Balaji bets $1M that USD will suffer hyperinflation within 90 days

Re:Balaji bets $1M that USD will suffer hyperinflation withi... by sharemywin on Friday March 17, 2023 @04:11PM (#35202257)

wonder if there's a way to pool funds like some kind of ethereum contract. I know ethereum won't talk to bitcoin, but maybe there's a way to do it?

[ Parent | on HN ]

Re:Balaji bets $1M that USD will suffer hyperinflation withi... by JVillella on Friday March 17, 2023 @04:18PM (#35202333)

There's something called WBTC[1]. It's very popular.

[1]: https://wbtc.network

[ Parent | on HN ]

Re:Balaji bets $1M that USD will suffer hyperinflation withi... by Laaas on Friday March 17, 2023 @04:31PM (#35202504)

EDIT: This comment is entirely wrong! Disregard.

Do note this isn't _real_ wrapped bitcoin. It's essentially a stablecoin which price matches a bitcoin; it is not backed by any bitcoins unfortunately.

Real wrapped BTC would require a decentralised bridge which isn't exactly trivial.

[ Parent | on HN ]

Re:Balaji bets $1M that USD will suffer hyperinflation withi... by JVillella on Friday March 17, 2023 @04:32PM (#35202519)

Wrong :) Look at the website.

[ Parent | on HN ]

Re:Balaji bets $1M that USD will suffer hyperinflation withi... by Laaas on Friday March 17, 2023 @04:42PM (#35202641)

FWIW it seems to be centralised, making use of a custodian, albeit it is backed by BTC as you say.

[ Parent | on HN ]

Re:Balaji bets $1M that USD will suffer hyperinflation withi... by JVillella on Friday March 17, 2023 @04:46PM (#35202689)

Yes, that's right. It's like USDC in that sense.

[ Parent | on HN ]