I advise you to get rid of this token quickly.
You mean to say is dump it or convert into other asset right? Im not sure what the reason of the depeg but likely about liquidity. Since its an altcoin there must be misalignment on the liq of this token on dex, cause most likely they have been used on defi product on altcoins as representation of bitcoin. Surely they will not rugged but the problem affect the representation which confusion on its base price which should be always equal to bitcoin to have a stable margins and computation on defi products. 
Topic: Do you still trust wBTC? Wrapped Bitcoin (Read 173 times)
Back to the question, why do they buy such wrapped tokens?
And why do they buy stable coins but not store their capital in US. dollar?
And why do they buy stable coins but not store their capital in US. dollar?
Even if they bought real dollars or even more liquid assets such as US Treasury bonds, this does not mean that the currency is wrapped.
There is a big difference between stableCoins and wrapped tokens. Stablecoin try to maintain the stability of $1 or any stable pair, while wrapped tokens are locking mechanisms, as for every 1 For wBTC to be printed, there must be 1 BTC in locked smart contract, such as the lightning network and the side networks, if that happens and that there is 1 BTC != 1 wBTC, then it is not wrapped token but stablecoin.
Luna was stablecoin based on Bitcoin and prices massively drop after de-pegged.
Crypto markets are volatile, thus these fluctuations are expected. Im not blindly justifying the situation, but we must comprehend wBTC's mechanism and market forces. wBTC, traders, liquidity providers, and market conditions can restore parity.
My problem is not in restoring the value, but rather that these bitcoins are used by the smart contract without the permission of who locked it, and yet the individual does not get profits from their locking. It's more like a loan with fluctuations collateral.
De-pegging has occurred, but wBTC's tech is sound. Its linked to BTC, crypto's gold standard, thus its not a pump and dump!
Crypto markets are volatile, thus these fluctuations are expected. Im not blindly justifying the situation, but we must comprehend wBTC's mechanism and market forces. wBTC, traders, liquidity providers, and market conditions can restore parity.
So, watch the situation but dont sell your wBTC too soon. This may be a little setback. Bitcoin's durable, sturdy, and proven!
Crypto markets are volatile, thus these fluctuations are expected. Im not blindly justifying the situation, but we must comprehend wBTC's mechanism and market forces. wBTC, traders, liquidity providers, and market conditions can restore parity.
So, watch the situation but dont sell your wBTC too soon. This may be a little setback. Bitcoin's durable, sturdy, and proven!
I don't believe in wBTC especially if it can be pegged the same as BTC. Some say that wBTC is pegged to BTC and only has a maximum supply of 157k coins. But for me it would be better to buy BTC directly because it would be safer.
Token peg or wrapped for me is not an option if i really want to hold BTC. We already have many exchanges available to buy BTC, why should you choose wBTC and another peg-of-BTC in any chain? I know, many think that this is safe, but the depeg situation that is happening at this time can definitely happen again in the future. For that reason, I never believe in BTC tokens, because it's not BTC. enough with TUSD, don't fall victim to wBTC and such peg tokens.
Back to the question, why do they buy such wrapped tokens?And why do they buy stable coins but not store their capital in US. dollar?
They wanted to have convenience and they chose to take risks with tokens. Tokens for stable coins, tokens for wrapped Bitcoin. Those tokens are not real US. dollar, not real bitcoin but they prioritize convenience for their transactions, trading than safety of their capital.
Fortunately, I don't own wBTC and I don't intend to own one. I'll choose BTC, the OG Bitcoin than of wrapped Bitcoins.
I'll never buy it using my bitcoin or any altcoins that I own. But if someone's gonna give it for free, that's a different story.
I'll never buy it using my bitcoin or any altcoins that I own. But if someone's gonna give it for free, that's a different story.
I advise you to get rid of this token quickly.
Right, it's only a matter of time until we see these wrapped tokens collapse and depeg. Token peg or wrapped for me is not an option if i really want to hold BTC. We already have many exchanges available to buy BTC, why should you choose wBTC and another peg-of-BTC in any chain? I know, many think that this is safe, but the depeg situation that is happening at this time can definitely happen again in the future. For that reason, I never believe in BTC tokens, because it's not BTC. enough with TUSD, don't fall victim to wBTC and such peg tokens.
This keeps happening as people refuse to learn that if they want to hold and asset then they need to actually hold it, I know this sounds like something an elementary school student will know, but investors and traders on their desire to outsmart each other end up outsmarting themselves by doing something this dumb.If someone wants to hold gold then they need to buy gold and not gold certificates, if someone wants to hold fiat then they need to get fiat and not stable coins, and if someone wants to hold bitcoin then they need to buy bitcoin and not a shitcoin like WBTC, will they listen? Of course not, and sooner or later they will have to pay the price of not doing so.
I don't trust wbtc or any other pegged tokens for that matter.
Inaccurate, these pegged tokens works similar to USDT, it's backed by real dollars in bank account. Similarly, wBTC is pegged by real BTC in whatever custodian they may be using.
This is what makes it an Altcoin, since it's not Bitcoin. WBTC is actually of no real value; the value and price attached to it are just done by the developers, so the chances of it re-pegging will depend on how much the developers are willing to pump in in order for it to maintain the same price as Bitcoin.
Inaccurate, these pegged tokens works similar to USDT, it's backed by real dollars in bank account. Similarly, wBTC is pegged by real BTC in whatever custodian they may be using.
Are you saying get rid of that token?
Don't need to wait until there's someone discover the WBTC smart contract or chain has a security problem because any smart contract has a low security.
Bitcoin is decentralized and not controlled by any single person, while Wrapped Bitcoin is opposite.
Bitcoin is decentralized and not controlled by any single person, while Wrapped Bitcoin is opposite.
This is not the only problem, but whenever it is 1 BTC ! = 1 wBTC, this means that those tokens are not locked, mined and burned against Bitcoin, even if the price back to previous levels this has no meaning now.
I don't intend to remove it, since it's made for its own use, the loss of stability with the original btc is a serious issue, but in this situation it's really out of the ordinary like bBTC, or other ecosystem wrapped Bitcoin, it doesn't make much difference.
The most obvious difference we can hope for is that it can be backed by many original btcs, or specific assets to avoid similar situations, like the other stablecoin story, although we are all see peg loss issues but as force majeure we still have to use and expect things to settle down soon.
The most obvious difference we can hope for is that it can be backed by many original btcs, or specific assets to avoid similar situations, like the other stablecoin story, although we are all see peg loss issues but as force majeure we still have to use and expect things to settle down soon.
As far as I know, each wbtc is minted for locking a btc. So, every wbtc are backed up by a real and whole btc.
The slight price changes are due to the imbalance of supply and demand. Just like how the price of a single coin can be different depending on the exchange.
Unless there is a serious/undetected flaw on the chain or contract, wbtc are as good as btc.
Lol, you must be joking.The slight price changes are due to the imbalance of supply and demand. Just like how the price of a single coin can be different depending on the exchange.
Unless there is a serious/undetected flaw on the chain or contract, wbtc are as good as btc.
There's no way to verify if every single satoshi in WBTC is backed up with a real Bitcoin. Don't need to wait until there's someone discover the WBTC smart contract or chain has a security problem because any smart contract has a low security.
Bitcoin is decentralized and not controlled by any single person, while Wrapped Bitcoin is opposite.
As far as I know, each wbtc is minted for locking a btc. So, every wbtc are backed up by a real and whole btc.
The slight price changes are due to the imbalance of supply and demand. Just like how the price of a single coin can be different depending on the exchange.
Unless there is a serious/undetected flaw on the chain or contract, wbtc are as good as btc.
The slight price changes are due to the imbalance of supply and demand. Just like how the price of a single coin can be different depending on the exchange.
Unless there is a serious/undetected flaw on the chain or contract, wbtc are as good as btc.
It's obvious not a BTC per se, so it's hard for the price to be pegged on the real BTC.
But in any case, I don't have it in my portfolio because I don't trust it. And it looks like my hunch are true as the OP pointed out that it seems that its depegging so to speak.
Not bashing those who hold this, but I think you should consider yourself to invest on the true BTC.
So it's really up to those individual, to get rid of it as the OP advises, or defend it.
But in any case, I don't have it in my portfolio because I don't trust it. And it looks like my hunch are true as the OP pointed out that it seems that its depegging so to speak.
Not bashing those who hold this, but I think you should consider yourself to invest on the true BTC.
So it's really up to those individual, to get rid of it as the OP advises, or defend it.
Over the past days, the price of wBTC has de-pegged the price of Bitcoin several times, and now the price is trying to return to the peg, but do you still trust this currency and their ability to fulfill 1 BTC = 1 wBTC?
I personally it is suitable for our use, although I know there is nothing like the original but it really has its place, there may be issues around the guarantee but there is no guarantee. This time we all understand there is no such thing as absolute perfection, and especially when we compare it to fiat prices.The difference is that we still see it as an altcoin, if it weren't for some forced trade I wouldn't have chosen it for holding, but we've seen the evolution of defi that wbtc can also be considered as a convenient and diverse choice to transfer assets across different ecosystems.
~snip
Are you saying get rid of that token? I would be curious to know why even buy any altcoin that has the word bitcoin or BTC in the name. This is a clear attempt to speculate on the background of bitcoin and attract the attention of investors to buy this worthless cryptocurrency. I see no reason to buy altcoins that mimic bitcoin in one way or another. This also confirms that bitcoin is №1 if they try to release copies for this. But more often than not, this is a way to force newcomers to buy junk under the bitcoin's pseudo-wrap.
Token peg or wrapped for me is not an option if i really want to hold BTC. We already have many exchanges available to buy BTC, why should you choose wBTC and another peg-of-BTC in any chain? I know, many think that this is safe, but the depeg situation that is happening at this time can definitely happen again in the future. For that reason, I never believe in BTC tokens, because it's not BTC. enough with TUSD, don't fall victim to wBTC and such peg tokens.
First of all, thank you for the advice.
I think I used this coin only once in a decentralized exchange like UniSwap or PancakeSwap, I will check later if I still have a balance on that coin.
Anyway, that's bad news if they are not on the same value as Bitcoin which means losses for everyone who bought this way back there is a difficulty in buying Bitcoin in a different exchange.
Well, if it's not worth its usage anymore, better just sell it for something else but the timing must be perfect or the pair should be better. I just don't know if we can still get the same value as it should with Bitcoin.
The sad part is many buyers of the new meme coins might not even be aware they are being fooled by this manipulation.
I think I used this coin only once in a decentralized exchange like UniSwap or PancakeSwap, I will check later if I still have a balance on that coin.
Anyway, that's bad news if they are not on the same value as Bitcoin which means losses for everyone who bought this way back there is a difficulty in buying Bitcoin in a different exchange.
Well, if it's not worth its usage anymore, better just sell it for something else but the timing must be perfect or the pair should be better. I just don't know if we can still get the same value as it should with Bitcoin.
The sad part is many buyers of the new meme coins might not even be aware they are being fooled by this manipulation.
WBTC is an ERC-20 token on the Ethereum blockchain that aims to bring the value of Bitcoin to the Ethereum Ecosystem. The price fluctuations you mentioned, are where WBTC de-pegs from the bitcoin's price can occur due to various factors.
1. Supply and demand imbalances
2. Liquidity issues
3. market dynamics
4. Technical challenges in maintaining the peg.
Also, the trustworthiness of WBTC depends on several factors including the transparency and security of the underlying custodian or organization responsible for minting and redeeming WBTC.
1. Supply and demand imbalances
2. Liquidity issues
3. market dynamics
4. Technical challenges in maintaining the peg.
Also, the trustworthiness of WBTC depends on several factors including the transparency and security of the underlying custodian or organization responsible for minting and redeeming WBTC.
This is what makes it an Altcoin, since it's not Bitcoin. WBTC is actually of no real value; the value and price attached to it are just done by the developers, so the chances of it re-pegging will depend on how much the developers are willing to pump in in order for it to maintain the same price as Bitcoin.
It seems that you did not understand my meaning, WBTC will be able to restore the link and connection to the same price of bitcoin, but what is happening is confirmation because the locking algorithm is not 1:1, but rather Signatories/validators exploit the bitcoins that they lock for other purposes. The point is not in how much you will sell bitcoin now, but in that as long as your coins have been exploited and you did not find them at the moment of unlocking, there is no guarantee that their value is equal to 1 bitcoin at all (even if de-pegged is restored).
One reason to de-pegged is WBTC/PEPES: $26,994.00 meme coins achieve wealth in indirect ways.
This is what makes it an Altcoin, since it's not Bitcoin. WBTC is actually of no real value; the value and price attached to it are just done by the developers, so the chances of it re-pegging will depend on how much the developers are willing to pump in in order for it to maintain the same price as Bitcoin.
Now will be the chance for anyone who is holding WBTC to sell off and take whatever they can in order not to incur a more painful loss. If this goes below this and we see it at $26k, we might likely see another crash just like what happened to soBTC.
Now will be the chance for anyone who is holding WBTC to sell off and take whatever they can in order not to incur a more painful loss. If this goes below this and we see it at $26k, we might likely see another crash just like what happened to soBTC.
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