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Why not just buy Bitcoin?
JUST IN: A new ethereum token called Wrapped Bitcoin is aimed to hold a 1:1 peg with bitcoin.http://ow.ly/DPtK30mo2NR
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Because you can stick WBTC into any of the Ethereum financial dapps. You can short it on dy/dx or use it as collateral on any of the lending dapps. What you can do with BTC inside Ethereum is order of magnitude more expansive than what you can do with it on its own blockchain
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They’re saying it’s a token, not actually Bitcoin. It’s literally another form of Tether.
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It's an ERC20 token that is fully transparent and the best BTC-on-Ethereum we have until more decentralized bridges can be built.
@KyberNetwork's own blog post has far more details than the coindesk articlehttps://blog.kyber.network/wbtc-a-community-effort-to-bring-bitcoin-to-ethereum-b9b63e3b86e6 … -
Does that mean that for every token there will be a Bitcoin held?
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Yes, 1 WBTC (which will be an erc20 token) on Ethereum will equal 1 BTC on the Bitcoin blockchain
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Holding physical Bitcoin?
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"The proof of reserves is on-chain, which shows the exact 1:1 ratio between minted WBTC tokens and Bitcoin stored by the custodians" "Decentralized Autonomous Organization members will publicly audit the WBTC tokens to make sure that the balances in the custodian wallet match"
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JUST IN: A new ethereum token called Wrapped Wrapp Bitcoin is aimed to hold a 1:1 peg with Wrapped Bitcoin.
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JUST IN: A new ethereum token called Wrapped Wrapped Wrapped Bitcoin is aimed to hold a 1:1 peg with Wrapped Wrapped Bitcoin.
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MORE BREAKINGS: A new ethereum token called Super Wrapped Wrapped Wrapped Wrapped Bitcoin is aimed to hold a 1:1 peg with Wrapped Wrapped Wrapped Bitcoin.
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Breaking news: Rapper Chance the Rapped wrapped christmas gifts for warped rappers wrapped raps.
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why stop there? Let's create a EOS token one-to-one pegged with a NEO token that is one-to-one pegged with a Ethereum token that is one-to-one pegged to Bitcoin.... multiple fun ways to buy fake
#bitcoin. -
This is how the financial crisis after the next financial crisis will start.
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Your covering the losing side of the game with these tokens and Eth. They are finished - period. Ethereum was built as a toy and remains now a broken toy with it's tokens and it WILL NOT SCALE . Do yourself a favor and follow
@IO_Coin and their#Chameleon project. - End of conversation
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This would be useful, at least in the short term, for decentralized eth exchanges.
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I’m sold, going all in!
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