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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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28784208 No.28784208 [Reply] [Original]

>> No.28784288

>>28784208
ren is 900m mc and it isn't trustless. strudel is disruptive at least in this regard. can't be ignored.

>> No.28784338

>>28784208
>vBTC is actually useful
>vBTC is currently worth more than BTC
>you get free $trdl
>you don't have to trust kikes
What else do you need to know anon?

>> No.28784421

>>28784208
Because you would get 550 $trdl for every bitcoin you wrap

>> No.28784465

>>28784208
You get vBTC to participate in Defi. The same as with renBTC or wBTC but it's trustless and you can't get rugpulled. There will be a market for vBTC - BTC ofc. So if you want to get back normal BTC you can exchange it. The big selling point is the trustless bridge which will cause no possiblity of getting fucked by the signatures like renBTC or wBTC is doing it.

>> No.28784490

team is anonymous, no thanks pajeet. good concept, bad professionalism (look at their posts on medium). literally the same happened to asko. invest in a better project.

>> No.28784504

>>28784208
Liquidity unlocks in 10 days, this is a rug

>> No.28784505
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28784505

>>28784208
Because the current btc you have in your wallet doesn't make any money besides hodling. Putting it into the erc20 network lets you do defi shit like staking, pooling, lending. I know biz is full of retards but damn

>> No.28784532

>>28784465
why do people even want to wrap their btc, it doesnt make sense to me

>> No.28784573

>>28784421
>wrap
burn
It literally does a call to the chain that makes those coins frozen.

>> No.28784638

The one way bridge that people are fudding with is unironically what will suck slowly so much btc into this vortex.

>> No.28784796

>>28784573
Ok so if you literally make profit from converting from BTC to vBTC you could just convert that vBTC and trdl earned into eth then use that eth to buy btc. I swear the amount of autists. You aren't throwing money away unless you convert when BTC is higher than vBTC and the bonus trdl rewards for converting.

>> No.28784896

>>28784504
Weak fud. Most liquidity is provided by a bunch of different holders. If a sushi dev rugged this shit would be breaking news.

>> No.28784916

>>28784573
The pegged vBTC is still essentially "wrapped" BTC in essence-- it isn't actual BTC and can't be used as such. The problem with TRDL is that there's very little gain for the end-user when Ren, while not being trustless, is now large enough that it would be financial suicide for them to rugpull anyone and most people who do wrap tokens aren't doing them to hold, so their risk is even lower. Were it not a one-way exchange, TRDL might have more use cases.

>> No.28785223

>>28784208
They are literally and completely putting btc onto the ethereum blockchain. The implications of this are far bigger than anyone realizes. The one way bridge is absolutely fucking genius

>> No.28785245

>>28784796
so it's a money printer? idk anon that doesnt make sense to me either

>> No.28785284

Centralized Bitcoin bridges expose the Ethereum ecosystem to systemic risk. Projects like REN and WBTC lock BTC in insecure multisig setups and raise concerns of total value collapse.

“I continue to be worried about the fact that these wrapped BTC bridges are trusted… I hope that they can all ‘at least’ move to a decently sized multisig” - Vitalik Buterin
(Inventor and co-founder of Ethereum)

Strudel is the first one-way, trustless bridge linking Bitcoin to Ethereum. vBTC, the resulting asset, trades off counterparty risk for market risk, bringing more diversity to the tokenized-BTC landscape. In the long term Strudel is about using the forces of crypto-economics to challenge the status quo of blockchain and free BTC from the grip of Wall Street.

>> No.28785398

>>28784916
Its still a centralized vault though no? If it's just a few wallets handling the multisig access to the stored btc then it is vulnerable to hacks/exploitation. That's just as much if not more of a concern

>> No.28785434

>>28784896
Sushi came into the world as a rug, no one would give 2 shits

>> No.28785510

>>28785245
If the price of vBTC is higher than BTC it makes sense to convert. Do the math.

>> No.28785625

>>28785398
There are two big issues with this argument in the context of /biz/: 1. It makes no difference to the end-user. 2. In a two-way system, the total amount of BTC being frozen/unfrozen is constantly in flux, minimizing the amount of BTC amassed by that entity. Let's say that TRDL did get massively used-- which product would change the economics of BTC more to the end user, REN or TRDL? REN, unless something very specific happens (which would ruin REN in the process, taking away incentive from them to allow this), nothing. TRDL, by it's very nature, does over time by burning BTC.

>> No.28785648

>>28785434
Either way the liquidity is unlocked and provided by the community and thousands of individuals. Would take a lot to rug. Providing liquidity is incentivized

>> No.28785928

>>28785434
>Sushi came into the world as a rug, no one would give 2 shits
well, it lived because the dev got doxxed and was almost killed in minecraft

>> No.28785947

>>28785648
its a fuckin rug, I look forward to the memes 2 weeks from now

>> No.28786012

>>28785947
>It's a rug because I said so.
Great logic here

>> No.28786308

>>28785625
>It makes no difference to the end-user
In the context of biz this is a fair point. But in the greater context of the crypto landscape where the very ethos is founded on being trustless, its a very important factor.

>change the economics of BTC more to the end user
Not 100% sure I understand what your saying here but if I do understand correctly you're saying that trdl changes the economics of btc, and implying that that is a bad thing.

I don't agree. Trdl is effectively transferring btc onto ethereum, a much more decentralized, energy efficient, useful, etc system. It would be a very interesting thought experiment to imagine that all btc was converted to vbtc -- my gut tells me it would be a great thing for crypto

>> No.28786505

literally who cares about what you think?

see the vbtc transactions on uniswap

>> No.28786514

>>28785947
a rug? idk anon the team looks solid. what you think theyre fake or something?

>> No.28786754

>>28786308
You have to argue why it's a good thing to change BTC. Your argument is why vBTC is positive and not why changing BTC's economics is positive. vBTC, technically, is not and will never be BTC. It will always need to be converted and the price of vBTC is pegged to that of BTC, so any changes to the economics of BTC that vBTC makes will then whip back onto vBTC and not the other way around. Face it, shill, your argument boils down to, "Please invest so I get more money."

>> No.28786787

>>28786514
>what you think theyre fake or something?

they are supposedly real people, i would like to see an actual social media profile, linkedin for example, with some history. I have no idea of these are real people or not.

>> No.28787381

>>28786754
Not going to argue with you there.i am betting on the project to succeed and make me money. I think burn pressure on btc puts supply pressure on btc, raising the price. Then once permanently and trustlessly bridged to ethereum it has access to the whole defi ecosystem.
Don't get me wrong, find me a proven two way trustless bridge and ill jump ship, but until then I'm on the strudel train

>> No.28787597

Btw alpha for anyone listening. The real reason this isn't mooning right now is bc the farming apy is so ridiculously high. Im selling $5k a day, but it won't last long. Take from that what you will.
Thanks for the good thread