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Author Topic: flag on neblidex_dev - "trustless and decentralized" lending with pegged token  (Read 74 times)
bitmover
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November 01, 2019, 04:50:59 PM
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User is asking for lending in btc using a pegged token, 1:1 to BTC.
He claims that this token and service as trustless and decentralized, which clearly aren't.

I think a flag should be appropriate.

You can earn interest on Bitcoin using trustless and decentralized processes.
This is not decentralized and you are trying to cheat people with misinformation

Quote
2) Deposit Bitcoin into your trading wallet by sending BTC to your client wallet. Because this exchange is decentralized, all coin information, including the private key, is stored locally on your phone. There is no exchange wallet. Make sure you obtain sufficient NebliDex tokens (NDEX) as well because these tokens are used to pay trading fees to the exchange relayers known as Critical Nodes. You can obtain these tokens through the exchange. You will also need a bit of ETH to interact with ETH smart contracts.

3) Go to the WBTC/BTC market and exchange your BTC for wBTC (which is an ETH token that is pegged 1:1 with Bitcoin).

4) Withdraw your wBTC and send it to one of various decentralized DeFi solutions (Compound.finance or Fulcrum.trade)

5) Earn passive interest and withdraw when ready. Repeat these steps in reverse to go back to Bitcoin. All steps can be accomplished without identity checks or signing up.

You are not giving the privatekeys of bitcoins to users, which they gave to you.
They have the privatekeys of a shitcoin you created which is totally centralized and not audited. Nobody knows if you have bitcoin 1:1 with your token.

I advice everyone to stay away from this because this really looks like a scam, as most of the information above is misleading.

Added negative feedback. Will create a flag.

Flag here
https://bitcointalk.org/index.php?action=trust;flag=937

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