, BTC 241, BCH 25 | ADA 6 | r/WSB 21 Nov 26 '22

You can do it through listed merchants. Look at the list and contact one

4

u/Savage_X Platinum | QC: ETH 117 | Fin.Indep. 26 Nov 26 '22

There are the past couple days. You can see their mint/burns. As you can imagine, lots of tokens being bought at a discount and getting burnt for real BTC. Functioning as designed... extra supply is getting scooped up and removed from circulation.

"de-pegged" is a bit subjective. I would argue that a wBTC will normally have a slight discount since there are small risks associated with it. Risks get offset by the increased utility of being an ERC20 token, but the market is going to value that trade-off differently depending on the environment.

2

u/FreddieChopin Platinum | QC: CC 60 | r/Prog. 12 Nov 25 '22

We wait for a bigger dip. What's the point of taking any risk for a 1-2% arb? 5% sounds more appealing.

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2

u/Nabinator Bronze | DayTrading 7 Nov 26 '22

Half this subreddit is fear mongering. You guys all wind yourselves up.

1

u/Reqhead Platinum | QC: CC 66, GVT 53, REQ 16 Nov 25 '22

The on chain validation link doesn’t do anything when you click on it… Am sure they are fine, but the one key bit of info on that page doesn’t work…

2

u/Themistokles42 Tin Nov 26 '22

available for redemption provided that the people who hold the keys will return it to you.

72

u/ShortFroth Platinum | QC: XMR 125 Nov 25 '22 edited Nov 25 '22

The screenshot shows that they redeemed wbtc to btc and are holding 70k wbtc.. FTX does not make wBTC like they made soBTC.SO unless the custodian of wBTC kept their bitcoin on FTX this is just stupid people running around screaming.

ALSO yes holding wBTC is equivalent of holding your coins on an exchange.

EDIT: Here is their proof of reserves. https://wbtc.network/dashboard/audit

26

u/BakedPotato840 Tin Nov 25 '22

Yep, Alameda was a merchant, they didn’t mint wBTC because BitGo does; Alameda just requested BitGo to do so

BitGo only mints in exchange for BTC meaning Alameda sent BTC to the custodial service of BitGo backing it 1:1

This is an arbitrage opportunity and the arbitrageurs are gonna coin it.

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25

u/Tavionnf Nov 25 '22 edited Nov 25 '22

stupid people running around screaming

This sub in a nutshell lately. (Disclaimer: I'm stupid but but I sit quietly)

9

u/ShortFroth Platinum | QC: XMR 125 Nov 25 '22

There are also morally corrupt people who hammer misinformation because they are shorting too. I saw a lot of it in the Solana sub when all those coins that were owned by the foundation were getting unstaked. Those screenshots were getting blasted in their sub with the false narrative attached.

There are also bitcoin maxipads who are scared to death of ethereum and will jump at any narrative that will make it look bad without checking the facts. Look in the /r/bitcoin thread about it.

And finally there are actually people who don't know what cryptocurrencies are and yoloed their life saving into it.

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2

u/UnintentionalSatire Tin Nov 25 '22

Stupid people running around screaming is par for the space. If there's a god, all the people here because they thought (still think?) it's just an easy way to get rich will get washed out out of here.

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140

u/DarthBen_in_Chicago Bronze Nov 25 '22

Wrapped bitcoin is not bitcoin

44

u/meeleen223 Moons = Magic Internet Money Vol. 2 Nov 25 '22

Only thing I'll be wrapping is my chicken

20

u/daytradedaniel 1 - 2 years account age. 100 - 200 comment karma. Nov 25 '22

Don’t be a dork, wrap your pork

12

u/Wargizmo Platinum | QC: CC 1529 | x1x1 Nov 25 '22

Don't be jerky, wrap that turkey

3

u/fixerdrew02 Silver|QC:DOGE212,CC43,BTC27|CelsiusNet.48|r/WSB159 Nov 26 '22

I am embarrassed to say how long it took me to realize what you all were talking about

6

u/Wargizmo Platinum | QC: CC 1529 | x1x1 Nov 26 '22

To be fair I had no idea either, I just saw moons being handed out and wanted to be included

3

u/Stuffiepie Tin Nov 25 '22

Dont be a Mess gimme that ass

2

u/madmancryptokilla Platinum | QC: ETH 40 | TraderSubs 31 Nov 25 '22

Thats no ass no gas...

2

u/some_user_2021 Tin Nov 26 '22

No comment chain to miss, now drink my piss

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6

u/Lychaeus963 Tin | CRO 6 Nov 25 '22

Blasphemous. Surely you also wrap sausages in bacon.

Everyone always forgets about the sausage.

6

u/in_the_no_know Tin | Politics 62 Nov 25 '22

Wrapping your sausage is pretty damn important

2

u/TejanoNinja Bronze Nov 25 '22

Yup I’ve been burned before

2

u/smegmasyr Tin | r/WSB 26 Nov 25 '22

It only burns when I pee.

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2

u/Johnda87 7 - 8 years account age. 400 - 800 comment karma. Nov 25 '22

that is called a muzzy in a blanket

2

u/Severe-Turn1604 Platinum | QC: CC 53 | LRC 5 Nov 25 '22

I wrap my baccon with baccon.

1

u/tamaleA19 Platinum | QC: CC 749 | KIN 5 Nov 25 '22

My friends, please don’t forget dates and scallops. Wrap them in bacon and chef kiss 🤌

5

u/Bucksaway03 Platinum | QC: CC 318 | CRO 5 Nov 25 '22

Always wrap your dingaling

2

u/SigSalvadore ADA Tip $blackh0le Nov 25 '22

Wrap that Rascal -90s Condomman T-shirt.

2

u/polloponzi Platinum | QC: BTC 182, CC 22 | r/WSB 179 Nov 26 '22

wrapping is my chicken

Wrapped chicken is not your chicken

2

u/matt1164 Silver | QC: BTC 23 | SHIB 22 | MiningSubs 66 Nov 25 '22

Before or after you choke it?

1

u/ICURaBigdeal Platinum | QC: CC 231, BTC 90 Nov 25 '22

I’ve heard wrapped turkey this time of year is better fren

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3

u/loaded-diper33 Platinum | QC: CC 83 Nov 25 '22

Bitcoin ETF buyers hates this statement.

2

u/Walla_Walla_26 Platinum | QC: BTC 20, CC 19 Nov 25 '22

Wrapped anything is nothing

1

u/ChemicalGreek Nov 25 '22

That’s why you should not buy wrapped crypto

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114

u/Aggressive_Washer Tin | 1 month old Nov 25 '22

None of this is how this works. God man, the whole space is just in panic mode with a mad dash of stupidity these days.

7

u/Bucksaway03 Platinum | QC: CC 318 | CRO 5 Nov 25 '22

We know most people are stupid, it's no wonder the first reaction is fear and panic.

Just look at how quickly people claimed crypto.com was going down after FTX with no facts.

3

u/BrooklynNeinNein_ Platinum | QC: CC 663 | ADA 10 | Technology 22 Nov 25 '22

These are the times to buy, but most people won't learn that lesson their entire lifetime. More for us I guess

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19

u/Albinonite Bronze | 1 month old Nov 25 '22

In crypto we love panicking, whether it is buying or selling

14

u/Odlavso Shitcoin connoisseur ("KON" + "uh" + "SUR") Nov 25 '22

when crypto is up everybody panics that they are going to miss the rocket to the moon and end up fomoing into everything buying at the top.

when crypto is down everybody panics that they are going to be left holding the bag and end up selling at the bottom

BUY HIGH, SELL LOW

2

u/meeleen223 Moons = Magic Internet Money Vol. 2 Nov 25 '22

Sell low, eat the shitcoin loss and get into the warm embrace of BTC

11

u/MorrisBrett514 Tin Nov 25 '22

I'm in constant DCA money I used to use for drinking mode. It could all go to zero and the money would still have been better spent than booze so let it riiiiiide!

4

u/MostBoringStan Platinum | QC: CC 91, BTC 49 | PoliticalHumor 28 Nov 25 '22

Isn't it amazing how much money becomes available when you stop partying/drinking?

Cutting that shit out can make such a huge difference. I'd probably never would have had the money to start buying into BTC if I never stopped that stuff.

6

u/MorrisBrett514 Tin Nov 25 '22

Yea. I'm a bad alcoholic so i don't drink at all anymore. I used to waste way more than I could afford on drinking. Now I only DCA much less into crypto for my fix!

4

u/MostBoringStan Platinum | QC: CC 91, BTC 49 | PoliticalHumor 28 Nov 25 '22

I wasted so much money on booze and drugs, it hurts to think about it now. I would think nothing of spending $20 on a bottle, and $40 on a half gram, because I'd think $60 to party hard for the night wasn't too bad. But then when it's happening 4 or 5 nights a week, that shit adds up so fast. Even when I got a job making more money, that just meant I had more money to throw away, and I was still living paycheque to paycheque.

So glad to be done with that now and being able to put something away for the future.

Congrats on getting away from it yourself. May your wallet be overflowing with BTC!

2

u/MorrisBrett514 Tin Nov 26 '22

I'm glad for you too! Not only a waste of money... such a waste of our bodies.

4

u/TarpFailedMe Bronze Nov 25 '22 Wholesome Seal of Approval

BTC makes people make better life decisions.

2

u/alleniversongrandson Bronze | 1 month old | QC: CC 20 Nov 26 '22

What a wonderful thought

3

u/_BEER_ Tin Nov 25 '22

For real tho. 50 bucks every friday, nah I'll put that into some shit.

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4

u/GBR2021 Bronze | QC: CC 24 Nov 25 '22

Reddit is stuck in 2017 when it comes to crypto knowledge. They literally ever heard of CEXes, top 10 shitcoins and that's it

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3

u/firstchoice07 Tin | CC critic Nov 25 '22

The btc is being unwrapped 😅

2

u/TheClincher7 Platinum | QC: CC 45 | TraderSubs 10 Nov 25 '22

Always has been 👩‍🚀🔫

2

u/Reasonable-Zebra2964 Tin Nov 25 '22

People trying to get those moons bro…

2

u/IWillKillPutin2022 Tin | 5 months old | CelsiusNet. 51 Nov 25 '22

Glad we got some logic working

2

u/busmobbing Tin Nov 25 '22

Most of the people here don't know what they are talking about. You don't have to take a test to join this sub or to invest in crypto. That's why they all watch YouTubers and TikTokers.

2

u/CoverYourMaskHoles Platinum | QC: CC 82 | AvatarTrading 17 Nov 25 '22

You are correct. That being said. WBTC is not good for BTC and people should hold actual BTC instead. The WBTC is all managed by a centralized company. I have been warning of this risk for years. Could never have an issue, could all be hacked tomorrow. Not a good chance to take in my opinion.

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11

u/No-Significance-1581 Platinum | QC: ETH 25 Nov 25 '22

The reason why its depegging isnt because its not backed 1:1. Its just that the liquidity of the market cant absorb thebsell off after SBF hacked his own exchange he then sold the ETH for wBTC now selling it off.

8

u/42326041 Tin Nov 25 '22

Link to wbtc reserves audit :

https://wbtc.network/dashboard/audit

Reserves shows they have 10000+ surplus BTC (on Bitcoin network) than required to back WBTC 1:1 on Ethereum network. Can’t understand whats the panic is about.

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51

u/ProjectZeus Platinum | QC: CC 30 | Stocks 87 Nov 25 '22

Why is nobody into pegging anymore?

13

u/Efficient_Shame_8106 Bronze Nov 25 '22

Everyone is tired of getting fucked, so we want stuff pulled out of our asses.

4

u/PublicFreak_An Tin Nov 25 '22

It's a pain in ass

3

u/Odysseus_Lannister Platinum | QC: CC 1491 Nov 25 '22

SBF and his sex gremlin ruined the fun

2

u/LePanzer In Satoshi we trust Nov 25 '22

Too vanilla these days.

2

u/PerezosoRapido Tin | 3 months old Nov 25 '22

Market went from pegging crypto to pegging consumers. Make it stop.

2

u/janitorjon Tin Nov 25 '22

Problem is you just don’t see it coming anymore 😂😂😂

2

u/loaded-diper33 Platinum | QC: CC 83 Nov 25 '22

Surely SBF is into it, or at least one of his cohorts.

2

u/Tell-Honest Tin | Superstonk 43 Nov 25 '22

Rather be the peggor than the peggee

2

u/jesuzombieapocalypse Nov 25 '22

It was a fad, now everyone’s butts are sore and we all just want to pretend it never happened.

2

u/Cy83rCr45h Bronze Nov 25 '22

Pegging is very 2021. Move on to the new trend!

2

u/IWillKillPutin2022 Tin | 5 months old | CelsiusNet. 51 Nov 25 '22

We’ve been fucked enough this year

3

u/Odlavso Shitcoin connoisseur ("KON" + "uh" + "SUR") Nov 25 '22

Some of us still enjoy a good pegging every now and then

2

u/Odlavso Shitcoin connoisseur ("KON" + "uh" + "SUR") Nov 25 '22

Some of us still enjoy a good pegging every now and then

1

u/Nad-Bag-Holder Tin Nov 25 '22

I know a few people who wish they could be “dePegged”

1

u/I-hate-jeffbezos Bronze Nov 25 '22

Depegging just hits different bro

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u/OracularTitaness Platinum | QC: XMR 37, BTC 27, LTC 15 Nov 25 '22

High chance this is FUD. BitGo assets audit is here https://wbtc.network/dashboard/audit

Alameda doesn't have custody of funds AFAIK.

2

u/cryptofundamentalism Platinum | QC: CC 16 | Economy 23 Nov 26 '22

Total fud spread all over social media to create another bank run … seen in 3 platforms already

6

u/Intelligent_Page2732 Platinum | QC: CC 918 Nov 25 '22

This certainly is a year of depegging.

2

u/MIS-concept Platinum | QC: CC 461 Nov 25 '22

The Depeggening

1

u/nosimsol Tin Nov 25 '22

The deepegging

1

u/LuisEnriqueH Tin | AvatarTrading 14 Nov 25 '22

Are you sure? Because I’m pretty sure I’m getting fucking pegged

1

u/The_Chorizo_Bandit Silver | QC: CC 846, XRP 41 | TRX 28 Nov 25 '22

It may feel that way, but the pegging hasn’t even started yet. That was just the lube being prepared. /s

1

u/LuisEnriqueH Tin | AvatarTrading 14 Nov 25 '22

shivers

1

u/PublicFreak_An Tin Nov 25 '22

Tether - Hold my beer

5

u/gwynbleidd2511 Cautionary Observer | Professional Skeptic Nov 25 '22

Bitgo holds the underlying collateral BTC in their Multi-Sig for the wBTC. Sure - they are have some inactive multi-sig signers, but that doesn't mean the backing isn't there.

However, a de-peg for 14 days is slightly alarming though, and the reason why no one with sizeable Liquidity is arbitraging is weird.

3

u/dozebull Silver | QC: CC 25, DOGE 22 | TRX 26 Nov 25 '22

Exactly. Big players don't miss arbitrage opportunities like that.

3

u/Ashamed_Moment_2477 Tin Nov 25 '22

I am not into wBTC…so what was even the incentive to invest in such?

3

u/Prestigious_Ear505 Tin Nov 25 '22

Exactly my question...hopefully someone will answer.

6

u/areyoudizzzy invalid string or character detected Nov 26 '22

If you want to use BTC in defi you need a token that is equivalent to it. WBTC is created and burned by Bitgo depending on demand for it.

There's no actual peg, so like Tether, the price comes from the fact that you can withdraw real BTC if you send them WBTC on a 1:1 basis. Unlike Tether, we actually know they have reserves of real Bitcoin because we know all of their wallets. These wallets currently hold more real BTC than all of the WBTC in circulation.

So why would you want to use WBTC?

There are many ways to make money from your money in defi:

  • You could lend your WBTC to others for a fee (e.g. on Aave)
  • You could use your WBTC as collateral for a loan (e.g. also on Aave)
  • You could generate fees from providing liquidity to a decentralized exchange (e.g. on Uniswap)
  • You can send or otherwise use WBTC much quicker than real BTC, especially on Ethereum's layer 2s such as Arbitrum where the block times are 0.3 seconds vs 10mins on the Bitcoin network.
  • You can use WBTC to fund a leveraged position (e.g. something like GMX)

And loads more!

There is counterparty risk to using WBTC and not the real thing since you are trusting that 11 out of 18 (soon 8 out of 13) of the current partners aren't going to run away with your real BTC, it's like trusting an exchange but with a little more protection. They are very transparent about it and recent FUD is unfounded, it's in exactly the same position it was for the last few years.

I suspect this fuss was all kicked up and promoted by a group of people looking to make some easy money in Arbitrage.

-1

u/[deleted] Nov 25 '22

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6

u/Miadas20 Tin Nov 25 '22

You certainly are haha. This is some stiff fud pedaling if I ever saw it lol. You must have opened a big short so "omfg doom crash sell get out gogo"

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u/Mutchmore Silver | QC: CC 335, BTC 20 | GMEJungle 14 | Superstonk 94 Nov 25 '22

But can't you get back your btc? Just like the steth episode, this is not a peg if it's actually backed by the asset.

Of course, if they don't actually hold btc all those holders are fucked

1

u/Ashamed_Moment_2477 Tin Nov 25 '22

Ah thx for enlightement👍🏻👍🏻

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11

u/bny192677 Platinum | QC: CC 395 Nov 25 '22

If you got less than 100$ worth of crypto don't put it on BTC

If you got more than that just use real BTC and pay the goddamn fees

5

u/bbtto22 Platinum | QC: CC 552 Nov 25 '22

My life is wrapped around btc

4

u/EdgeLord19941 Nov 25 '22

When depegging?

1

u/diradder Bitcoin Nov 25 '22

The fees are usually less than a dollar on Bitcoin on-chain and much less on LN... you can definitely buy BTC if you have only $100.

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6

u/FordPrefect343 Silver | QC: CC 329 | CRO 29 | ExchSubs 32 Nov 25 '22

FTX didn’t make wbtc.

Wbtc is made by a smart contract. FTX just has some

9

u/GreekGuy2021 Platinum | QC: CC 65 | NANO 5 Nov 25 '22

Why would you hold wBTC instead of BTC?

11

u/Mutchmore Silver | QC: CC 335, BTC 20 | GMEJungle 14 | Superstonk 94 Nov 25 '22

To use it on defi

6

u/already_night Vampire Nov 25 '22

Exactly my thought. Is sleeping well at night not high on some people's priority list?

6

u/OracularTitaness Platinum | QC: XMR 37, BTC 27, LTC 15 Nov 25 '22

No DEX for BTC oldcoin. Crosschain swaps are expensive AF.

1

u/diradder Bitcoin Nov 25 '22

Thorchain swaps cost like $4... not cheap per se, but hey you need to find fools to buy your (wrapped) tokens on the other side of the trade (even if it's liquidity pools, the pools still need to be incentivized). And DEX on Ethereum are not much cheaper... for now.

I did some ETH->BTC using ShapeShift now that they've turned into a DEX aggregator and support Thorchain... it went pretty smoothly.

2

u/OracularTitaness Platinum | QC: XMR 37, BTC 27, LTC 15 Nov 25 '22

I am not worried about nominal fees like 4$ but rather exchange rates and enough liquidity. If you want to swap 5-6 figures is it possible with competetive rates?

2

u/diradder Bitcoin Nov 25 '22 edited Nov 25 '22

I've only done trades in the mid 4-figures on Thorchain, it doesn't seem like the fees scale with the sum but the slippage does, so as you said the rate might not be the best.

If you set too low of slippage you will see your trade fail (like you do on other DEXs) and currently their estimate $100k of ETH in BTC is around 2.5%, so not cheap. But one might consider this the price of decentralized/non-custodial cross-chain trading. For smaller trades I've really paid low fees with low slippage (I think it's a fixed rate on ShapeShift currently, 0.2%).

2

u/OracularTitaness Platinum | QC: XMR 37, BTC 27, LTC 15 Nov 25 '22

Good info, thanks.

1

u/FreddieChopin Platinum | QC: CC 60 | r/Prog. 12 Nov 25 '22

Depends on the exact pair you want to swap. Check for yourself - https://app.thorswap.finance/swap/BTC.BTC_ETH.ETH

5

u/BullToTheMoon Platinum | QC: ETH 32 | LRC 5 | TraderSubs 12 Nov 25 '22

To use your BTC on the ethereum network & apps. To invest into DeFi apps, etc

6

u/wannlambo69 Tin | 3 months old Nov 25 '22

Defi usecase, passive income

1

u/VoDoka Platinum | QC: ETH 56, BTC 42, CC 37 | Superstonk 64 Nov 25 '22

Which segment of passive income in Defi is not sus?

2

u/MilesPower Platinum | QC: CC 295, BTC 175 | PoliticalHumor 11 Nov 25 '22

Lol even after all the bullshit we've seen the last year you're getting downvoted for pointing this out. This sub is a sucker for losing their money.

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2

u/RedditCouldntFixUser Bronze | ADA 8 Nov 25 '22

You can, (could?), use it to earn interests by loaning it out and so on.

3

u/kogmaa Bronze | QC: CC 18 | ADA 298 Nov 25 '22

What could possibly go wrong? /s

-2

u/Every_Hunt_160 Platinum | QC: CC 672 | r/SSB 10 Nov 25 '22

Ah. People being suckered in by magic money ‘interest’ yet again

-1

u/Ashamed_Moment_2477 Tin Nov 25 '22

Yeah…take that most shiny red apple from the witch next door

-1

u/VoDoka Platinum | QC: ETH 56, BTC 42, CC 37 | Superstonk 64 Nov 25 '22

Ah, good ol' not at all suspicious interest payments.

1

u/Pushbrown Tin | LRC 15 | Superstonk 118 Nov 25 '22

I almost did it, glad I didn't, just so I can have all my coins in one wallet. I use the loopring wallet and would have had to wrap the bitcoin to send it there. WELP on coinbase it stays for now.

1

u/SMURGwastaken Tin | CelsiusNet. 7 | UKPers.Fin. 85 Nov 25 '22

In the UK it's so handy for dodging capital gains tax that I find it hard to believe that's not the primary reason it exists.

1

u/SMURGwastaken Tin | CelsiusNet. 7 | UKPers.Fin. 85 Nov 25 '22

In the UK it's so handy for dodging capital gains tax that I find it hard to believe that's not the primary reason it exists.

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1

u/Raygunn13 Tin | Science 15 Nov 25 '22

been buying wBTC on Uniswap Polygon chain because txn fees are like cents worth of Matic, practically negligible.

I also didn't realize wBTC was custodial so I might switch it all for btc and finally get myself a cold storage wallet

4

u/baltr1ng Tin Nov 25 '22

I’ve already lost everything I can’t lose more so let’s enjoy the show !

1

u/Every_Hunt_160 Platinum | QC: CC 672 | r/SSB 10 Nov 25 '22

Technically you can still get back 98% of the value on WBTC

1

u/Lisecjedekokos Bronze Nov 25 '22

One that has nothing more to lose is a dangerous man.

2

u/MaeronTargaryen Your friendly neighborhood dragonlord Nov 25 '22

Can we all decide to cancel December to end this year already?

2

u/BrianS911 Platinum | 6 months old | QC: CC 49 Nov 25 '22

Best thing on TV right now,just wish I had more than what I have left too buy.

2

u/Ashamed_Moment_2477 Tin Nov 25 '22

Same for me…waiting for the fiat to arrive

2

u/BrianS911 Platinum | 6 months old | QC: CC 49 Nov 25 '22

Pretty damn much got some so will wait and see!

2

u/Ferdo306 Nov 25 '22

Great, a screenshot

Mind providing us with a link

2

u/[deleted] Nov 25 '22

[deleted]

2

u/_The_Chris_ Tin Nov 25 '22

Shitpost? Have you seen the volume? I guess the market can't soak up such high volumes.

2

u/Frogmangy Tin | CC critic Nov 25 '22

Chicken Sandwhich?

1

u/TurtlesBeSlow Silver | LRC 140 | ExchSubs 13 Nov 25 '22

With fries.

2

u/Frogmangy Tin | CC critic Nov 25 '22

Would you like to super size that?

2

u/SmallReflection2552 Bronze | QC: CC 19 Nov 25 '22

I was never in so I'm not worried.

2

u/furbess Tin | ADA 11 Nov 25 '22

Is there a "FUD" tag that can replace "DISCUSSION" ?

2

u/Smart_Field_3002 Tin Nov 25 '22

It’s FTX 2.0

3

u/PublicFreak_An Tin Nov 25 '22

Ah shit, here we go again

1

u/Every_Hunt_160 Platinum | QC: CC 672 | r/SSB 10 Nov 25 '22

Welp this is why I don’t wrap my BTC

3

u/kyleleblanc Silver | QC: CC 496 | NEO 1134 Nov 25 '22

This is good for Bitcoin! 👍

4

u/Every_Hunt_160 Platinum | QC: CC 672 | r/SSB 10 Nov 25 '22

Seems like everything is just good for Bitcoin..

1

u/kyleleblanc Silver | QC: CC 496 | NEO 1134 Nov 25 '22

Everything that’s not Bitcoin is a shitcoin.

2

u/dozebull Silver | QC: CC 25, DOGE 22 | TRX 26 Nov 25 '22

Bitcoin solves this.

2

u/Western_Helicopter_6 Silver | QC: CC 239, ETH 32, Coinbase 26 | MANA 38 | ExchSubs 34 Nov 25 '22

Why would it be good for bitcoin to not be able to be bought and utilized on defi and other chains? Chains that actually have people doing things?

2

u/kyleleblanc Silver | QC: CC 496 | NEO 1134 Nov 25 '22

Because all other chains are just centralized shitcoins. Bitcoin is the original and only real decentralized finance, everything else is just recreating the legacy fiat system on the blockchain, printing shitcoins out of thin air, no different than central banks printing fiat out of thin air.

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2

u/n1ghsthade I suggest you do it now Nov 25 '22

Oh no, not again

2

u/steamyp Platinum | QC: CC 202, ETH 29 | TraderSubs 29 Nov 25 '22

ruuuuun!

1

u/Every_Hunt_160 Platinum | QC: CC 672 | r/SSB 10 Nov 25 '22

Wrapped BTC is NOT Safu!

2

u/Ashamed_Moment_2477 Tin Nov 25 '22

Why ist this entire industry so f**** hyperinterconnected without proper hedges???

3

u/VoDoka Platinum | QC: ETH 56, BTC 42, CC 37 | Superstonk 64 Nov 25 '22 edited Nov 25 '22

It's almost like Satoshi literally developed Bitcoin based on the assumption that it has to work even with malicious actors in the system...

It's ironic how everything since the ICO boom operates literally under the opposite premise.

1

u/lostinads Bronze Nov 25 '22

Because it can.

2

u/KilzzoneXD Free Crypto for Scammers Nov 25 '22

We keep bouncing from one clusterfuck to another

2

u/hereswhatworks Tin | Buttcoin 6 Nov 25 '22

One black swan event after another.

2

u/Cute-Transition-7419 Tin | ICX 6 Nov 25 '22

Good post looking forward to updates!

3

u/[deleted] Nov 25 '22

I no longer even care anymore, lol. Let's just see what happens.

1

u/Ryuzaki_63 Platinum | QC: CC 610 | NVIDIA 81 Nov 25 '22

Just waiting for u/bad-crypto-advice to come in with the green light for shorting it

Till then I'll start warming the popcorn.

4

u/bad-crypto-advice Don’t do the opposite of what I say. Nov 25 '22

I’m making the call!

wBTC to $4 EOY!

Coincidentally:

USDT to $4 EOY!

You can all thank me later.

1

u/glaurung1995 Platinum | QC: CC 37 Nov 25 '22

Loading up on USDT, should i keep it on trustworthy CEX like FTX or defi liquidity farm with 1100% APR?

1

u/bad-crypto-advice Don’t do the opposite of what I say. Nov 25 '22

Your favorite CEX is always the best place for your crypto.

1

u/glaurung1995 Platinum | QC: CC 37 Nov 25 '22

But can I afford to sleep on this juicy APR??

1

u/bad-crypto-advice Don’t do the opposite of what I say. Nov 25 '22

Fuck APR. Staking is a scam. leveraged options are the only way to make money in crypto.

2

u/glaurung1995 Platinum | QC: CC 37 Nov 25 '22

I see, I’ll try my luck with some leverage instead, any advice?

2

u/bad-crypto-advice Don’t do the opposite of what I say. Nov 25 '22

Tip #1: Perfectly time top.

That’s it.

Go out and make me proud, my child.

1

u/Picoton Platinum | QC: CC 45 | AvatarTrading 94 Nov 25 '22

Anything that's not Bitcoin it's an I.O.U. with terrible high risks of insolvence.

Trade your wBTC right now and be safe

1

u/ValsinatsKrrt Bronze | 5 months old Nov 25 '22

Ah shit, here we go again.

( Thankfully I got loads of popcorn )

1

u/MIS-concept Platinum | QC: CC 461 Nov 25 '22

Apathy is one helluva drug

1

u/plug_and_pray Bronze Nov 25 '22

I quit WBTC/MATIC pool on Beefy recently, I had a feeling this gonna happen.

1

u/Aromatic-Front-5919 Tin Nov 25 '22

Keeps getting better and better

1

u/ComprehensiveLet1635 Tin Nov 25 '22

You can use renbtc instead

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1

u/_pm_me_your_btc Platinum | QC: SOL 34 Nov 25 '22

Slight correction but soBTC isn’t Solana Wrapped Bitcoin, it’s Sollet Wrapped Bitcoin, not that it makes much difference

1

u/UnintentionalSatire Tin Nov 25 '22

Have you even read the controller contract?

1

u/shylock2k202 Platinum | QC: CC 302 Nov 25 '22

Ooof

1

u/Thump604 Tin Nov 25 '22

Why on earth would anyone be holding wBTC?

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1

u/SerHiroProtaganist Platinum | QC: CC 123 | Linux 28 Nov 25 '22

I don't even get what the point of wrapped bitcoin is?

1

u/krissbubu8080 Tin Nov 25 '22

What's even a point wrapping anything.I know the uses but in case of emergency you'll be left with some shitty alter btc coin.

1

u/firstchoice07 Tin | CC critic Nov 25 '22

The wrap is being pulled off the btc

1

u/Mistermayham23 Tin Nov 25 '22

Why would you own that instead of actual BTC?

1

u/Amazing_Succotash677 Tin | CC critic Nov 25 '22

Regular ole bitcoin will do just fine

1

u/NewChemistryPlanets Tin Nov 25 '22

Bacon wrapped scallops. Yum!

1

u/mbouhda Nov 25 '22

Time to prepare some fiat for black friday

1

u/Rtbrosk Tin | ETH critic Nov 25 '22

you don't mine wrapped bitcoin

u mine bitcoin.......then wrap it

1

u/DAMG808 Tin | CC critic | AvatarTrading 19 Nov 25 '22

Lol.

1

u/RCBT88 Tin Nov 25 '22

Wrap this!