Bitcoin needs Ethereum VM to reach its full potential — Web3 exec

[larry_vw_1955]

https://cointelegraph.com/news/bitcoin-needs-ethereum-evm-botanix-founder

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine.

Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.

If that's true then it doesn't look for bitcoin. Might as well invest in ethereum...

[mk4]

Bitcoin is doing great in it's category — it definitely doesn't have to do everything. You want blockchain-ized RWA? Do it on other chains. Bitcoin's job is to just be simple(send and receive BTC) and just be secure and decentralized as hell, without any unnecessary bloat that could bring in problems.

[Dave1]

Bitcoin is doing great in it's category — it definitely doesn't have to do everything. You want blockchain-ized RWA? Do it on other chains. Bitcoin's job is to just be simple(send and receive BTC) and just be secure and decentralized as hell, without any unnecessary bloat.

I do agree, Bitcoin is doing good as it is, no need to connect to Ethereum Virtual Machine or any other software or smart contracts. It is design by Satoshi already to be almost perfect. And we are on the brink of another bull run next year, so regardless, money is going to flow in the ecosystem for that matter.

I guess someone has it's own motive behind to push this kind of narrative. But I guess Bitcoin is not going to bite. Of course there could be development in the background but I doubt that the devs are going to look at EVM.

[headingnorth]

People who advocate for anything ethereum are beyond dumb.

Vitalik Buterin looks like a comic book villain and walking Halloween skeleton. Who in their right mind would trust this guy with their money??

[franky1]

https://cointelegraph.com/news/bitcoin-needs-ethereum-evm-botanix-founder

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine.

Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.

If that's true then it doesn't look for bitcoin. Might as well invest in ethereum...

things to note
ethereums market just shadow traced bitcoin markets movements which shows ethereum does not have its own independent community/utility. ether clowns know they are dependant on bitcoin.
bitcoiners know that many bitcoin subnetwork bridges are crap. many failures many broken promises.
so now they want to join ethereums more successful subnetworks with bitcoin

however mainstreaming bitcoin does not and should not rely on one "solution"
being dependant on one solution usually is a pathway to centralisation of middleman control

the thing is, once you lock bitcoin into a complex multisig with a method to unlock under a condition. where participants can monitor and agree/disagree to sign an unlock in a clear way offchain.. anyone can then create any subnetwork they like.. and yes this includes web3 virtual services. they dont need to use ethereums set up. they can use their own method

[larry_vw_1955]

I guess someone has it's own motive behind to push this kind of narrative. But I guess Bitcoin is not going to bite. Of course there could be development in the background but I doubt that the devs are going to look at EVM.

Well yeah he's promoting something called Spiderchain:

https://medium.com/@anisinzom5/botanix-layer-2-1853a0356eb3

The Spiderchain has several advantages over other sidechain designs. First, it does not involve miners directly in consensus or use merge-mining in any of its variant forms. Second, it uses multisig and escrow bonds to create a second layer proof-of-stake system on top of Bitcoin. Third, it does not require any changes to Bitcoin in order to deploy.

things to note
ethereums market just shadow traced bitcoin markets movements which shows ethereum does not have its own independent community/utility. ether clowns know they are dependant on bitcoin.
bitcoiners know that many bitcoin subnetwork bridges are crap. many failures many broken promises.
so now they want to join ethereums more successful subnetworks with bitcoin

however mainstreaming bitcoin does not and should not rely on one "solution"
being dependant on one solution usually is a pathway to centralisation of middleman control

so then that must mean you're a supporter of not only Spiderchain but also Bip-300 aka Drivechain. Multiple solutions, right?

the thing is, once you lock bitcoin into a complex multisig with a method to unlock under a condition. where participants can monitor and agree/disagree to sign an unlock in a clear way offchain.. anyone can then create any subnetwork they like.. and yes this includes web3 virtual services. they dont need to use ethereums set up. they can use their own method

that sounds alot like... lightning network! which is something that i believe you have not been a fan of in the past. would Spiderchain or Drivechain be a replacement for LN maybe? so you could get behind it  

[digaran]

Let the faulty/ buggy/ garbage/ scam/ centralized/ coins do their thing with this web3, anyone wanting to use evm or whatever the hell that means, feel free to go and discuss it on alt/scam board.
You don't go cleaning gold with garbage, gold doesn't need cleaning, it's pure on it's own. We thrive to advance and move forward not to descend and go down.

[hatshepsut93]

Botanix Labs founder Willem Schroé argues

Who cares what a shitcoin seller thinks. He's just scamming people who invest in web3, thinking it's the next big thing, but in a few years web3 will be as dead as ICO, NFT and all the other crypto trends. The only permanent thing in crypto world is Bitcoin, because Bitcoin actually has use cases in real world. Being an actually usable elecrtronic currency and a store of value is far more than any altcoin will ever achieve. Bitcoin doesn't need innovation for the sake of innovation, or more like for the sake of dumping premine, because Bitcoin is already being used by real people.

[PX-Z]

No need, bitcoin doing good on its own. Eth is worst on in congestion problem even it's now on POS. Bitcoin even suffer congestion and fee hike when the Ordinals was introduced.
If there's anything to be improve on bitcoin, it's the confirmation time IMO.

[philipma1957]

https://cointelegraph.com/news/bitcoin-needs-ethereum-evm-botanix-founder

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine.

Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.

If that's true then it doesn't look for bitcoin. Might as well invest in ethereum...

BTC has  different use features. It is the premier POW coin. Eth is simply a Piece Of Shit coin

No real backing simply an imaginary farce. Run by 1 guy

 I would love to see him:

 A) pay me the 2 eth he stole from me when he corrected the first exploit

B) admit the con and vanish

[Husires]

Analysts believe that there are high trading volumes in Ethereum, and if Bitcoin is linked to the Ethereum Virtual Machine, then automatically and over time, all projects based on Ethereum will prefer Bitcoin, and then its price will be high due to the high demand, which may be true, but Bitcoin does not need that for its price to rise. There are thousands of ways for Bitcoin to increase trading volumes and the number of users other than adding more smart contracts.

It is laziness and a search for easy solutions. You will find them agreeing for mining pools to block certain addresses if the government gives them free electricity.

[icalical]

https://cointelegraph.com/news/bitcoin-needs-ethereum-evm-botanix-founder

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine.

Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.

If that's true then it doesn't look for bitcoin. Might as well invest in ethereum...

Botanix Labs took those conclusion --Bitcoin need EVM -- based on the argument that Bitcoin will not fulfill it's potential just by becoming a decentralized currency, it also need to be listed in a commodity and security market, and I tend to disagree with that. Originally Bitcoin was made as peer-to-peer payment sytem to counter the hegemony of Governments controlled currency and IMF, and that's enough purpose for people to adopt Bitcoin. Adding another goal like make Bitcoin Commodity and Security will distract the main purpose, while it's not yeat achieved. And more over, currently with all the speculators buying bitcoin to gain profit, some poeple already consider it as a commodity

[libert19]

I'd agree. There are already several threads here on bitcointalk asking if there is any way we could have real BTC on EVM, unfortunatley so far there is none or are in development. People have no trust in pegged aseets, and it's for right reasons, so things like WBTC are discarded automatically.

If we could get OG BTC to EVM, it'll be best of both worlds.

[Solosanz]

It's true having a side chain or layer 3 will increase the Bitcoin adoption because every software or application will have Bitcoin and it's easy to connect it just like in Ethereum where you can directly connect with Metamask etc.

But the purpose of Bitcoin is as a currency, not for software or application usage.

Feel free to use any other coins or tokens for software or application usage e.g. ETH, Solana, etc, but it's not for Bitcoin.

[Sayeds56]

https://cointelegraph.com/news/bitcoin-needs-ethereum-evm-botanix-founder

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine.

Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.

If that's true then it doesn't look for bitcoin. Might as well invest in ethereum...

The statement that "Bitcoin needs Ethereum virtual machine to reach its potential" is a perspective and opinion that might not be universally agreed upon and this idea is not widely accepted. Most of the Bitcoin enthusiast prefer Bitcoin to remain true to its original design by Satoshi Nakamoto, valuing its distinctive features. Introducing interoperability system between Bitcoin and Ethereum block chains could potentially raise concerns about security vulnerabilities and impact its credibility, as it might expose the network to hacking attacks.

[ABCbits]

https://cointelegraph.com/news/bitcoin-needs-ethereum-evm-botanix-founder

Botanix Labs founder Willem Schroé argues a “huge amount of value” from real-world assets will be captured on Bitcoin, provided it connects to the Ethereum Virtual Machine.

Mainstream Bitcoin adoption won’t happen until it bridges to the Ethereum Virtual Machine (EVM) — the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.

If that's true then it doesn't look for bitcoin. Might as well invest in ethereum...

Looking at their website[1], it looks like Botanix already do that by creating their own blockchain which support EVM[2] and people can bridge their Bitcoin to their blockchain[3]. So IMO his statement is just a way to promote their blockchain.

[1] botanixlabs.xyz/en/home
[2] botanixlabs.xyz/en/faqs
[3] docs.botanixlabs.xyz/botanix-labs/get-to-know-botanix/introductory-concepts/how-does-botanix-work

[BlackHatCoiner]

Bitcoin is doing great in it's category — it definitely doesn't have to do everything.

I mean, sure. Let's adopt a conservative approach when developing the main layer, but why not taking advantage of all the resources used to secure it and mess with any potentially problematic idea in a separate layer (i.e., sidechain)? Everybody's happy then, because the main layer remains secure, and people still demand bitcoin to create stuff in sidechains without selling it for altcoins.

There is already that sidechain, it is called Rootstock.

[larry_vw_1955]

Looking at their website[1], it looks like Botanix already do that by creating their own blockchain which support EVM[2] and people can bridge their Bitcoin to their blockchain[3]. So IMO his statement is just a way to promote their blockchain.

[3] docs.botanixlabs.xyz/botanix-labs/get-to-know-botanix/introductory-concepts/how-does-botanix-work

i think the article was misleading they are not bridging over to ethereum. they're just trying to create a bitcoin EVM that sits on top of bitcoin and doesn't have any links to ethereum at all.

Botanix is actually an intermediary that makes it possible for people to use decentralized applications on Bitcoin. That means that you will be able to use decentralized exchanges (DEX), lend and borrow money, trade non-fungible tokens (NFTs) and so on. Things like this have been possible on Ethereum but Botanix is unlocking the same world for Bitcoin. A whole new world of decentralized finance opens up!

i'm not so sure i would trust someone's project like this. i mean if you locked up your btc and they just pulled the rug out from under you you might end up with stuck bitcoin. i dont know!  

I mean, sure. Let's adopt a conservative approach when developing the main layer, but why not taking advantage of all the resources used to secure it and mess with any potentially problematic idea in a separate layer (i.e., sidechain)? Everybody's happy then, because the main layer remains secure, and people still demand bitcoin to create stuff in sidechains without selling it for altcoins.

so are you against Bip-300? i'm assuming so 

There is already that sidechain, it is called Rootstock.

you like rootstock because if it has any problem then that doesn't affect bitcoin, i'm assuming.

[Casdinyard]

Bitcoin is doing great in it's category — it definitely doesn't have to do everything. You want blockchain-ized RWA? Do it on other chains. Bitcoin's job is to just be simple(send and receive BTC) and just be secure and decentralized as hell, without any unnecessary bloat that could bring in problems.

These people want bitcoin to become the pinnacle of stores-of-value in the investment category, hence why they are pushing for more scalable opportunities cause on its own bitcoin doesn't need to really employ anybody's help as you said. But we gotta be realistic in here and see that bitcoin, great as a payment system as it is, still needs to get that little bit of innovation every now and then for it to really flourish. Investment's what made it popular after all so it just makes sense for people to seek more opportunities for it to become more accessible.

[franky1]

the thing is, once you lock bitcoin into a complex multisig with a method to unlock under a condition. where participants can monitor and agree/disagree to sign an unlock in a clear way offchain.. anyone can then create any subnetwork they like.. and yes this includes web3 virtual services. they dont need to use ethereums set up. they can use their own method

that sounds alot like... lightning network! which is something that i believe you have not been a fan of in the past. would Spiderchain or Drivechain be a replacement for LN maybe? so you could get behind it  

it doesnt sound like LN in practice. because LN FAILS many security and economic integrity checks in those area's. why do you think they are inventing so many SaaS, factory channels, watchtowers and other centralised hubs renting inbound liquidity to cover up the lack in secure signature control of funds..
yes it sounds like SOME of the ideas from 6years ago with promises spouted about LN maybe achieving those ideals,, but LN failed to meet promises, hense needing them to scrap the network which devs admit they cant fix the flaws of, and instead start afresh in a different manner that actually does things securely
emphasis the locking and unlocking of a complex multisig is something all offchain systems sound like. as a basic gateway into and out of those systems.. but LN fails in many of those areas

as for what option of data archiving/utilising. well there are many options. and there should be many. all offering different niche's, offering different services functionality. not just one centralised system proposed as "the solution"
not all subetworks need to have a "archive forever" chain, some could have it where it blockchans for 6 months and at the 6th month they data is agregated into a utxoset and at the 12th month milestone they hash the 6th month utxoset as a milestoned history and then prune the 6 month chain and just keep a utxoset of those 6thmonths. then repeat process every 6 months so that there is only 6 months of archive chain and a ball of utxo's as a preimage of the rest of history at Xmonth previous state

as for different niches
EG starbucks can have its own customer network. offering its giftcard balance system and loyalty points

whereby instead of locking all funds into one crappy subnetwork and then splintering off all balance into multiple channels of that one crappy subnetwork. people lock funds into several networks before entering the networks and then having balance in different networks, doing different things

and have true atomic swaps between networks, which even LN after 6 years cant manage to fix at scale even within their own network

Bitcoin is doing great in it's category — it definitely doesn't have to do everything.

I mean, sure. Let's adopt a conservative approach when developing the main layer,

conservative in politics means delay, ignore and suppress the constituents needs but push through fast the needs of the corporations and centralised services without consent of the constituents
EG uk conservatives give tax breaks for the elites but removes benefits from the poor(the majority of population)