Bit 🐳 Ish on Nostr: wBTC is a bitcoin IOU represented by a shitcoin. You deposit BTC They issue you wBTC ...
wBTC is a bitcoin IOU represented by a shitcoin.
You deposit BTC
They issue you wBTC shitcoin that's "pegged 1:1 against bitcoin fiat price".
What happens to the deposited bitcoin? Is it full reserves? *bigwink* that's for me to know and you to find out.
Published at
2025-01-21 18:52:37Event JSON
{
"id": "681d5db4002b7489e063acd279d2316ad9b0ed485f691b71723472ab551d7f88",
"pubkey": "8e27ffb5c9bb8cdd0131ade6efa49d56d401b5424d9fdf9a63e074d527b0715c",
"created_at": 1737485557,
"kind": 1,
"tags": [
[
"e",
"3103d02c40c459b1042ab01de49b6e2f5ed7904eda357c24ca99611d0788c03c",
"",
"root"
],
[
"p",
"6ad3e2a34818b153c81f48c58f44e5199e7b4fc8dbe37810a000dce3c90b7740"
]
],
"content": "wBTC is a bitcoin IOU represented by a shitcoin.\n\nYou deposit BTC\nThey issue you wBTC shitcoin that's \"pegged 1:1 against bitcoin fiat price\".\n\nWhat happens to the deposited bitcoin? Is it full reserves? *bigwink* that's for me to know and you to find out.",
"sig": "afd39976c1868667d923df37a8025401df372c43dae67ffba96d1dfd001206d7629126f1bb8ce66ec12a4931a3cacd899531550ed7b2b73c557bcce6511bf5a0"
}
