1 month ago
Holding an open discussion on 𝕏, BitGo’s Mike Belshe joined Justin Sun and original WBTC contributor Meow to address concerns about WBTC custody changes.
Earlier this week, BitGo announced changes to WBTC’s existing custody model that included distributing influence across several parties and geographic jurisdictions.
The move drew a wrath of criticism from the cryptocurrency community, notably due to the involvement of Tron founder Justin Sun.
Seeking to clear the air, Jupiter co-founder and original WBTC contributor Meow welcomed BitGO CEO Mike Belshe, Justin Sun, and BitGlobal representatives to a public forum to shed some light on the situation.
MIKE BELSHE PUTS BTC USAGE CONCERNS TO REST
One of the key concerns outlined by the crypto community following BitGo’s original announcement was what the Bitcoin used to back WBTC would be used for. Acting as a voice for the crypto community at large, Meow posed the question of BTC utilization to BitGo CEO Mike Belshe.
Assuring over 5,000 captivated listeners, Belshe put their nervous minds to rest, highlighting that “when you put [Bitcoin] inside of a trust company you’ve got it wrapped in a mechanism which has got a fiduciary responsibility in a very legal way.”
Reinforcing his statement with additional context, Belshe acknowledged that people’s “number one question” was that “the bitcoin behind [WBTC] is not gonna get hypothecated, rehypothecated, lent out, used, taken, put somewhere else.”
Highlighting the legal constraints of BitGo’s position, Belshe assured listeners “The regulatory construct that we have makes it so that it’s actually illegal to do that.”
A TRANSFER OF TRUST?
Part of the BitGo X GitGlobal collaboration means that multi-signature keys with access to custodied assets will be distributed across several companies. While on paper this aids in decentralization and security, Meow and the community raised concerns regarding the involvement of BitGlobal, a relatively new and unknown entity in the space.
By transfering ownership of keys, Meow theorized that the “transfer of trust will take a long time” arguing it could be “quite a hard pill for the community to swallow”.
Responding to Meow’s claims, Belshe asserted “BitGo is not asking you to take the same trust that you had in BitGo and just give it to somebody else.”
Hammering his point home, Belshe contended that decentralization remains one of the strongest security measures available. Posing the rhetoric, Belshe asked “Is it more secure to have the two parties, or is it more secure to have BitGo hold two keys?”
THE JUSTIN SUN FACTOR
The announcement of Justin Sun’s involvement in the arrangement has been one of the collaboration’s biggest items of contention. Some long-standing crypto protocols like MakerDAO have argued that Justin Sun’s involvement adds an “unacceptable level of risk” to WBTC, proposing to reduce their WBTC exposure to 0.
Justin Sun’s commentary during the forum was admittedly brief. Downplaying his role and involvement, the controversial figure noted “the protocol, how to mint, how to burn and also the transparency and all the procedures remain the same.”
Adding further clarity, Sun contended “other than some of the keys being moved out of the U.S., I don’t really think there is much difference.”
Beyond assuring listeners that nothing had changed, Sun revealed his vision for the future of WBTC. Positing that “not everything we do is purely to make money” Sun believes the team should focus on expanding WBTC market cap, TVL, and helping the asset establish a presence of more blockchains.
Earlier this week, BitGo announced changes to WBTC’s existing custody model that included distributing influence across several parties and geographic jurisdictions.
The move drew a wrath of criticism from the cryptocurrency community, notably due to the involvement of Tron founder Justin Sun.
Seeking to clear the air, Jupiter co-founder and original WBTC contributor Meow welcomed BitGO CEO Mike Belshe, Justin Sun, and BitGlobal representatives to a public forum to shed some light on the situation.
MIKE BELSHE PUTS BTC USAGE CONCERNS TO REST
One of the key concerns outlined by the crypto community following BitGo’s original announcement was what the Bitcoin used to back WBTC would be used for. Acting as a voice for the crypto community at large, Meow posed the question of BTC utilization to BitGo CEO Mike Belshe.
Assuring over 5,000 captivated listeners, Belshe put their nervous minds to rest, highlighting that “when you put [Bitcoin] inside of a trust company you’ve got it wrapped in a mechanism which has got a fiduciary responsibility in a very legal way.”
Reinforcing his statement with additional context, Belshe acknowledged that people’s “number one question” was that “the bitcoin behind [WBTC] is not gonna get hypothecated, rehypothecated, lent out, used, taken, put somewhere else.”
Highlighting the legal constraints of BitGo’s position, Belshe assured listeners “The regulatory construct that we have makes it so that it’s actually illegal to do that.”
A TRANSFER OF TRUST?
Part of the BitGo X GitGlobal collaboration means that multi-signature keys with access to custodied assets will be distributed across several companies. While on paper this aids in decentralization and security, Meow and the community raised concerns regarding the involvement of BitGlobal, a relatively new and unknown entity in the space.
By transfering ownership of keys, Meow theorized that the “transfer of trust will take a long time” arguing it could be “quite a hard pill for the community to swallow”.
Responding to Meow’s claims, Belshe asserted “BitGo is not asking you to take the same trust that you had in BitGo and just give it to somebody else.”
Hammering his point home, Belshe contended that decentralization remains one of the strongest security measures available. Posing the rhetoric, Belshe asked “Is it more secure to have the two parties, or is it more secure to have BitGo hold two keys?”
THE JUSTIN SUN FACTOR
The announcement of Justin Sun’s involvement in the arrangement has been one of the collaboration’s biggest items of contention. Some long-standing crypto protocols like MakerDAO have argued that Justin Sun’s involvement adds an “unacceptable level of risk” to WBTC, proposing to reduce their WBTC exposure to 0.
Justin Sun’s commentary during the forum was admittedly brief. Downplaying his role and involvement, the controversial figure noted “the protocol, how to mint, how to burn and also the transparency and all the procedures remain the same.”
Adding further clarity, Sun contended “other than some of the keys being moved out of the U.S., I don’t really think there is much difference.”
Beyond assuring listeners that nothing had changed, Sun revealed his vision for the future of WBTC. Positing that “not everything we do is purely to make money” Sun believes the team should focus on expanding WBTC market cap, TVL, and helping the asset establish a presence of more blockchains.
1 month ago
Jupiter Exchange co-founder, Meow, who helped launch WBTC , raised concerns over BitGo's custody shift. He questioned who controls the BTC, the purpose behind the move, TRON’s involvement, and the need for multi-jurisdiction custody.
He also suggested adding an independent party to the multi-sig group for transparency.
He also suggested adding an independent party to the multi-sig group for transparency.
1 month ago
🚨 BitGo announces the transfer of its WBTC business to the world's first multi-jurisdictional, multi-institutional custody service, through a partnership with BiT Global.
This upgrade will take place within 60 days from today, without any disruption or interruption to service.
https://blog.bitgo.com/bit...
This upgrade will take place within 60 days from today, without any disruption or interruption to service.
https://blog.bitgo.com/bit...
BitGo to Move WBTC to Multi-Jurisdictional Custody to Accelerate Global Expansion Plan | by BitGo Editor | Aug, 2024 | Official BitGo Blog
BitGo is pleased to announce the move of its WBTC business to the world’s first multi-jurisdictional and multi-institutional custody via a unique partnership and joint-venture with BiT Global. BitGo…
https://blog.bitgo.com/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global-expansion-plan-2ea0623fa2c8
1 month ago
Daily Memecoin Recap - August 6
Majors continue recovering, $sol back at $154 from a low of $110
Great volume today
Runners Of The Day
$thumb -> hit $6 .4m, good cat meme, dev bought 80%+ supply off pumpfun and burned it all
$rawdog -> hit $1 .9m, "no telegram. no socials. rawdogging." zoomer meta
$hommy -> hit $1 .3m, "The One Who Waits", diamond hands meme of an interesting creature
Blind Meta
$⠙⠕⠛ -> hit $2 .65m, "Blind Dog", unique idea
$⠉⠁⠞ -> hit $395k , "Blind Cat", beta to Blind Dog
Wrapped Meta Pushes
$wDOG -> $3 .5m to $24m (6.85x), wrapped dog goes crazy (references $wBTC , $wETH , $wSOL , etc.)
$wCAT -> $165k to $2 .3m (13.9x), $wDOG beta
$wSCF -> hit $430k , "wrapped smoking chicken fish", beta to $scf
Ginnan Comes Back For More
$ginnan -> $10m to $77m (7.7x), $neiro 's brother
$tsuji -> hit $1 .52m, "Ginnan's Sister", Kabosu Family meme ( $doge ), CTO, beta to $ginnan
High Market Cap Coins Recover
$popcat -> $240m to $560m (2.33x), fast bounce after a large downwick
$giga -> $60m to $152m (2.53x), gigachad
Dog Memes
$hugi -> hit $1 .5m, a dog giving hugs
$Dog² -> hit $500k , a dog in a dog costume
Cat Memes
$npc -> hit $900k , "npc cat", KOLs involved
$vroom -> hit $900k , cat driving a car
$hop -> hit $300k , "hop online", cat playing video games, CTO
Other Plays
$knight -> $200k to $1 .7m (8.5x), "Fallen Knight", launch from July 25th, just made a new ATH
$time -> hit $419k , "It's Time"
$rpepe -> hit $325k , "The Real Pepe", irl person painted green
$pog -> hit $248k , penguin meme, pushed by KOLs
Note how $oodles is down at $1 .3m from a high of $12m +
One thing with sol memes: if there's potential for a sell the news event, then it will be a sell the news event
Lock in🤝
Majors continue recovering, $sol back at $154 from a low of $110
Great volume today
Runners Of The Day
$thumb -> hit $6 .4m, good cat meme, dev bought 80%+ supply off pumpfun and burned it all
$rawdog -> hit $1 .9m, "no telegram. no socials. rawdogging." zoomer meta
$hommy -> hit $1 .3m, "The One Who Waits", diamond hands meme of an interesting creature
Blind Meta
$⠙⠕⠛ -> hit $2 .65m, "Blind Dog", unique idea
$⠉⠁⠞ -> hit $395k , "Blind Cat", beta to Blind Dog
Wrapped Meta Pushes
$wDOG -> $3 .5m to $24m (6.85x), wrapped dog goes crazy (references $wBTC , $wETH , $wSOL , etc.)
$wCAT -> $165k to $2 .3m (13.9x), $wDOG beta
$wSCF -> hit $430k , "wrapped smoking chicken fish", beta to $scf
Ginnan Comes Back For More
$ginnan -> $10m to $77m (7.7x), $neiro 's brother
$tsuji -> hit $1 .52m, "Ginnan's Sister", Kabosu Family meme ( $doge ), CTO, beta to $ginnan
High Market Cap Coins Recover
$popcat -> $240m to $560m (2.33x), fast bounce after a large downwick
$giga -> $60m to $152m (2.53x), gigachad
Dog Memes
$hugi -> hit $1 .5m, a dog giving hugs
$Dog² -> hit $500k , a dog in a dog costume
Cat Memes
$npc -> hit $900k , "npc cat", KOLs involved
$vroom -> hit $900k , cat driving a car
$hop -> hit $300k , "hop online", cat playing video games, CTO
Other Plays
$knight -> $200k to $1 .7m (8.5x), "Fallen Knight", launch from July 25th, just made a new ATH
$time -> hit $419k , "It's Time"
$rpepe -> hit $325k , "The Real Pepe", irl person painted green
$pog -> hit $248k , penguin meme, pushed by KOLs
Note how $oodles is down at $1 .3m from a high of $12m +
One thing with sol memes: if there's potential for a sell the news event, then it will be a sell the news event
Lock in🤝
1 month ago
Daily Memecoin Recap - August 5
Market had a small bounce today
Too early to get excited, this could just be a relief pump, we need to see more follow through
Wrapped Meta
$wDOG -> hit $4 .34m, top holder was a whale (with $1 .5m+), "wrapped dog", meme referencing wrapped coins ( $wBTC , $wETH , $wSOL , etc. )
$wCAT -> hit $307k , beta to $wDOG
$wPEPE -> hit $157k , wrapped pepe
Slerf Team Confirms CTO rumours
$oodles -> $1 .7m to $12 .7m (7.47x)
- They've been teasing at a CTO ( $slerf team)
- People had been speculating that it would oodles
- Today they confirmed it
- Typical huge pump on the news, and major crash a couple minutes after (since there's nothing to look forward to anymore)
- Currently sitting at $3 .5m
Play On Letters
$btw -> $1 .2m to $6 .44m (5.36x), banana taped to a wall meme
$wsb -> hit $400k , "We're So Back", after market bounce today
$pac -> hit $280k , "Post Ape Clarity", funny meme
Dog Meta
$bane -> $894k to $8 .45m (9.45x), CTO, crashed from $4m last night down to $900k today & ran even higher to $8m +, pushed by influencers
$ares -> hit $500k , wolf meme
$png -> hit $250k , dog with a png background
More Cooks
$retardio -> $48m to $94 .5m (1.96x)
$helen -> $310k to $2 .85m (9.19x), CTO
$frank -> $141k to $943k (6.68x), CTO
$bunne -> $30k to $830k (27.6x), CTO
$walz -> $160k to $870k (5.4x), redacted GovTimWalz
, pumps as KamalaHarris
narrows down her VP choices
$mici -> hit $770k , $michi beta
$anon -> hit $340k , bunny meme
A lot of higher market cap coins have wicked and began to see some green
Would like to see continued push here to confirm this isn't a dead cat bounce
Market had a small bounce today
Too early to get excited, this could just be a relief pump, we need to see more follow through
Wrapped Meta
$wDOG -> hit $4 .34m, top holder was a whale (with $1 .5m+), "wrapped dog", meme referencing wrapped coins ( $wBTC , $wETH , $wSOL , etc. )
$wCAT -> hit $307k , beta to $wDOG
$wPEPE -> hit $157k , wrapped pepe
Slerf Team Confirms CTO rumours
$oodles -> $1 .7m to $12 .7m (7.47x)
- They've been teasing at a CTO ( $slerf team)
- People had been speculating that it would oodles
- Today they confirmed it
- Typical huge pump on the news, and major crash a couple minutes after (since there's nothing to look forward to anymore)
- Currently sitting at $3 .5m
Play On Letters
$btw -> $1 .2m to $6 .44m (5.36x), banana taped to a wall meme
$wsb -> hit $400k , "We're So Back", after market bounce today
$pac -> hit $280k , "Post Ape Clarity", funny meme
Dog Meta
$bane -> $894k to $8 .45m (9.45x), CTO, crashed from $4m last night down to $900k today & ran even higher to $8m +, pushed by influencers
$ares -> hit $500k , wolf meme
$png -> hit $250k , dog with a png background
More Cooks
$retardio -> $48m to $94 .5m (1.96x)
$helen -> $310k to $2 .85m (9.19x), CTO
$frank -> $141k to $943k (6.68x), CTO
$bunne -> $30k to $830k (27.6x), CTO
$walz -> $160k to $870k (5.4x), redacted GovTimWalz
, pumps as KamalaHarris
narrows down her VP choices
$mici -> hit $770k , $michi beta
$anon -> hit $340k , bunny meme
A lot of higher market cap coins have wicked and began to see some green
Would like to see continued push here to confirm this isn't a dead cat bounce
