Cassie Heart
@cassie
I had a strong philosophical difference of views about what should be done in the direction of crypto's future, which is what lead me to leave Coinbase. But I will say, without a shadow of a doubt, that Coinbase is being put through absolute FUD nonsense with this, and it's so obvious the origin of this attack is coming from one of the least trustworthy people in this industry. Would you rather trust your wrapped BTC with: 1. An audited public company with extremely rigid security controls and compliance teams (cbBTC), or 2. Justin Sun holding enough keys to a multisig to control it at any time (wBTC) And if your answer is genuinely 2, dear god why? https://x.com/CampbellJAustin/status/1835774529408553203
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Eloise
@eloisee
I am not that deep into crypto but the whole ideas is it being decentralized so the only option is 1
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Cassie Heart
@cassie
The answer for decentralized access to BTC is just BTC itself. cbBTC is a custodial asset and is not decentralized. It can be frozen, but in a way, so can wBTC (however it is a total contract pause, there is no individual address freeze feature).
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Eloise
@eloisee
I see, so what use does of cbBTC why not just leave BTC
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MrGox
@mistergox.eth
cbBtc could be very quickly swapped to stable coins or eth on chain, Btc you are only able to hold it really cbBtc could be used as collateral or if it’s on base it could be used for cheaper and faster payments
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Cassie Heart
@cassie
BTC is hard to use in most defi protocols, you usually need a wrapped version of it
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