Matt Warren ⚡ on Nostr: Wrapped Bitcoin is paper Bitcoin. Bitcoin is Bitcoin. Use wBTC if you want, but it ...
Wrapped Bitcoin is paper Bitcoin. Bitcoin is Bitcoin. Use wBTC if you want, but it isn't Bitcoin. It is it's own thing with it's own rules.
It may be 1:1 right now, but if you don't hold the Bitcoin, you don't own the Bitcoin. Ethereum and anything built on it has rules separate from those enforceable by the Bitcoin network.
The enforcement of a given set of rules is what makes Bitcoin valuable in my opinion.
A great historical example to consider is the backing of the USD with gold or other materials. The rules of gold didn't apply to the dollar, which is why we are where we are.
It may be 1:1 right now, but if you don't hold the Bitcoin, you don't own the Bitcoin. Ethereum and anything built on it has rules separate from those enforceable by the Bitcoin network.
The enforcement of a given set of rules is what makes Bitcoin valuable in my opinion.
A great historical example to consider is the backing of the USD with gold or other materials. The rules of gold didn't apply to the dollar, which is why we are where we are.