Oddbean new post about login | logout I'm getting my popcorn ready, looks like we're entering the let's try to generate yield on Bitcoin phase again, lets compound the risk on top of risk and let's see how far this goes before it all comes crumbling down and hodlers get to pick up major discounts...AGAIN! https://decrypt.co/247944/zest-protocol-says-liquid-staking-is-coming-to-bitcoin-with-btcz
Btcz 😣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
Lol I saw someone is also bridging this non-sense to ETH as an ERC-20 so get ready for a complete shitshow
This dudes…goal is to fuck banks, not to fuck each other in defi shit 💩 Guess that’s natural attribute of human beings…we have a long way before us 🫡
Found it, its called LstBTC lol, i'm all for bypassing banks, but p2p trading can also do that https://decrypt.co/247896/core-lstbtc-bitcoin-staking-liquidity
It does not explain where the value created (if any) is coming from.
Apparently these multi-sig/rollup "L2s" that we're meant to get will need capital for bridging and trading between tokens, and will pay the stakers from fees earned, which I doubt is anywhere close to an attractive yield so be ready for ponzifiication returns
Ok, that is fees for transactions. Still does not demonstrate that this is creating real value I guess.
I felt the same way about ordinals and they generated quite a bit of fees for a short period, so I never underestimate how a mania can take off but I don't see this being more than a flash in the pan, if that even
It doesn't. The only income stream built into Bitcoin is mining. Anything else is a ponzi scheme.
I just finished reading that article. Anyone participating in this shitshow is a crook or an idiot. Change my mind.. ✌️
Lol give it time, you'll be proven right, so sense in arguing with these people, they need to be burned