BITCOIN SEASON 2: What You Didn’t Know About Wrapped Bitcoin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 15 February 2025
⏱️ 30 minutes
🧾️ Download transcript
Summary
Is your cross-chain bitcoin secure? What does “wrapping” bitcoin even mean anyway?
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Matt Luongo from Thesis helps us “wrap” our heads around what it means to take your bitcoin cross-chain. What are the trust assumptions? What are the differences between different wrapped Bitcoin products? Is there any “funny business” going on?
Notes:
• New users are coming to ETFs
• Microstrategy vs cross-chain Bitcoin
• TVL mirroring
• BitGo’s Wrapped Bitcoin vs other wrapped Bitcoin
Check out our Bitcoin scaling conference! Visit opnext.dev to learn more.
Chapters:
00:00 Introduction
02:03 What is Wrapped Bitcoin
05:12 Bitcoin Layers and Bridging
10:30 Trust Assumptions in Wrapped Bitcoin
14:14 Proof of Reserves vs. Solvency
19:02 The Scale of Wrapped Bitcoin
25:12 Soft Forks and Bitcoin’s Future
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Transcript
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| 0:49.8 | Proof of reserves is never proof of solvency. |
| 0:52.1 | So now we get to the really interesting spot of some of these new systems where a lot of them are excited about Bitcoin season two, just like you. |
| 1:00.4 | You know? |
| 1:00.7 | And I mean, just like me. |
| 1:01.9 | And so there was a gold rush. |
| 1:03.6 | But they made some exceptions. |
| 1:05.3 | So I call this TVL mirroring. |
| 1:09.3 | It was really, especially about a year ago, it was all the rage as this, |
| 1:13.5 | as this Bitcoin season two narrative started. And what people do is they say, hey, I want to launch a |
| 1:18.6 | new product, a new Bitcoin product. I really want to show how big and important my product is. |
| 1:24.4 | So I need to get a bunch of people to put their money at risk and show how they believe |
... |
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