LBTC is issued by a federation of companies which earns all the fees and controls the network.

How is this not a shitcoin?

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Simple: it is built on bitcoin as a layer 2 side chain. Also, I am not suggesting staying in Liquid, but rather passing through it to remove the public traceability of transactions.

It is "built on bitcoin" like WBTC on ethereum is "built on bitcoin".

Likely WBTC is more decentralized than the Federal

Reserve of Blockstream.

No, it’s verifiably backed 1:1 by bitcoin. https://help.blockstream.com/hc/en-us/articles/900001408623-How-does-Liquid-Bitcoin-L-BTC-work

nostr:npub1jg552aulj07skd6e7y2hu0vl5g8nl5jvfw8jhn6jpjk0vjd0waksvl6n8n did start it, but it is managed by a group, not just them. Again, I’m not saying hold L-BTC, I’m saying take advantage of its privacy perks on the way to another lightning or bitcoin wallet.

WBTC is backed 1:1 too. 😉

It is a shitcoin but it's useful