Bitcoins tokenized faster than they are being mined

[tranthidung]

I have never tried to use WBTC/wrapped BTC?
But the concept of it especially using the ERC20 under ethereum network is good, this can be reduced that traffic on Bitcoin network.
The only downside of it for me is being the non-transparent of it or some issue regarding the issuing of wrap BTC, like some hacks could happen or if the Ethereum network will fall, WBTC could be also affected since it is ERC20 and under on Ethereum network.

They are a kind of fake BTC. Fake from the name, ticker, and fake from technology.

• Developers of such projects only try to borrow the word Bitcoin and the ticker BTC to more easily grow their projects. I considered them as fake derivatives and they are different from USDT on Bitcoin chain, or USDT on ERC20/ TRC20. In my opinion, USDT on ERC20/ TRC20 is better than WBTC.
• Ethereum network has its own problems that have been repeatedly shown from CryptoKitties or DeFi. So the WBTC won't solve all technical problems at all times.
• How Many Bitcoin Forks Are There? You will be surprised!!!. They think they can more easily get success than create other bitcoin forks.

[witcher_sense]

~
First thing , it's not Bitcoins but at the end of the day , it's supported by Bitcoins , it's backed by Bitcoins this does mean Bitcoins and ERC20 tokens have integrated themselves in a much mutualistic way . This does mean they are supporting each other and we should expect people to get involved with WBTC more.

It's been expected to be a first class asset in some years .

What are your views ?
Have you ever owned and used WBTC?

Have never used Wrapped BTC and not going to, because I don't trust "something backed by something valuable" narratives. As we can see in this specific case, your statement is not true, because the quantity of WBTC is more than the quantity of BTC. So it is not actually backed, we just have been told it was supposed to be. The problem with shitcoin assets backed by bitcoin is that they require trust to whoever else issued them. They require continuous audit from third parties, again. With bitcoin I need not to trust anyone, I run my full node and verify everything for youself, without having to rely on third party auditors.

[serjent05]

I have never tried to use WBTC/wrapped BTC?
But the concept of it especially using the ERC20 under ethereum network is good, this can be reduced that traffic on Bitcoin network.
The only downside of it for me is being the non-transparent of it or some issue regarding the issuing of wrap BTC, like some hacks could happen or if the Ethereum network will fall, WBTC could be also affected since it is ERC20 and under on Ethereum network.

Anything regarding Bitcoin that does not run in the Bitcoin chain  is not good.  It is misleading just like the way OP stated on its first post.   It is manipulated and centralized.  And anything that are centralized is vulnerable to corruption.  Anytime the project owner can run the fund that is backing that WBTC.  Why use something that pretends to be a BTC when we can use BTC directly and free of any hassle and risk.

WBTC being created more than the Bitcoins themselves does prove that people are using them more in the market , maybe for the smart contracts and other options that ERC20 does have to offer , not like BTC does not have that but it's harder ..

This only means that the project owner is up for the money grab.  It is not that more people are using it.

[LoyceV]

Claiming to claim that your token is backed by something is one thing, but actually backing it up means spending a lot of money in process

It's dumb! And it just sounds like the next scheme in the line of altcoin>ICO>Fork>defi/tokens. Why would anyone give up their own Bitcoin to buy a token created out of thin air, only because they promise to keep the Bitcoin? There used to be a time when dollars were backed by gold. Until someone decided to remove that promise.

Why would anyone want to hodl an IOU for Bitcoin?

Asking the real questions here!
All altcoins, ICOs, Forkcoins and now this crap are only created to make the creator rich. Don't surrender your Bitcoins, if you don't own the keys, you don't own them. Period.

You call it tokenization. I'm going to call it forgery. Or counterfeiting. Or just an exit scam waiting to happen.