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Thomas
@aviationdoctor.eth
Probably nothing https://www.bitdegree.org/crypto/news/coinbase-introduces-cbbtc-wrapped-bitcoin-on-ethereum-and-base
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Benido
@benido
Coinbase announced this basically the day that wBTC announced the Justin Sun affiliation and potential custody changes, right? Obviously this was prepared well before that, but still the moment was right to go public with that idea. But I am not sure this is really changing BTCs general strategy and tbh I hope the rock will find a way to increase fees so that the chain survivces...
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Thomas
@aviationdoctor.eth
I see this move as a vampire attack on Bitcoin. And with enough of these, I don’t think it matters much what happens to the actual Bitcoin chain and miners. Large trusted CEX like Coinbase have an economic incentive to become the main counterparties for buyers and sellers of BTC over Ethereum. Just like stablecoin issuers, but this time it’s BTC instead of USD. And once a critical mass of the BTC supply has been wrapped and lives on Ethereum as IOUs, it becomes risky for those still holding BTC on the canonical chain not to send to Coinbase and receive their own IOU tokens, because they run the risk of being left behind on a dying chain. If the security budget collapse happens, then it’ll be too late to wrap. So this initiative by Coinbase could actually have a snowball effect over time. I think it’s pretty clever
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Benido
@benido
Imo it's a vampire attack on wBTC for now. Did they think about potential long term effects? Likely! But I think this will flourish even if it just takes wBTC market share...
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