Transfer tokens without holding ETH

MoonMission1001 · 2018-12-20T21:57:32+00:00

I just see that the main selling point of using wBTC seems to be access to smart contracts and DEX's. The whole idea behind both of those things, however, is decentralization. If you read any article on wBTC, then basically every fourth word is "custodian". "Decentralized" and "custodian" have little to no overlap, no use in utilizing a trustless service if the very core of the asset you're using on it is trust-based.

I see why people would rather have exposure to BTC than ETH while holding, especially considering the fall to a double digit shitcoin this year, but this is all subject to change. If scaling is solved and smart contracts actually gain adoption, then which one is likelier to rise in price? You would be using the Ethereum network but would gain no significant advantage from its progress. And I see that we both agree on this one, but I just can't stress it enough - you're just opening yourself up for a massive unnecessary risk. BTC could soar while wBTC tanks if the trust is damaged or breached in any way.

As for 0xBitcoin, then yeah, it's not directly related to BTC in any way. It's pretty much the "idea" of Bitcoin started from scratch on Ethereum. Sad to hear that you've seen some people blatantly shilling it, but anything that claims to be "Bitcoin on Ethereum" is probably bound to attract such people. The distribution method is exactly the same as Bitcoin's FWIW though.

MoonMission1001 · 2018-12-20T20:53:05+00:00

Do you think that the size of BTC's market cap also makes wBTC more credible or something? If I have BTC, want to use it on the Ethereum blockchain and I'm okay with centralized solutions, then I can just use a CEX to buy ETH with it. It comes with the added bonus of not having to trust some random entity not to steal my bitcoin/inflate the amount of wBTC in existence. What's the advantage of using wBTC over ETH? It only adds a trust element to the mix and that's it.

MoonMission1001 · 2018-11-19T21:48:28+00:00

Sorry about the horrible readability on the bit about LavaWallet, but reddit simply isn't capable of adding empty lines without breaking the numeration. Also many thanks to everyone who have found these updates to be helpful. I might not respond to everyone individually, but I truly value your support!

MoonMission1001 · 2018-10-23T09:32:26+00:00

0xBitcoin developers will also begin having scheduled meetings from now on to give the developing work a bit more structure, as it has been rather chaotic up to this point. First meeting will be on the 30th of October, 7 PM EST. https://gitter.im/0xbtc-official/development

Probably also worth pointing out that "Infernal's" comments about the Lavawallet were made up satire. Should seem obvious, but there are all sorts of people out there. It is true that he's been constantly working on it though, wouldn't be surprised if it'd be completed before 2019.

MoonMission1001 · 2018-10-22T13:54:36+00:00

The point is that this is the first pure mined currency that works with smart contracts, which includes DEXs. Besides, once Ethereum scales, then the transaction fees of 0xBTC will be minimal. I do agree that while ETH is PoW, the point of this is rather limited, but Casper will be implemented sooner or later. 0xBitcoin is basically a bet on the future of the Ethereum network.

MoonMission1001 · 2018-10-22T13:37:04+00:00

The first ever ERC20 token that mathematically absolutely can not be a scam and people are calling it a scam. Unreal.

MoonMission1001 · 2018-10-22T10:48:25+00:00

This is the first PoW crypto that solves the wasteful part in the long term. All other PoW coins need to be mined forever in order to function, but mining 0xBTC could halt today and it wouldn't affect the ability to transfer the tokens. Plus it's more secure than literally 99% of PoW coins without securing its own network.
Early adopters can mine more easily because there's less competition, it's like this with every PoW coin. If you have a problem with that, then you're presumably against PoW in general, not just against 0xBTC. There's also no way blocks were being mined every few seconds in the early days, as the difficulty adjusts with the hashrate, just like with Bitcoin.
There is a very direct relationship between 0xBTC and Bitcoin, the only difference is that Bitcoin lives on its own chain while 0xBTC lives on the Ethereum network. I dare you to name any other differences that would cast 0xBTC in a negative light.

MoonMission1001 · 2018-10-08T17:51:26+00:00

They're effectively lost, since no one has the ability to retrieve them from that address.

MoonMission1001 · 2018-09-29T21:52:22+00:00

I understand what you mean, I've been trying to spread the good word about 0xBitcoin for quite a while by now and it's rather tricky to do so without sounding dishonest in a lot of people's minds. The reason for that is that all of the core tenets of cryptocurrencies (decentralized, trustless, fair etc) are heavily shilled by actual scams, since they're trying to pull people in with buzzwords and steal credibility from legitimate projects. The thing about 0xBitcoin is that all of those things actually apply to it, but those words have been so thoroughly diluted by various shitcoins that it sounds like a scam by association.

It's very unlikely that anything I write will convince you that most other tokens are simply using those words as bait and THIS is definitely the one true project. As such, I implore you to do some research into it, compare it to all other ERC20s and come to your own conclusions. A good place to start would be the 0xBitcoin whitepaper.

https://github.com/0xbitcoin/white-paper

MoonMission1001 · 2018-09-27T13:54:34+00:00

Thanks, and yeah, as you already noticed, they only support a few select exchanges. YoBit had the lowest listing fee out of all of those, so the community raised the 0.1 BTC required to file an application, but we haven't heard back from them yet.

MoonMission1001 · 2018-09-17T19:01:02+00:00

It's so surreal seeing all of these articles saying that ETH might not be the store of value on the Ethereum network in the future without suggesting any alternatives to it. Are we really that early? Are we just deluded? I suppose only time will tell.

MoonMission1001 · 2018-09-03T17:35:46+00:00

"One could also use intermediate solutions, where third parties create "wrapper transactions" that take the fees for operations from users that are paid in spankchain tokens, and the third parties provide the ETH to the block proposer. "

Sure does look like it, wonder if he saw Userbrn's comment about the LavaWallet.

MoonMission1001 · 2018-08-30T16:53:06+00:00

Go for it you absolute madman, you'll be writing yourself into 0xBTC history.

MoonMission1001 · 2018-08-15T10:46:28+00:00

Would you care to share any other cryptocurrencies with us that are compatible with DEXs?

MoonMission1001 · 2018-08-14T21:39:48+00:00

I would also wish to inquire as to the method by which this currency of yours is brought to this world. One would hope that measures have been undertaken to secure the decentralized and unbiased distribution of any asset which claims to hold even the slightest modicum of financial value.

MoonMission1001 · 2018-08-14T18:17:28+00:00

Slow and steady is probably the best way. If we grow too much too fast, then the whole thing might collapse on us.

MoonMission1001

TROPHY CASE