WBTC

Throwaway4VPN

It's a wrapped token, like holding WBTC on Ethereum. It's not native so comes with bridge risks. Dogecoin has its own blockchain which can be viewed here: https://dogechain.info/

DearHair4635

So wait, you can’t but you can? Like I said, anyone can trade their BTC —> to ERC20 tokens. Your “can’t” is limited by your want, that want to stay defi. I believe that big industry will crush most defi, that they will crush ETH/WBTC just like any other crushed peg….ERC20 tokens are just going to be stock tokens/gift card exchanged/rewards programs etc again just my belief

Matth3w_95

You should select Arbitrum network of uniswap before making the trade, so fees will be cheaper. A good DEX on Polygon is quickswap instead. Try to simulate the costs and look for the cheapest option. It also depends on which token you want to swap. For Eth I'd suggest using Arbitrum as it's already is native token. You would receive WBTC, which is a token pegged to BTC on the Arbitrum chain. Holding WBTC instead of BTC carries more risks because it could de-peg like some stablecoin did in the recent past. If you want to do DeFi stuff with your WBTC it makes sense to have it, if you just want to hold Bitcoin is better to have the original BTC on the Bitcoin network, so I would consider RELAI or other similar services that let you purchase BTC with fiat and send it directly to your wallet.

larock0188

I would say most of the bad actors are out. I am mainly on VVS these days. But with this Bear market there isn't much of anything i am doing. Just collecting my LP rewards and converting to WBTC ot WETH.

DivinityInsanity

Smooth brain question, if I may: I finally managed to stake crypto on a well known DeFi protocol (on ETH). The return seems unreal, but whatever, it's money I'm willing to lose. Whether it's by scam, or rug... Anyway, in the end it cost me about $50 billion in ETH fees to finally get it converted and staked. Looking to the future: I have the option to withdraw it to a bunch of known currencies (UDST, ETH, BTC, WBTC, etc.), but what's generally the best way to get it back to the CEX, without having to pay another 50 billion in fees?

MinimalGravitas

It only counts ETH, WETH, BTC, WBTC and stablecoins in that total for Ethereum. No NFTs, no DeFi, no memecoins. Want to try again? $12 billion vs $600 million.

DearHair4635

I’ve said this for a while, there can’t be two kings of the same castle. I think ETH is just the live testing layer for Btc. BTC,WBTC,ETH can’t all exist in future consolidation, the world is hurdling toward centralization not defi. All mechanisms are being built around accept “crypto currency” but really just BTC. ETH is switching or has to ERC20 tokens, this will look much like company stock, gift cards, etc. the next bit will be fun, when they try to make us physically tied to these accounts, so we can’t lose them, or “be hacked”….hate to say it but if you look at countries that did the green pass during the last emergency, most people are pretty accepting of long term doom as long as you tell them they are in danger now.

DontTickleMeow

On coinbase, could you try swapping SOL for ETH or USD, and then that for WBTC?

alterise

The “wrapped” BTC you get on BNB chain isn’t even WBTC but Binance’s self-issued BTCB. This is almost as good as not withdrawing your BTC from binance at all since BTCB’s peg is guaranteed by them - if binance happens to fail for whatever reason, BTCB will lose its value. *Always* hodl your coins on their native chains. Binance has recently said that they’ll be supporting bitcoin’s lightning network so there’s that to look forward to.

Sharp_Tank05

WBTC and wETH. Yes, everything else is shit.

TripTryad

Umm... am I losing my mind or does your position on this not make any sense. Can we literally not sell BTC and buy WBTC? or some other BTC pegged token and effectively do the same thing? All you have to do is wait out the timer on wash sales anyway and go right back to native BTC. Its fine to not like the wash sale rule I guess, but your position here on VOO/SPY seems to hinge on the idea that there's no equivalent way to do this in Crypto, and I completely disagree with that.

snowdrone

What I meant is that the index fund substitution strategy doesn't really apply in crypto. Unless you are talking about a different kind of substitution such as buying WBTC after taking a loss in BTC?

coinsRus-2021

This may sound silly, but I don’t buy my Bitcoin off of central exchanges anymore. No, I actually choose WBTC on Ethereum that deals directly with BTC blockchain. Decentralized exchanges for me thanks.

aScarfAtTutties

Those have all been around for years now though. I wouldn't call that quickly scaling. I know shit takes time, but we need lower fees fucking yesterday. I tried experimenting with providing liquidity on Optimism, a "cheaper L2 alternative" dex last year, and between all my transactions of bridging to L2, converting eth to WBTC, and adding liquidity to the contract, it cost me something like $70 just to test out putting $10 of eth and Wbtc onto Optimism. That's already way, way too expensive for most people, and crypto is supposed to be a new way for anyone to participate? Forget about it. Defi is already unreachable for most people. You need thousands to make it work.

Alisko2000

1) I am also a dev 2) thinking that bc we’re devs our opinion about something being wrapped or not is idiotic 3) “wrapped bitcoin bridged to ergo would be an ergo native token” is literal bullshit. it is NOT native, that is why it is wrapped as NATIVE bitcoin is unusable on ergo. you’re just changing terminology to fit your (wrong) argument, just accept that part was wrong lol. There is no way you for example think that WBTC on ethereum is also native (wrapped) bitcoin just because it’s wrapped 4) i honestly dont understand your last argument. It seems like it makes 0 sense but i’ll just ask to make sure. first you said ergo is the only mixer than can mix native tokens, which is factually not true. now you say it is different bc it can mix native AND wrapped tokens. right? so your argument here as to why ergo is different is because it can mix native and wrapped tokens?

bitlinkmoney

I think people are sleeping on the WBTC vs BTC-in-Lightning Network chart. bec BTC Lightning is not rehypothecated.

Psukhe

BTC Maxi's are truly delusional. No respect or understanding of how technology works, thinking that Bitcoin can somehow become some settlement layer without any underlying functionality to actually make it happen. No way to trade BTC in a decentralized manner, unless it's wrapped BTC on ETH which utilizes a mutlisig key from the WBTC team. Taproot activation is at a dismal 4%. Lightning network itself has been around since 2017 and barely settles anything. The upcoming halving will have miners paying twice as much in energy fees for the same amount of rewards. "This was not an open ICO." Anyone with 0.01 BTC and an internet connection was able to participate in the ETH ICO. An amount that came to ~$17M at the time. I love how salty Maxi's get around the ICO yet the fact BTC was minable on a CPU on its inception with 50 BTC every block is apparently "egalitarian". Bitcoin is the OG, no one can dispute that, but it's the basis of an even better idea, programmable money: ETH. This could have been Bitcoin's future (and who knows, maybe it can be) but the rigidity and quite frankly the hostility of the BTC community hinders it's long term future. You argue what else can change with ETH in 10 years, I'll make the argument, if BTC does need to somehow change in the next 10 years how will it happen? Technology changes much faster than money and BTC will need to keep up. After the last BTC is mined miners will rely exclusively on transaction fees which a lot in the BTC community are in disarray about. Ultimately there is no thought leader when it comes to BTC which leaves it stale, rudderless, and prone to be overtaken. Vitalik being the founder and thought leader of Ethereum doesn't mean each and every change he thinks of somehow makes it to the ETH mainnet. If he proposed that all transaction fees go to his wallet do people actually think he or the ETH foundation can unilaterally force these kinds of changes? They can't; you know it, I know it, and it's a pathetic argument. I could go on forever. But at the end of the day, everything BTC does ETH does better: allows developers to build on top of it, (largest number of developers), ETH is deflationary vs BTCs inflation (until 21M, then another set of problems), faster and more consistent transaction speed since move to PoS as well as reduced validator hardware costs. Let's not forget people actually use ETH and what's the point of BTC if you are only supposed to HODL?

magnetichira

> Well which crypto do you see becoming legal tender in any country or state, and be the basis of national bonds? Me personally, I couldn't care less about legal tender. The idea that you need a government to decide what you can and can't trade with doesn't make sense to me. Bitcoin's "payment" narrative doesn't make sense. L1 is too slow and expensive, and LN has issues with security, decentralization and scale (all somewhat related to state channels not having full SC support on L1). The market also agrees with this as there is less BTC on LN than WBTC on ETH. Bitcoin's "digital gold" narrative makes, sovereigns could use BTC as reserves in their system, provided BTC is able to solve its security budget issue.

Rastifar

Nothing worth worrying about, they are going to add new WBTC pairs and will disable it during the addition process.

hex_peson

Friendly reminder: WBTC is not the real BTC. See what happened to soBTC (Sol's wrapped BTC because of FTX).

YuntHunter

Only roundabout way I can think to actually reduce your fee cost would be to buy WBTC instead of BTC and then withdraw that and the ETH to an L2 with much lower fees. Your crypto is then obviously stored on the L2 instead though.

SwainIsABird

But as long as they allow SOME actors to redeem, you can trade your WBTC in a decentralized manner for BTC at full price.

coldonline

Keep the value indexed to BTC without bridging , usually converting other tokens to WBTC or stablecoins

Philbot_

I really like the crypto.com card because of the integration with the associated crypto.com defi wallet and Cronos network. You can buy WBTC on crypto.com, send it via Cronos to the defi wallet, collateralize it on Tectonic lending dapp, borrow USDC against it, send the USDC back to crypto.com, and load it onto the card all in minutes from a phone. Staking for the card not only provides better spending rewards but also provides CRO to pay for the very low fees on Cronos defi. I think you'll find they've done a great job at making defi much easier than the myriad of other CEX/Chain/wallet/dapp combinations out there that could do the same thing.

12161986

I have follow up questions. Does BTC not require the large gas fees ETH L1 does? Is that something that’s changed from years past? I’ve only managed BTC via Coinbase or WBTC through Coinbase or Loopring’s L2 and any crypto I’ve used for actual buying/selling of things has been either Doge/Shiba to pay for some spores or ETH & it’s related alts so I’m not the more knowledge on BTC specific things. Thank you to anyone who answers my questions.

jhung713

*According to Peckshield, the hacker stole the funds by donating 200 WBTC to inflate the exchange rate for hWBTC. This made it possible to drain the lending pools with a tiny amount of hWBTC.*

ThrillingTurtle

Isn’t Wrapped Bitcoin (WBTC) on Ethereum from Ren Protocol?

12161986

Oh, hmmm. I swapped just over $100 of WBTC to LRC because I needed 40 LRC to buy a Loopworm. That was an hour and a half before the first giant step. So what I’m basically saying is that I’m the market maker now! I kept thinking BTC was going to drop after we got to 27k but I guess that’s why you don’t put a lot of faith into what you ‘feel’ when you don’t know Jack shit about it to begin with! I like this though, this is fun watching it go up. Where’s that Gif they always post when it goes up and down steeply?

f3361eb076bea

I’m not familiar with the site used for this screenshot, but how does the screenshot align with the title of this thread? For the WBTC trade, it says the USD value is $309k and the leverage is 50.41x (not the 53x in the title) 50.41 * $309,438 = $15.6m position But he *only* stands to lose $309k if he loses? I’m assuming I’ve missed something, so how do we get to the numbers in the title?

Fuglypump

Once this pool grows large enough I think we should create a pool paired WBTC or something.

claudinz

\- 7,461 $WETH ($13.4M) \- 5.3M $USDC \- 3M $USDT \- 65 $WBTC ($1.8M) \- 1.7M $DAI Ouch

kingo86

Being on ethereum it has the tools you need to transact with it privately. Can't do that on bitcoin. Even using WBTC and Ren BTC you have counter-party risk on Ethereum. > hack you're referring to. Could you be more specific Sure, here you go: https://thedefiant.io/counter-exploit-oasis-defi-hack > So nothing? That can be your opinion of it if you really want to see it that way. But in crypto what matters is how the market interprets it. I didn't see the value in DOGE, but clearly the market did. It's very humbling.

Puking_In_Disgust

Accessed mine through metamask and I’ve been conservatively trading pumps and dips between USDC, ETH, WBTC, and SUSHI since last year. Couldn’t be happier with how it’s gone so far. Particularly MOON/SUSHI since oddly enough SUSHI has these crazy massive swings in their own dex that aren’t present on other exchanges. In the last month I was able to buy some at under a dollar and sell it at 1.7 a week or so later. So add to that when MOON just happens to be moving in the opposite direction and those have been some of my most profitable trades (by %) in the shortest amount of time.

philosouf

WBTC is based on trust me broo and it's the total contrary of BTC

BestPlayerEU12

WBTC - Wrapped Bitcoin STETH - Lido Staked Ether

Schwacolyte

Just my opinion based on those crypto’s that’s have the steam behind them to survive this global economic downturn: - BTC - ETH on Arbitrum or Polygon. \ - Polygon on Polygon | other EVM to consider - WBTC on Arbitrum or Polygon/ - Cardano - Atom - NEAR - XRP - XMR Totally avoiding stables and dex tokens because of pending litigation. So that’s my strats for the foreseeable future.

deviantgoober

You may want to buy some BTC to ride the price pump and then sell, but you may already hold actual BTC at a low cost basis that you really do not want to sell. In buying WBTC, you can still hold your original BTC, but buy some more BTC that you can sell without affecting your basis on your original real BTC that you hold long term.

CandidateNrOne

If you want To know: If 75% of the Top 50 coins performed better than Bitcoin over the last season (90 days) it is Altcoin Season. Excluded from the Top 50 are Stablecoins (Tether, DAI…) and asset backed tokens (WBTC, stETH, cLINK,…)

randomFrenchDeadbeat

You are not onchain when trading on kraken. True, on an L1 the price is going to be similar, so there is no point in trading WBTC on the ETH L1 network. Yet the costs of transfering on an L2 ranges from a few cents at most to 100 times less, depending on which L2. Most importantly, it takes time. An unconfirmed transaction is going to be fast, but you dont want that, so it will take 10 to 30 minutes usually.

Anfibio8

Exactly. Unless, since it ia an ETF, it is composed by BTC, WBTC and BCH. Still, it is better to just invest in plain BTC

FldLima

One reason people may buy and hold WBTC is to participate in DeFi ecosystem built on the Ethereum network. Also, WBTC can be used as collateral in DeFi protocols, which allows users to access liquidity without having to sell their BTC holdings.

SpicyTabasco18

I use it for the same reason I use USDC. Yield farming, tax reasons and trading. I want to use dollars in DeFi protocols, therefore I use USDC. I want to use Bitcoin in DeFi protocols, therefore I use WBTC.

DrakharD

You have BTC, you want to do DeFi on ETH, you get WBTC. I would never use my BTC that way but some people would and that product / service is for them.

Puking_In_Disgust

>does it actually have value Idk, ask the WBTC, ETH, USDC, and USDT I sold 5% of my airdrop into respectively lol

philosouf

Even the official WBTC on Ethereum is based on trust us bro

bert0ld0

Oh nice idea actually! I might really go for WBTC, thanks a lot

LieutenantZucc

You could also hold WBTC. Rango does native ETH to native BTC iirc so that could work too.

majorpickle01

Tempted to move my BTC dca into WBTC so I can move to using DEX's from Centralized Exchanges - how safe is WBTC? worst case scenario?

CryptoDogs

WBTC is wrapped BTC on the ETH chain, DO NOT SEND THIS TO A BTC ADDRESS. it will be gone forever if the wallet you try to use allows that transaction to go through. ​ Sorry I don't know the best way to turn Moons to WBTC to BTC, but I wanted to make sure you didn't try to send WBTC to a BTC address.

User_Number_5

I need some advice. If I wanted to sell some of my Moons for BTC, what would be the best way to do that? Exchange it for WBTC on Metamask? Will WBTC become real BTC if you send it to a BTC adress?

MaximumStudent1839

Watched his interview on Bankless and realized this guy is so detached from reality and don’t understand the nuances of crypto infrastructure. Here are some easy points he fails to understand. 1) He claims crypto is the right hedge in the event of US banking system collapse. What he fails to understand is how integrated crypto is with the US banking system. Dollar being the reserve currency means the effect of hyperinflation doesn’t really start immediately as there is foreign demand to repay debt. HOWEVER, both USDC and Tether would most likely go POOF as they won’t have the reserves backing them anymore. All those liquidity pools on DEXs will be drained and dumped on CEXs as arbitrage happen. It would be UST replay but at a 2X worse magnitude. Even BTC won’t leave unscathed because of those WBTC on DEXes. 2) Hyperinflation essentially mean a collapse of public infrastructure like in the Weimar Republic or Zimbabwe. When the internet is gone, how will I transact in crypto?

KBtrae

I’m branched out all over, but the volume is on Uniswap. I would love to only be in WBTC/ETH, but there is so much liquidity that I earn only a small amount. The rest change a lot. I look for where volume is highest but liquidity is low. Then I set a window and hope that I earn enough to cover withdraw-swap-deposit fees. It’s less time consuming than trading, but pays way more than staking. It’s a good place for “retired” traders that still want to play a little bit.

BATISTUTA9

My bad, I thought you wanted the Pulsechain WBTC bro.

Puking_In_Disgust

Prices on sushiswap are pretty wonky sometimes. I sold moons into WBTC at a price of like 23700 when it was 28k yesterday, and then when moons dipped from like .35 to .32 WBTC went up to the price it was supposed to be and I swapped back at a 20% profit like half an hour later. Not too long ago SUSHI itself was under .9, so I bought a bunch and yesterday it was selling for 1.71, when the actual price has mostly just been hovering between something like 1 and 1.2.

Boobcopter

It's even worse. OP has it in yearn, which is Ethereum based. This means he doesn't have BTC at all. He has WBTC. Wrapped tokens have their own issues, so this comes on top to the platform risk where he invested it.

avance70

WBTC 😅 well, LTC probably

jwz9904

how about just hold BTC and not WBTC

coinfeeds-bot

tldr; Eurler Finance faced a flash loan attack on March 13. The attacker managed to steal millions in Dai (DAI), USD Coin (USDC), staked Ether (StETH) and wrapped Bitcoin (WBTC). The attack has already become the largest hack of 2023. Euler Finance raised $32 million in a funding round last year. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

DrakharD

> Decentralized finance (DeFi) lending protocol Euler Finance has suffered an exploit resulting in almost $185 million being lost. > The losses occurred over four transactions in dai (DAI), wrapped bitcoin (WBTC), staked ether (sETH) and USDC, according to smart contract auditor BlockSec. This is why you should never give custody of your assets to someone else. I don't care if it's CEX, some other person or smart contract. If you enter into smart contract you have given custody of your assets and complete trust to a developer of said contract. You trust them with your funds and hope they are not incompetent or malicious. If you do that, just accept that you can potentially lose it all.

Sonichu

Don't use their DEFI wallet... Swap your ETH to Matic Get Metamask. Send Matic to metamask Swap your Matic back to wrapped ethereum (WETH) for cents on the dollar Google AAVE Make sure it's the correct site Back up all your seed phrases and don't give it out under any circumstances if prompted Connect Metamask to AAVE if you're confident Supply your WETH, WBTC (wrapped bitcoin), AAVE, etc Never give your crypto so a centralized exchange again

erpetao

The safe "stable" coin in crypto is and always was **Bitcoin**. Glad I got out of all "trust me bro" coins (that depend on a third party): USDC, USDT, Dai, WBTC, eth layer 2 tokens (matic, etc.). I'm fully on trust-less decentralised btc (and some eth). Bitcoin may go up and down in value against the dollar, but it's safe: cannot be hacked, doesn't have a contract with an exploit, doesn't depend on the "reserves" of some random company, doesn't have MEV bots that come and fuck you up when trying to swap, etc. Stop falling for the same shit over and over again, put your assets into bitcoin, trust no one, read the bitcoin standard book.

holduntil2020

DAI is unique in that it is collateralized by multiple stablecoins and cryptocurrencies. By far, the biggest share of DAI's backing consists of centralized stablecoins USD Coin (USDC) and Pax Dollar (USDP), followed by Ethereum (ETH), Wrapped Bitcoin (WBTC), and dozens of other cryptocurrencies.

BTCwatcher92

Dai or multi collateral Dai (previously Single collateral SAI) is actually backed by more than just Ethereum at this point and changes depending on governance. It’s backed by Eth, WBTC, Usdc and other liquid reserves that have been reported such as gold and cash but I cannot find a recent source. I’m honestly not too happy to see it being backed by USDC as USDC is centralized, but it is still my top pick and I will do my best to explain DAI using some quotes and links. If it’s in quotes I copy and pasted. Otherwise I am writing based on my knowledge and research. “It’s is governed by a DAO so it is not susceptible to human error.” (I know this does not make it perfect but it’s better than the promise of a private entity, aside from the Usdc part which may change. ) As explained here. https://www.covemarkets.com/what-is-dai/ “Dai is a decentralized stablecoin that solves the problem of price volatility. Dai is pegged to the US dollar and maintains its value through a system of collateralized debt positions (CDPs). CDPs are smart contracts that allow users to lock up collateral in exchange for a loan in Dai. The Dai Stablecoin System is designed to stabilize the price of Dai at $1.00 USD.” “Besides being a stable math method, DAI also provides investors with tools to reduce risk. In times of market volatility, investors can deposit their funds into DAI to minimize asset loss. In addition, DAI offers access to mortgage loans that have a number of benefits over competing products.” I did find a bit of history about dai which gives a good look at what it has endured here https://www.covemarkets.com/what-is-dai/ Here’s 2 examples from the link showing DAIs resiliency. “On December 18, 2017, Dai and its associated smart contracts were officially launched on the main Ethereum network.The price of Dai was successfully kept close to one US dollar during its first year of existence, even though the price of Ether, the only collateral available at the time, declined by more than 80% during the same time period.” “In March 2020, as a result of extraordinary market volatility at the onset of the COVID-19 pandemic, Dai experienced a deflationary deleveraging spiral that, at its peak, caused it to trade for up to USD $1.11[citation needed] before returning to its intended $1.00 valuation.” Here’s another reference: https://www.fool.com/the-ascent/cryptocurrency/articles/5-things-to-know-before-you-buy-dai/ Which states “Its position was especially precarious in March of 2020, after Ethereum lost over a third of its value in a single night. MakerDAO even considered an emergency shutdown of Dai. If that had happened, Dai holders would have needed to redeem their coins for Ethereum. After surviving that issue with Dai intact, MakerDAO decided to add USD Coin to the mix of reserves. That's why such a large portion of Dai is backed by USD Coin now.” It seems to show its strength every time it is tested. Dai has my vote.

frozengrandmatetris

I'm interested in [RAI](https://medium.com/intotheblock/rai-a-free-floating-stablecoin-that-actually-works-d9efbbca94c0) or potentially MAI if qidao stops holding so much centralized WBTC as collateral

MinimalGravitas

To be fair to CH, he does raise an interesting point about the parallels of bitcoin being moved onto the Lightning Network (which most Bitcoin maxis seem to think is fine) compared to being wrapped onto a different chain as WBTC (which most Bitcoiners seeem to think is heresy). In both cases the asset is being locked and used on a new execution layer, which doesn't really settle to Bitcoin L1 (Lightning is more like a state channel than a rollup and so doesn't post proofs of transactions to the parent chain). I'm not sure yet to what extent I agree with this take, but I don't think it's instantly dismissible.

Castr0-

>WhaleStats announced that AAVE is one of the top 10 cryptos by trading volume among the 100 biggest ETH whales. WBTC, MATIC and CHZ are also included on the list. MATIC being on list is amazing.

GreenStretch

"Besides stable coins and let’s also take out the obvious fan hated coins doge and solana" BNB, WBTC, UNUS SED LEO I have owned SOL, DOGE, and ETC, but probably wouldn't buy again.

Giga79

A layer 2 exists *inside of* a blockchain, not on top of or beside. Arbitrum, is a layer 2 on Ethereum. It's an autonomous smart contract. If it goes offline or breaks you can use the L1 computer to move your assets outside of the smart contract, no risk to you. A L2 inherits all the same traits as the L1. Lightning Network, is an off-chain scaling solution for Bitcoin. It's an entirely seperate protocol. If it goes offline or breaks you can NOT use the L1 to move your assets because they are entirely independent networks. LN does not have the same security or decentralization as BTC. There are no L2's on Bitcoin, or L3's for that matter. The BTC protocol doesn't have the complexity to be able to express that much on-chain. If there are L2's or L3's built *using* Bitcoin they necessarily have to be centralized to function, ie taken off-chain. Wrapped Bitcoin on Ethereum is where *most* of all BTC is actively used, but where you deposit BTC to mint WBTC is a multi-sig address controlled by just a few people. Strike could be considered an L3, they use the Lightning Network to process cash payments, except they don't pay for any L1 blockspace so don't pay toward security or miners - considering they couldn't run their business without a secure BTC network, and they pull users away from L1 to avoid paying for blockspace, L3's are parasitic to BTC. BTC needs ZKtech to scale via L2 but people can't even handle JPGs on Bitcoin yet. It's going to take a *long time* before the network adapts to any new tech.

witcherycro

BTCUSD $ 22,449.50 1.05% ETHUSD $ 1,570.01 0.87% LTCUSD $ 91.24 3.54% SOLUSD $ 21.40 4.45% THE BLOCK PRO HAS ARRIVED. A new platform powered by the industry's most sought-after experts. Learn more ✕   Connect    Bybit halts deposits via USD bank transfer, citing partner 'service outages' Crypto's three biggest stories from the past week PancakeSwap V3 upgrade set to go live on BNB Chain in first week of April This week in markets: Crypto prices slide amid Silvergate fallout Crypto lender Celsius converts almost 23,000 WBTC into bitcoin Bybit halts deposits via USD bank transfer, citing partner 'service outages' Crypto's three biggest stories from the past week PancakeSwap V3 upgrade set to go live on BNB Chain in first week of April This week in markets: Crypto prices slide amid Silvergate fallout Crypto lender Celsius converts almost 23,000 WBTC into bitcoin          USD                  JPY                 EUR                 GBP        LIVE BTCUSD $ 22,449.50 1.05% ETHUSD $ 1,570.01 0.87% LTCUSD $ 91.24 3.54% SOLUSD $ 21.40 4.45% LATEST Silvergate short seller predicts crypto bank's demise within a week March 4, 2023, 2:36PM EST    COMPANIES Prosecutors say SBF should only access approved websites. He wants Door Dash and the New York Post March 4, 2023, 2:23PM EST    POLICY Bybit halts deposits via USD bank transfer, citing partner 'service outages' March 4, 2023, 10:45AM EST    EXCHANGES Crypto's three biggest stories from the past week March 4, 2023, 10:30AM EST    COMPANIES PancakeSwap V3 upgrade set to go live on BNB Chain in first week of April March 4, 2023, 8:20AM EST    CRYPTO ECOSYSTEMS Silvergate short seller predicts crypto bank's demise within a week by Benjamin Robertson COMPANIES • MARCH 4, 2023, 2:36PM EST Published 2 HOURS AND 10 MINUTES EARLIER on     The Block         QUICK TAKE Short-seller Marc Cohodes, who has been attacking Silvergate since last year, now expects the bank to close within a week. Silvergate shuttered one of its key money transfer platforms on Friday, shortly after Moody’s downgraded its long-term issuer rating.   Marc Cohodes spent part of his Friday afternoon playing the conquering victor. The veteran short seller posted pictures of a seemingly deserted Silvergate office on Twitter, while telling The Block that, ''Silvergate is a publicly traded crime scene and Alan Lane belongs in prison.” A spokesperson for the bank and its CEO Lane did not respond to multiple requests for comment.  The California-based bank has taken a beating recently over its ties to FTX and Alameda Research. Shares are down around 95% over the past six months. The company's long-term issuer rating was downgraded by Moody's on Friday, which warned further rating cuts were on the table after the bank disclosed it was poorly capitalized and had failed to file its annual report on time. Shortly after the rating downgrade, the bank announced it was closing its 24-hour money transfer system known as the Silvergate Exchange Network. ''I would be very surprised if the bank is open next week,'' Cohodes said.

coinfeeds-bot

tldr; Celsius changed 22,962.8 WBTC to bitcoin on February 28. The deal was authorized by the Celsius creditor committee, according to a statement in the lender’s Chapter 11 bankruptcy procedures. Celsius filed for bankruptcy in July after revealing a $1.2 billion hole in its balance sheet. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

Nuewim

When I convert my 0.00023 WBTC into Bitcoin no one made articles about that 😔

SigSalvadore

Look at is as a place holder. It allows asset worth/value (the token) to be 'moved' to another network. For example, lets way you have 0.25 BTC that you would like to get over to Ethereum network (ERC-20) in order to purchase some NFTs. You'd 'wrap' the BTC over to Ethereum by essentially minting a WBTC token which you could then swap for ETH. The original BTC is 'locked' up in a contract awaiting to be unlocked when an individual decides they would like to convert the WBTC back to BTC. When this happens, they burn the WBT in order to receive the BTC. That's a really dumbed down explanation of the process.

BlindestofMonks

Journalist be like - WBTC? What's that? A new Burger King menu? I'll write about it

UsefullyStriking

Lmao its like they picked a random person do write an article about WBTC

coinfeeds-bot

tldr; The supply of wrapped Bitcoin (wBTC) dropped to its lowest since May 2021 after the second-largest single-day burn on February 27. A total of 11,500 WBTC worth about $260 million linked to now-bankrupt crypto lender Celsius was burned, turning its growth rate to negative. The current total supply of the wrapped token is 164,396 WBTC, with a monthly growth rate of -7.39%. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

MaximumStudent1839

I can understand the FUD. It can hit even the most rational and calm folks because there is so much opacity in this industry. Holding derivatives can be absolutely terrifying when there is a trust issue on centralized entities. But you need more discipline against FOMO. Why the fuck would you buy back at 24K? Did you need your WBTC that badly? You need to learn to walk away. You should tell yourself THERE IS NO INVESTMENT you can’t live without! When you have that mentality, it is easier for you to be patient and buy back at least in a pull back instead. Always remember BTC is nice to have but it is not essential! No need to chase after fake pumps in a bear market.

johnfintech

This is a scam, and OP is a scammer -- note the dash "-" in the url. WBTC trades at the expected market price of 24k on the actual Uniswap DEX, but if you want to lose your money then by all means, visit the url posted by OP Reported.

mick8778

Wow, there is more Bitcoin (BTC.b) bridged to Avalanche than Bitcoin bridged (WBTC) to Ethereum.

12161986

I put a dual investment of WBTC against a 24,000 price point to expire on the 17th, that’s what happened. We’ll see if it stays above that by closing. That’s the thrill of dual investment, that’s the danger of dual investment.

higher-steaks

Does WBTC etc count as liquid supply or illiquid??