It is a really cool 😎 altcoin.

Saying it's the same as Bitcoin is the same as saying usdt (or usdc) is a dollar.

There is certainly value in the tradeoffs. I'm not denying that.

But Lbtc is not Bitcoin. The Bitcoin exists in the federations multisig wallet. The Lbtc is a receipt for that Bitcoin.

We talk about tradeoffs of trust;

I trust a Kabal of multinational corporations with my Bitcoin as much as I trust a bank with my dollars.

The reason why anyone can peg in but only members can peg out is because they need to control the possibility of a run on their Bitcoin-bank.

How much would I trust liquid? About a months salary. (My same level of trust for a legacy bank.