wBTC and BTC

[Learn Bitcoin]

Where did you see wBTC at $20k? That would be a great arbitrage opportunity since you can still unwrap it (redeem/burn) for real BTC onchain.

I guess he saw that information in WO because he is active there, and someone posted today that this token has been in a bit of a problem in the last 7 days. Honestly, I don't pay attention to any variations (forks) of BTC, not even to this wrapped version.

No, I did not see this post until now. I saw the chart in Coinmarketcap today, and I just checked again and was shocked. They manipulated the chart for an unknown reason. I am not the only guy who has seen WBTC de-pegged. It was de-pegged for almost all day and now regained the peg. The main problem is they manipulated the chart. They removed actual 24h low data and adjusted it with real BTC. As far as I know, this happened because of a multichain sell-off.

The line chart might just be showing a moving average to smooth out extreme fluctuations. If you change the view to the candlestick chart it will still show you how low the price went. 

WBTC proof of reserves are published online. As long as the custodian holding the collateral isn't facing issues, like FTX was when soBTC depegged, I would expect the price to return to normal.

What if the platform is centralized shit? As I said, coinmarketcap fixed it, and you cannot find it anymore. As bullrun2020bro said, he noticed that too. I guess you missed the bolded part of my post. WBTC is available in multiple chains. This happened due to a multichain sell-off. Imagine a single chain has 10 WBTC, and someone sells 5 WBTC, and no one buys back and no orders. This will crash the price on that chain. It seems some whales played a good game. I don't know which chain it was. But many people have noticed the instability of WBTC since the 7th of June.

[dkbit98]

I have a question, I noticed that the wBTC moves in lockstep with the price of bitcoin, that is, if the price of bitcoin is $20.000, the price of wBTC is also $20.000, is there any possibility of a price difference?

Sure there is price difference sometimes and it can happen again in future, maybe in more drastic way when wBTC goes to zero on shitcoin chains.
Any token claiming to be better bitcoin with cheaper fees is not really Bitcoin, and all this tokens are on centralized chains operated and controlled only by few people.
There are already several lists of dead shitcoins and some of them were stable coins or fake bitcoins.
Stay away from wbtc and similar tokens.
 

[Faisal2202]

The point is, i didn't knew that WBTC was altcoin, I am being honest here. So, dear OP i have suggestion that you should then stick to the WBTC.

Now that you know Wrapped Bitcoin is fake and not Bitcoin, so it can be depegged and the people holding it will lose their real Bitcoins they deposited to receive Wrappped Bitcoins, why then should OP stick with them? There are enough good wallets to store Bitcoins, and if one wants to use a different blockchain, they should use their native tokens/coins and not risk their Bitcoins by wrapping it to become compatible.

Oops that was a mistake I meant to write only BTC but by mistake I wrote WBTC. Thanks for pointing out my mistake I would edit it to BTC. Thanks again. And just to clarify more I do agree that we should stick to BTC not other forks. But still as but bender asked below why we should use such forking of BTC while we have the real product.

Now that you know Wrapped Bitcoin is fake and not Bitcoin, so it can be depegged and the people holding it will lose their real Bitcoins they deposited to receive Wrappped Bitcoins, why then should OP stick with them? There are enough good wallets to store Bitcoins, and if one wants to use a different blockchain, they should use their native tokens/coins and not risk their Bitcoins by wrapping it to become compatible.

What's the reason for anyone to get wrapped Bitcoin in the first place, I don't believe in that and also other Bitcoin fork s. It's risky, and definitely not Bitcoin, personally I don't see the reason why anyone would want a different Blockchain than the one available, everything about Bitcoin has been serving me properly and I don't have anything to look for things that has the name Bitcoin attached to them but not Bitcoin itself
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I do agree with your point too as I was saying why one buys the WBTC while they have opportunities to Buy the real BTC and if they buy real BTC then the price could be increased too. I came up with some thoughts that might be the reasons for choosing WBTC over BTC.
1. Those who wanted to store BTC on Metamask.
2. Many projects have millions of dollars in the form of WBTC in there reserves why would they store such a huge amount in WBTC? I think WBTC has better access to the defi platform for integration purposes like we can not send btc to Metamask but we can WBTC. So in the same manner DeFi project needs to bridge among each other like there are 12 block chain or maybe more so to integrate among each other BTC must have a form that should be flexible with all. And that's WBTC.

I might be wrong so