Stake for Bitcoin

Don't Wrap, Replace.

Using Cardano's ISPO innovation to migrate real BTC from the Bitcoin blockchain to Cardano.

[Stake for Bitcoin @StakeForBitcoin]

The path to $BTC on #Cardano continues. We started to explore this with a synthetic version. Now we have wrapped versions.

The final step is to migrate real $BTC from the #Bitcoin blockchain to #Cardano. Using the ISPO model to manage risk, we hope to introduce this final option

[Stake for Bitcoin @StakeForBitcoin]

@PeterMcCormack

[Phil Lewis @phillewisit]

On the topic of money moving out of and back into the treasury, everyone appears to be considering this with a tradfi mindset.

There were questions about the legal structure and “who” the legal entities are on both sides of these transactions.

This is the expected problem of how a decentralised technology network is treated in our legacy legal systems. This treasury is not “owned” by a legally defined entity. Nobody owns the treasury, so we can’t create a legal entity to represent it as a counterparty to transactions relating to it.

[Phil Lewis @phillewisit]

🧵Listened to this 3UTxO Space and have a couple of comments.

Maybe an Info GA about whether we should take this approach, is an important first step. There was too much focus on whether UTxO are the right people to be doing it and how much they should be trusted to work with.

If some of the treasury is to be used to invest in Cardano projects, then is it realistic that the entire community manages that directly through lots of smaller treasury withdrawals (like Catalyst), or do we want to outsource the management of that function to people who can focus on it (whether 3UTxO or someone else)?

[Stake for Bitcoin @StakeForBitcoin]

@gnarleysol @phillewisit 🤔

[Stake for Bitcoin @StakeForBitcoin]

We occasionally get asked, why burn the $BTC on the #Bitcoin chain? This might seem unintuitive, but the idea is to never send it back once it is transitioned to #Cardano.

Maybe an interim solution is required until people find burning #Bitcoin $BTC more palatable 🤔

[Amplifi EarthNode @Amplifiworld]

Connecting the unconnected from all corners of the world! 📡🌐📱

#WorldMobile #StrongerConnected #DePIN @WorldMobileTeam

[Amplifi EarthNode @Amplifiworld]

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[Amplifi EarthNode @Amplifiworld]

We're #WorldMobile, and if you'll permit us, we'd like to CONNECT the World! 📡📱🌍

We’ve tried to feature as many ENOs as possible, but if we missed any, please comment below and we'll make sure to include them in the next version! 🙏🏽

#EarthNode #DePIN @WorldMobileTeam

[Stake for Bitcoin @StakeForBitcoin]

@Planotesta @Andreas30716046 @cardano_whale @IOHK_Charles @anetaBTC @Indigo_protocol @wanchain_org If the market values the replica at $1,000 then you essentially still have 50.

Just like a USD stablecoin “replica” is valued by the market the same as a dollar bill.

$BTC on #Bitcoin doesn’t have some magical quality. It could easily lose its social consensus thin air value.

[Stake for Bitcoin @StakeForBitcoin]

The path to $BTC on #Cardano continues. We started to explore this with a synthetic version. Now we have wrapped versions.

The final step is to migrate real $BTC from the #Bitcoin blockchain to #Cardano. Using the ISPO model to manage risk, we hope to introduce this final option

[Stake for Bitcoin @StakeForBitcoin]

@Planotesta @Andreas30716046 @cardano_whale @IOHK_Charles @anetaBTC @Indigo_protocol @wanchain_org If a person burning $BTC on the #Bitcoin blockchain to receive a #Cardano representation of that $BTC, did so after paying the current price of $BTC, why would they sell the #Cardano token for any less?

We get that this won’t be for everyone, as bridges are the current method.

[Stake for Bitcoin @StakeForBitcoin]

@Planotesta @Andreas30716046 @cardano_whale @IOHK_Charles @anetaBTC @Indigo_protocol @wanchain_org Most modern money is created out of “thin air”. It isn’t about just burning $BTC. Those participating do so intentionally, in exchange for another token that represents what they just burned.

If everyone collectively agrees $BTC has value, where it’s token is shouldn’t matter.

[Stake for Bitcoin @StakeForBitcoin]

@Andreas30716046 @Planotesta @cardano_whale @IOHK_Charles @anetaBTC @Indigo_protocol @wanchain_org Thanks for giving our project some consideration. Like all money, $BTC has value due to social consensus. If everyone agrees that a #Cardano based $BTC has the same value as a #Bitcoin based $BTC, then it works.

The challenge is how to bootstrap this consensus on #Cardano.

[Cardano Foundation @Cardano_CF]

🎊The official Cardano Summit NFT Collection will be delivered by.....

Empowa!

👏We are very excited to announce that @empowa_io will create the Summit NFTs for the theme Blockchain for Social Impact.

Stay tuned for more updates coming soon!
#NFT #CardanoSummit2023

[Stake for Bitcoin @StakeForBitcoin]

@orcfax @Oraclecharli3 Great, thanks 🙏

[Stake for Bitcoin @StakeForBitcoin]

Great to see the progress being made by #Cardano oracles @orcfax and @Oraclecharli3.

Here's hoping they can one day support our project, by providing verification of #Bitcoin burn transactions prior to allowing $BTC to be minted on #Cardano.

[Stake for Bitcoin @StakeForBitcoin]

@Oraclecharli3 @orcfax Thanks, look forward to it 👍

[Charli3 Oracles 📍Reliable, Secure, Trusted @Oraclecharli3]

@StakeForBitcoin @orcfax Let's have a discussion 😀

[Orcfax oracle @orcfax]

@StakeForBitcoin @Oraclecharli3 Thanks, both teams are working hard to improve the ability for #Cardano projects to move towards full decentralization. We'd love to chat too.

[Stake for Bitcoin @StakeForBitcoin]

@AlanMatotek @orcfax @Oraclecharli3 Thanks for taking an interest. We are a very new project, but want to explore if there is interest in a one way bridge to migrate $BTC from #Bitcoin to #Cardano.

More information can be found on our website at https://t.co/QujjJPl4Ii

[Stake for Bitcoin @StakeForBitcoin]

A #Bitcoin ETF will finally allow TradFi to get exposed to crypto.

As their confidence grows in the months & years that follow, they will eventually take steps towards crypto that is more than just a store of wealth.

#Cardano's timing and maturity will align perfectly👌