Topic: Bitcoin on Ethereum is Booming: Closing in on $1 Billion in Value (Read 223 times)

This trend will continue and will intensify after eth 2.0 lqunch and if btc grows to over 100k value then it will truly become an asset and people will use and store it even more on eth because of ease of transfer and storage.

This sounds a little sarcastic to me because for the reasons the btc was wrapped in ethereum now eth network is facing the same scalability issues like high transaction fee and slow transfers so i think it would be better to wait for eth 2.0 to continue to wrap btc in eth.

I think all cryptocurrencies do have a very high risk and your job as a trader is to always be aware of the various kinds of coins that exist because when you buy coins using the money you have no one can guarantee that you can get a profit, there is a loss in sight and that's the risk when the price collapses.

Still, I would be very careful about all smart-contract made coins. Wrapped Bitcoin is an elegant way how to get Bitcoin on Ethereum network and get more functions like Yield farming, but we have been witnesses of many smart-contract hacks, so one day could happen, that all Wrapped Bitcoins will be stolen from the smart-contract by a bug in a smart-contract code.

agree, CZ is shilling on every project that is listed on Binance, and most of them are not thoroughly checked, look at Sushi for example
and then, CZ tweet as trading on cryptocurrency is highly risky, yes it is, but he is making money from your trading, do not forget it, and that is why he is shilling every listed project, and especially those that Binance acquired at the end

I have always said that never listen to people who will make profit from your moves. If someone tells you to make a move and in the end they will make a profit from it, you should not listen to them because they are not trying to help you, they are trying to make more money. This is the same for people who shill coins and tell you that one thing is "soooo awesome and will make you 100x profit" all usually end up having it themselves and that is why they suggest it.

In any case I keep telling myself not to believe other people who have incentives for me to make a move and trying to remind myself they want the best for themselves and not me. You should do the same, check what CZ said and see if he will make a profit from it, same goes for anyone who ever tells you anything.

You cant move Bitcoin onto the Ethereum blockchain. There are some people that gave 80000 Bitcoin for some token on Etehreum. Now they dont have Bitcoin anymore but have some token. Such things happens every single day on 100s of exchanges.

JoinMarket is more of a protocol rather than a token (and Defi is just like ICOs with a useless token). it solves a problem instead of raising funds. it also has utilities rather than being a token that is being traded. there is also no centralized token platform involved in it.
i don't even know why you included this as an example of Defi!

the problem is that it is not an investment it is a ripoff. and the bigger problem is that the whole thing is seen as the "crypto world" that also includes bitcoin. so when 90% of that world becomes a shitshow, it is easy for people to see bitcoin as another one of the scams.

and that slows that adoption...

It is not really shocking to see the numbers going up because let's be honest this wasn't a thing for a long period, it is a brand new idea and a brand new feature in crypto world so it makes sense that it is still getting a lot of attention, however this is something new and this hype will not continue forever, there will be some more bitcoins moving towards eth blockchain for the few months ahead but by 2021 comes it will be old news and you will see that the number dwindles a lot, and in another year there will be very very low amount there, not zero because everything, even open scam things get attention time to time but it will not be at this level at all, probably under 20% of what it is today in a year. This whole increase was just a hype and that is it.

That is not a surprise, as he is naturally thinking about his own pocket. More people joins his Binance chain, more money for him. That first attempt to overthrown Ethereum failed last year, when some projects even started migrating from Ethereum to BNB, but obviosuly not enough.

I understand that Binance wants to make money, but I think that they should be more selective when listing DeFi projects. Sushiswap is good example, they listed them only fe days after launch, and few days later their main dev made exit scam and SUSHI price naturally plummeted, making people loose a lot of money. Maybe I am looking through rose tinted glasses, but i don't think that Binance was listing just about anything 2 years ago, especially not something like that.

even these holders bought bitcoin to make a profit, if bitcoin is stagnant and not profit of 3X do you think that all holders will be watching the DEFI wave without investing and making profits of 3X?

Binance CEO wants more Ethereum-based DeFi projects to join his platform

things like this that CZ is doing will only make bitcoin holders and many other people invest in these DEFI

This is absolute newspaper-like crap. How can they move "the value"? And how can they be considered holders if they don't own those coins anymore?
"Not your keys, not your coins", remember?


People seem to have short memory. There were the ICOs, "the big thing" that turned out to be big thing only for scammers. Now there's DeFi which is a greed-driven bubble which I don't see how it could end up well.
Keep your eyes open and don't gamble invest more than you really afford to lose.

Thank you for allowing us know this. It seem defi is the next big thing. Many investors are taking interest in cryptocurrencies because of defi. Manybe who know ethereum may trade over $1, 000 before end of this year.

Don't know why people are making a hype out of this. At the end of the day the 80,000 BTC or so that is said to have been "transferred" to the Ethereum blockchain will in most cases get converted back to the real BTC afret the DeFi hype has died down just like we saw with ICOs. Nobody in their right mind is going to buy wBTC and keep it in their wallets or exchanges for 5 years.

Do you think Joinmarket is a scam?

You realize there are decentralized, permissionless, and trustless DeFi protocols, right? Do you not find the idea of decentralized exchanges better than centralized exchanges, for example? Why is all of DeFi a scam? Like most technology hype, the majority of new projects will fail and a few will end up dominating the market. That's just how markets work.

What's with the "Bitcoin vs. everything else" mentality anyway? Who cares? Let the gamblers gamble. Bitcoiners are easy to part from their coins because they generally love to speculate on risky investments and ROI on their coins. I say let them. People should be free to invest in high risk, high reward investments. Who am I to criticize? That's for the SEC and CFTC and others who think it's their business to tell people what to do with their money.

Yes, I agree that this is a dangerous games being played out, specially those so called bitcoin holders. But if you are a true holder, the risk is not worth it, yes you can make money, but what will be the consequences in return, not work the risk, better be just a holder and let this Defi hype burst. And then you can say, "told you so". Stick to bitcoin and all we can sleep peacefully at night, without having nightmares of attacks and exit scams. 

The problem I see here now is that everyone in Defi is looking everywhere in the world for more people and more money, they know the crypto universe's real money all lies in Bitcoin and they're convincing Bitcoiners to start parting with their money, by saying hey guys, look, even the Bitcoin holders are doing it, so why not you? Holders don't give a damn about this temporary Defi scam.

There is nothing wrong with sharing some interesting news and articles occasionally, but before you do that at least check the article to see whether it makes sense.

Article that starts with such nonsense "Bitcoin holders continue to move the value of their digital gold onto the Ethereum blockchain, defying recent price drops in both currencies." should be dismissed immediately. Just think about it, how can you call someone holder if he is ready to move and invest his BTC? That contradicts the term itself and goes against everything that bitcoin holder would do.

Dangerous game they're playing, that's what I think. And no I don't think it's real Bitcoin holders doing that either, cause holders won't be risking shit for rug pulls. It's those investors who use custodial services or who have their Bitcoin not in their own wallets and in investor portfolios. So, they'd be putting money in anything from ICOs to Defi. Dangerous game.

for as long as bitcoin existed and people found out that it has a value and then figured the code is using MIT license (aka there is no legal obligations when you copy its code, its blockchain or even its name) they have been creating shitcoins many of which abuse the bitcoin name.

this is no different. some scammer has created a shitcoin and used the name "bitcoin" in it. and only newbies and gamblers buy this shitcoin.
as a result it has zero effect on bitcoin or its price.

shitcoins like ether has to be pumped to reach higher prices. when they get pumped and dumped multiple times, the future pumps become increasingly difficult.
when these shitcoins have enormous supplies it becomes even harder to get them pumped.
besides, the USD value of altcoins doesn't really matter. the important price is their price against bitcoin.

You and me aren't responsible but there are some people who did this and he or she has a big amount that can affect the market price. So it can be true or not but generally it can be if big amount transferred to one currency to another.

The second part is we hope so Eth will hit $500 in bery short time but who knows it surely?

It only make sense to shift where the money is, so right now it's on Ethereum or DeFi. But once it is burst, investors are going back to BTC again. So this is just a short term effect if there is an impact on BTC price again.

@livingfree - it is encouraging if we see ETH hitting $500, that will be interesting as the question of sustainability will pop up.

I'm a bitcoin holder but I've never moved my bitcoin holdings into Ethereum. I'm also an Ethereum holder but I didn't do as what you or that article says. Generalizing like as if we did it is misleading.

But it is encouraging to see that Ethereum is about to touch again $400.

That's true of Wrapped BTC (Bitgo custody) but not renBTC, which leverages a decentralized network, and is permissionless and trustless. Users lock and release BTC on the Bitcoin blockchain via smart contract, and tokenize BTC on RenVM much the way that Lightning users tokenize BTC on LN.


Regardless of the custody aspects, BTC getting locked into DeFi protocols has a distinct effect on prices, so it's relevant to us in Speculation.

Sorry to say that I am not spamming rather I am sharing some crypto news regularly based on Cryptocurrency. Mostly price analysis, Bitcoin, Eth and other valuable coins or tokens news to know about crypto. You can check my profile and I am doing it with references. You can find the full article or news from that in one click. After all, I can say that I am helping the community to know or understand the Cryptocurrency through article or news which published recently.

Thank you for your valuable comment

No they're not! Bitcoin holders haven't moved a single satoshi. Only native/greedy people give up control over their own private keys for some empty promise, but those aren't holders.

Can you spam this BS somewhere else?

Bitcoin holders continue to move the value of their digital gold onto the Ethereum blockchain, defying recent price drops in both currencies.

Close to 80,000 Bitcoin have now been transferred to the Ethereum blockchain, as DeFi protocols attract value back to their liquidity pools following an early September crypto market correction.

Even as prices for Bitcoin and Ethereum fell starting September 1, BTC transferred onto the Ethereum blockchain has already increased nearly 37% so far this month, according to data from Dune Analytics.

The increase in Wrapped Bitcoin (WBTC) and other cross-chain Bitcoin lockups has pushed their aggregate value to more than $800 million from less than $600 million at the start of the month. The total value is now equivalent to more than 2% of the entire Ethereum market cap.


The trend is a signal that, despite price volatility in digital assets, the appetite for DeFi returns remains strong even among BTC holders.

Cross-chain transfer protocols like WBTC and renBTC use either trusted third-party custodians or smart contract-controlled wallets to hold one digital asset, in this case Bitcoin, while making a replica token on another blockchain, like Ethereum. The replicated assets, sometimes referred to as wrapped tokens, are pegged to the value of the original token.


The most popular BTC-to-Ethereum cross-chain project is Wrapped Bitcoin, which is responsible for more than 66% of all cross-chain BTC, with nearly 53,000 Bitcoin locked in that system so far. RenBTC, the second-most-popular transfer protocol, has grown steadily, maintaining the same share of the Bitcoin transfer market at approximately 22%.

One large gainer has been Huobi’s HBTC, rising to become the third-most-popular BTC transfer solution with more than 6% of the overall market. The total number of HBTC has increased more than 570% since the beginning of August, when it stood at under 1,000 HBTC; it’s at 4,800 today.

The rest part is here, https://decrypt.co/41593/bitcoin-ethereum-booming-closing-billion-value?amp=1