4 ms·

> Only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions. Users can withdraw $BTC on Ethereum or BNB Chain while our tea

by jefftk 4y ago

> Only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions. Users can withdraw $BTC on Ethereum or BNB Chain while our team works to resolve this temporary pause.

gus_massa 4y ago
What does "withdraw $BTC on Ethereum" mean? Are they tokens that they claim to have a 1-to-1 peg with $BTC?
- efficax 4y ago
  They can exchange Ethereum for the equivalent amount of BTC, but good luck turning that BTC into cash
  - gbasin 4y ago
    While this is also possible, this is not what the statement was referring to
  - em1sar 4y ago
    there are actually more than a dozen ways to cash out that I can immediately think of but nobody is cashing out if you look at the on-chain metrics and CEX/DEX data
- gbasin 4y ago
  Yep. Some of these are held by custodians and others in smart contracts, depending on the type of "wrapper"
- yellow_postit 4y ago
  There’s wrapped BTC which is an eth network token “backed” by BTC. [1] https://wbtc.network/ https://wbtc.network/
  - bidirectional 4y ago
    Why the scare quotes? It's all verifiably backed on chain.
    - yellow_postit 4y ago
      Fair question, the quotes are from my general unease with claims of being backed and audited in the crypto space — see Tether — means for now with crypto I assume these are marketing claims until there’s more meaningful regulation in multiple countries.
- mszcz 4y ago
  This probably means wBTC (wrapped BTC) which is a ERC20 token on the Ethereum Network. They seem to have a more-or-less 1:1 peg to BTC and they seem to be transparent about their holdings (https://wbtc.network/dashboard/audit https://wbtc.network/dashboard/audit) - there's a list of addresses that's verifiable on-chain. Disclaimer: I've never used them and the info above comes after 3 minutes of skimming their website ;)

4 ms·

> Only a single network, the Bitcoin network, is impacted due to the stuck batch of transactions. Users can withdraw $BTC on Ethereum or BNB Chain while our tea

by jefftk 4y ago

gus_massa 4y ago
What does "withdraw $BTC on Ethereum" mean? Are they tokens that they claim to have a 1-to-1 peg with $BTC?
- efficax 4y ago
  They can exchange Ethereum for the equivalent amount of BTC, but good luck turning that BTC into cash
  - gbasin 4y ago
    While this is also possible, this is not what the statement was referring to
  - em1sar 4y ago
    there are actually more than a dozen ways to cash out that I can immediately think of but nobody is cashing out if you look at the on-chain metrics and CEX/DEX data
- gbasin 4y ago
  Yep. Some of these are held by custodians and others in smart contracts, depending on the type of "wrapper"
- yellow_postit 4y ago
  There’s wrapped BTC which is an eth network token “backed” by BTC. [1] https://wbtc.network/ https://wbtc.network/
  - bidirectional 4y ago
    Why the scare quotes? It's all verifiably backed on chain.
    - yellow_postit 4y ago
      Fair question, the quotes are from my general unease with claims of being backed and audited in the crypto space — see Tether — means for now with crypto I assume these are marketing claims until there’s more meaningful regulation in multiple countries.
- mszcz 4y ago
  This probably means wBTC (wrapped BTC) which is a ERC20 token on the Ethereum Network. They seem to have a more-or-less 1:1 peg to BTC and they seem to be transparent about their holdings (https://wbtc.network/dashboard/audit https://wbtc.network/dashboard/audit) - there's a list of addresses that's verifiable on-chain. Disclaimer: I've never used them and the info above comes after 3 minutes of skimming their website ;)