BTC in NEX - alternatives?

(Nicefox) #1

I remember a joke from my childhood days, a country spent millions of dollars so that they can make a pen that will work in space, and a different country just took pencil to the space.

Is there a different option listing/trading the real BTC itself? what about just a contract itself, people just trade that based on the current price… and they can easily cash out USDC and buy bitcoin from outside ? same way a futures contract would work ?

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(FCC) #2

I think every engineer (maybe not in US ?) knows that joke from US and USSR space programs.

Regardless of what people may be talking we know practical alternatives to have BTC in the exchange, but while we have time we will pursue the best ideas - this is done by a different team (Tom’s) from the matching engine (Luciano’s) and clients (Ethan’s) internally. So they can explore those in parallel while the others work on the delivery of the MVP.

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(EC) #3

I’ve always thought this joke was poor as it ignored the great innovations made and the problems it solved: pencils in space are a serious problem: graphite interferes with electrical circuits, graphite dust and wood particles floating around in space can be inhaled, pencils require a tool to sharpen once blunt, fire hazards, writings can be erased and therefore tampered with etc

So yes there’s an easy way of trading BTC which sounds great on the surface but won’t solve any current problems, just like the pencil. Nash has an opportunity to build something revolutionary, so why start cutting corners now?

Perfect analogy btw!

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(Nicefox) #4

perfect, thanks for the reply.

(CryptoUK1) #5

Because maybe they just really need/want that pencil in space while they work on the perfect solution :smiley:.

I agree with what you said but depending on the time it could take for the non custodial option, I’d be happy with BTC trading in any way in the meantime

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(Kelvin Fugara) #6

We all have to agree that Non-Custodial BTC will be distinctive and very powerful, we better wait for the best solutions rather than going through the simplest move.

(CryptoUK1) #7

Even if it could take quite a while?

(Crypto King) #8

Remember the slogan ’ the patient dog eats the fatest born’. I believe graduat growth is what we require. Its better we go slowly but surely that to run faster and brake our ‘leg’.

We need to exercise some patiance and wait to hit the best target.

(CryptoUK1) #9

I’d be happy waiting a few months or so after launch but if it could take a while for the perfect solution then other options in the meantime could be best.

My views as an exchange user vs a nex token investor are different. Of course non custodial BTC will be amazing - but BTC volume is hugely important.

I won’t be complaining as I’m in this for the long-term and think it will be a success whatever way it ends up working out

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(Njb) #10

Indeed. Non-custodial BTC will be groundbreaking. Others will follow Nash’s example.

(Nicefox) #11

while on the same topic, i just happened to read about dex and wrapped btc. https://news.bitcoin.com/wrapped-bitcoin-is-coming-to-ethereum/

(Kelvin Fugara) #12

Yeah, but it depends on what “a while” will mean, but in my view i dont think it will be more than two months after launch,of which will not be very bad by considering the fact that this project is here to stay and solve real problems,as long as they are working on it now, we should not be worried.

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(Vt) #13

That WBTC looks like yet another party that wants your KYC/AML data.

But, in the end it could be just as effective ast USDT.

(EC) #14

WBTC was made for DEXs on Ethereum that could not handle cross chain trades and for inclusion in ETH contracts (which can’t directly interact with the Bitcoin blockchain) as collateral e.g. a Maker CDP. It is a custodial solution as it relies on groups like BitGo to keep the original BTC safe and mint WBTC tokens. 0x based exchanges for example have no choice but to use an option like this if they want to include BTC pairs.

One of the key selling points of Nash is that the technology enables true cross chain transactions so WBTC is totally pointless here. If you choose to go the custodial route, you might as well trust Nash with the BTC custody and at least trade the real thing.

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(Nicefox) #15

thanks for the explanation, looks like btc non custodial needs some work. i don’t mind if nex keeps custody of BTC and provides some solution too :)… but either way, glad to know team is working towards an ideal solution.

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(Neogasrpx) #16

As far as I know the team is aware of multiple ways to offer non-custodial BTC but is exploring which way is most efficient/effective. It’s not that there isn’t a solution or they have no idea, they hired a BTC specialist so as far as i’m aware it shouldn’t be too far out. Also, surely they will have some surprises up their sleeve for lauch, wouldn’t this be the best ever surprise? :wink:

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(Nicefox) #17

yes , and nex trading on nash :heart_eyes: