I don't know how about the not your key not your coin, but I'm pretty sure I hold my private key where the wbtc is stored. (regardless centralized institution freeze it)
You may hold a private key to a made-up token, but that's not Bitcoin, and indeed, a centralized institution can freeze it. Or just disappear. Or get "hacked" and lose the Bitcoins you thought were pegged to the wbtc you have the key to.
I say it's the same cause the price tokenomics are actually the same.
The price of wbtc can instantly go to zero. It may not be very likely, and it may not happen this year, but it can happen at any moment.
I understand your point that its not the actual bitcoin we hold @LoyceV so I get your point.
I wonder where people draw the line: currently there's
over 250,000 Bitcoin "wrapped". What if it becomes 10% of the circulating supply? 50%? That would basically mean
someone controls the majority of all real Bitcoins.
And it's ridiculous I now feel the need to add "real" to the word "Bitcoin"!But that wbtc can easily be traded on Binance with 1:1 so to btc (onchain) been tried that and been doing that since it got listed.
Until they decide you can't. This goes against all the freedom and "be your own bank" Bitcoin stands for. We used to have Forkcoins claiming to be the real Bitcoin, now centralized exchanges like Binance try to convince people to accept their own
counterfeit Bitcoin.