Jeez this xBTC stuff is some of the most overhyped marketing I've seen in a while.
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We don't think it's overhyped. Honestly our launch has been the opposite of hype, just buckling down and trying to build something cool. A decentralized and open market synthetic price on Bitcoin Dominance, sounds pretty cool to us. Hope you come around, happy to chat! Big fans!
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Thanks Sam, I mean, we're big fans of ourselves :) It's something that is really cool and possibly creating a new asset class... possibly. I do think it creates a new type of synthetic and possibly derivatives, if we build it right and do the right ecosystem. Feedback welcomed!
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The marketing is eh and the product is very questionable. The rug that I’m standing on is starting to move.........
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lol, we're trying to build something to last, as you'll see from our partnerships xbtc.fi we're taking this seriously. It's a very different value proposition to rebasing and tokens in general. It's a way to bring off chain data to on-chain economics in a new way.
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so I think the fundamental problem is that doing a rebase doesn't change the economic fundamentals -- it's just a stock split, so holders shouldn't win or lose to them in general, they're just neutral
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Direct economic connection, I see your point. I'd argue many traditional instruments don't act so rationally/directly. We're giving an open market price to BMCD, if you just stop there, there is a value proposition to debate. We think it's more interesting than just that though.
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"We're giving an open market price to BMCD"
meaning that you have an oracle for BMCD, and then are piping that into a coin's price?
So instead of being referencable the way e.g. chainlink is, you reference it by looking up something's supply or price or something?
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note that it doesn't make xBTC a useful thing to *trade* or buy or sell or hold or short because doing so isn't actually a bet on BMCD
Yes we use an oracle on BMCD to adjust the supply of xBTC. BMCD is directly tied to the token economics, it affects the supply of the token, the market then reacts to that. The market also predicts where BMCD will go and can make a future bet on where rebases/demand will go.
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k don't think this is going anywhere, I suggest you look up stock splits and decide whether they are bullish, bearish, or irrelevant for a stock
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