Comp Sci prof who doesn't think much of crypto

NoahA said:
The monetary system is broken. If you fix the money, you fix everything else, including wealth inequality. So I believe the best solution is to adopt the hardest form of money there is, which is bitcoin, and then everything else will fall into place. (albeit after a very ugly dark period, but this is unavoidable at this point)
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I don't think so.
 
johnarb said:
There's fake volume for sure, but I think it's not a significant portion of the volume, unlike in 2017 when the Chinese and Korean exchanges were trying to attract new customers

Nowadays, the industry is dominated by a few players, Binance, FTX, etc
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Binance & FTX are both notorious for wash trading volume, so you are essentially proving my point.
Since BTC has no DeFi or DEX presence, it fully relies on CEXs, who essentially have free reign to manipulate any way they see fit. CZ & SBF aren't sure super wealthy cause they are nice guys when it comes crypto traders & investors.
 
Cryptjitsu said:
Binance & FTX are both notorious for wash trading volume, so you are essentially proving my point.
Since BTC has no DeFi or DEX presence, it fully relies on CEXs, who essentially have free reign to manipulate any way they see fit. CZ & SBF aren't sure super wealthy cause they are nice guys when it comes crypto traders & investors.
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There's 238k btc on ethereum as wbtc ($4bil usd), the better platforms and protocols utilize pools that have wbtc as a component.

https://wbtc.network/dashboard/order-book
 
M.W. said:
Bullshit. Study the basics of US stock exchanges and what role liquidity providers play. You seem to have been born 12 or 13 years ago. Also a company share gives you ownership in the company and voting rights. With cryptos you get nada.
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Lol. Strong opinion on this.
 
Sprout said:
There's 238k btc on ethereum as wbtc ($4bil usd), the better platforms and protocols utilize pools that have wbtc as a component.

https://wbtc.network/dashboard/order-book
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Do you mean this shitcoin?
https://www.coingecko.com/en/coins/wrapped-bitcoin
You also forgot:
https://www.coingecko.com/en/coins/renbtc

Too bad the amounts are lackluster considering BTC total supply & market cap. I would guess half the amount is in liquidity pools, the rest is collateral. Really does not compare to ETH position as an asset in DeFi.

DeFi would love for more BTC involvement, it just adds collateral to leverage and pumps all the ecosystems. But the BTC maxis will not venture into ETH land that heavy, for two primary reasons:

1) It exposes that WBTC is essentially superior to BTC, so if the ETH version of Bitcoin is better than Bitcoin, whats the point of the actual BTC network?

2) Wrapping Bitcoin goes through an admin, a centralized party, mostly CEXs. So that risk is existent and many BTC guys are against that. Which circles back to my original point, that BTC does rely on centralized parties.
 
renBTC brings back old memories.

For the perma-bears in this group which are totally confused at what renBTC even is (which is basically all of them), please watch the below because I'm not going to bother going into details:

 
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