How is Liquid not an altcoin?

Regardless of the mechanism used to peg one Liquid token to one BTC, how is Liquid not a slight of hand to convince people that a completely separate token on a federated sidechain is actually bitcoin?

submitted by /u/Sugarbird676
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source https://www.reddit.com/r/btc/comments/eqe627/how_is_liquid_not_an_altcoin/

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