Ethereum

i had this exact idea two years ago: a one-way bridge, burn Bitcoin to receive BBTC on Ethereum. wrote a btc light client contract, what's left is the token.

cc @geohot want to ship it?

bitcoinmirror.org

https://geohot.github.io/blog/jekyll/update/2024/11/17/a-one-way-bridge.html

Real World Ethereum 🌎 
building /daimo ✳️ 

Max troll:

Once someone proves btc pow is dead (first 100-block reorg), BBTC minting is closed. There is a one-time bonus bringing total issued to 21m.

Double your bitcoin by recognizing reality early!

The challenge with this idea is that for now 1 BBTC is worth at most 1 BTC. You need a special circumstance to drive demand.

If enough people realize btc has no long term security budget…

Technowatermelon. Elder Millenial. Building Farcaster. 

nf.td/varun

that's right, it's not equivalent. @geohot called it "bridged bitcoin" but "burnt bitcoin" is more accurate.

*for now*, value would be at most 1BTC (bc u can always turn 1btc into 1bbtc) but with no lower bound... bbtc could trade at $0, pure loss.

only way bbtc can be > btc is if/when the btc chain dies.

I buy that BBTC will have some value, but why would it be treated as equivalent to Bitcoin?

it doesn't really work, there was a project that did this in defi summer and it implodes