Is the absance of Bitcoin affect the crypto Industry? - page 3.

Luzin

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Quote from: Darker45 on December 10, 2023, 08:04:46 PM

To be honest, with the current crypto environment in which the fundamental philosophy of Bitcoin has become secondary, the man may be right. To others who don't agree with Hoskinson, aren't they themselves using centralized Bitcoin platforms? Aren't they themselves submitting KYC demands? Aren't they themselves treating Bitcoin more of a speculative asset than a freedom money? For all we know, if Bitcoin collapsed all of a sudden, even the miners would readily jump into a profitable altcoin.

But you should know that when Bitcoin falls, altcoins always follow. So I think there are big and bad effects when Bitcoin is gone. It looks like the Industry is going to be reset. Starting again from scratch, it takes quite a long time. Back builds investor confidence. But when the nature of Bitcoin is currently Decentralized, then eliminating bitcoin seems difficult. As long as the world does not have agreement from member countries, Bitcoin will continue to run. Maybe only some countries stopped and that happened in China.

yhiaali3

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This is his opinion, and he is free, of course, but he says nonsense.

Basically, the analogy he gave about the Windows system is illogical because the computer is independent of the Windows system and any other operating system can be installed, so Windows can be dispensed with easily, but in the crypto industry, Bitcoin cannot be dispensed with.
Bitcoin is the mother of all cryptocurrencies.

I will give him a better analogy. The crypto industry can be likened to a big tree, and Bitcoin is the roots and stem of this tree, and if the roots or stem are cut, the crypto tree will certainly die.

Oasisman

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I didn't read the whole article but I guess this guy thought about it because altcoins may operate independently as they all have different use cases. However, the fact that majority of the altcoin follows bitcoin price movements means they are all dependent with bitcoin, so surviving without something that influenced the whole market is close to impossible.
The guy was just trying to make noise trying to get his project become relevant.

Darker45

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To be honest, with the current crypto environment in which the fundamental philosophy of Bitcoin has become secondary, the man may be right. To others who don't agree with Hoskinson, aren't they themselves using centralized Bitcoin platforms? Aren't they themselves submitting KYC demands? Aren't they themselves treating Bitcoin more of a speculative asset than a freedom money? For all we know, if Bitcoin collapsed all of a sudden, even the miners would readily jump into a profitable altcoin.

Kemarit

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Well you just have to look at where this guy is coming from, yes he is well known in crypto community and I will say well respected. But most of the time if they say something bad about BTC it's because they have the reason. And in this case, obviously he want's his Cardano to be in the top of the market.

And I will say that his argument is flawed though, in the beginning there are also lots of coin that challenge Bitcoin and wanted to become the go to crypto.

Are still people forgetting about the so called Flippening?, where there was a school of thought that Ethereum will take over the crypto market. And guess what happen, Bitcoin still remain on top which means Bitcoin will be and going to be the go to crypto no matter what happens in the future.

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It's funny how he draws a parallel with MS Windows. Since Windows continues to be the second most used OS in the overall market, it is also in first place with almost 70% representation on desktop computers. I'm not saying that Bitcoin is like Windows, but if he's using that analogy then his argument is flawed. If the Windows OS were to disappear from the market for some reason, more than half of the Internet-connected devices would stop working overnight. Even mobile devices need servers to work properly, right?

BitcoinTurk

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I would like to start by reminding you of a small detail that some people don’t know and some people forget. Bitcoin is n’t the first cryptocurrency, it is THE FIRST SUCCESSFUL CRYPTOCURRENCY. In addition, based on this success and the fact that it has been adopted by a very strong community, it has a guiding nature in the cryptocurrency market.

Yes, the cryptocurrency market can survive without Bitcoin but it is more difficult to predict under what conditions this will happen. For example, let's assume that Bitcoin has lost its power in the market, considering today's conditions. In this situation;

Following Bitcoin's current dominance and strong community's decision, there will be a serious decline in the total market value in the cryptocurrency markets. Additionally, based on this situation, shocking price declines will occur in the prices of other alternative cryptocurrencies.

A second possibility (almost impossible to happen) may occur with the emergence of a different cryptocurrency that can dethrone Bitcoin and take over the dominance of cryptocurrency market. Although this is a very low probability as I mentioned in parentheses, if it happens it will prove that the continuity of the cryptocurrency market will be ensured even without Bitcoin.

Dump3er

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Quote from: JunaidAzizi on December 10, 2023, 01:51:22 PM

Hope you are all doing well.
We all know that Bitcoin is the most powerful cryptocurrency in the crypto Industry and every 4 years, it crosses the previous ATH. A few hours ago I read an article where the founder of Cardano says that the crypto industry does not need Bitcoin for survival. Further, they elaborate these arguments through an example that in the old times a window was needed for computers to run and now the mobile phone does not need a window and can do good work. (actually showing the shift from windows to mobiles)
The meaning of the example is that in the old times, Bitcoin was necessary for the industry but for now the industry is independent or maybe some want a better option but in my view, the survival of the crypto Industry without Bitcoin is not possible because Bitcoin is a very huge system and the miner and users make a strong base for the cryptocurrency security and stability. This is just one and I know more factors also show that without Bitcoin crypto industry does not survive.
Guys what you think share your taughts?
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I don't get his intention for that statement. I would say that BTC is the cryptocurrency that is telling us where the industry is heading. If BTC were to take a severe hit such that it would be in danger from continuing to exist, I doubt that any other cryptocurrency could take over because the reason for Bitcoin to be in danger would also apply to any other cryptocurrency. Since he has developed one of those wishful BTC killers that never killed BTC, I believe it might be his bitterness. But I am sure we couldn't care less about his thoughts concerning BTC's future and its importance for the whole industry.

hatshepsut93

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Never listen to what these altcoin bros are saying, their job is to sell their useless tokens to suckers, that's it. They will paint utopian pictures of the future where their shitcoin is used by billions and changes the world, but the reality is always the same - the shitcoin crashes to the ground, never recovers, gets abandoned by everyone while the bagholders lose big.

He is technically correct that if Bitcoin suddenly dies, the value of the "industry" won't immediately go to zero. It will "only" lose 90% of the valuation and will slowly agonize while these crypto bros will try to convince people that blockchain technology is working while providing zero actual use cases.

tabas

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Of course he's right because he's an owner of another altcoin that people should buy so anything he'd say will be only beneficial for him but not for the other people. This makes me wanna tell my friends to just avoid ADA, LOL. But I am not going to do that, he talks gibberish and it's all for the clout because we're near to the bull run. In reality, if this is going to happen, he's talking nonsense as the entire crypto market will eventually die without Bitcoin to be honest. It's like talking about fiat currencies without gold reserves.

EFS

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I don't know him but talking crap like that means he wants to be famous. Ignore these kind of trolls, they do everything to get attention. Not newsworthy.
Crypto industry doesn't need "Cardano" to survive. In fact, if Cardano gone today, majority of people don't even notice that it disappeared.

uneng

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Someday the industry of cryptocurrencies may exist without Bitcoin, but not today. If Bitcoin just didn't exist anymore, we would see a massive withdrawn from crypto investors. There wouldn't be any heirs, neither Ethereum or Cardano. Actually, the fact it's someone associated to Cardano who is telling this already indicates the opinion is extremely biased. In his mind, it's interesting for him that BTC fails, so Cardano could theoretically rise, however, the reality is exactly the opposite: all these altcoins need Bitcoin to survive and thrive. He should be cheering for Bitcoin instead of talking about it being replaced, for his own good...

Adbitco

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This made me to flash back to a comic video that I watch where a woman said she doesn't like eating egg but she likes eating chicken..

What a madness, chicken comes from eggs and eggs are being made by chicken so why would someone love one and hate one. Comparing to Cardano CEO is saying he want to say that altcoin can operate independently without bitcoin being the accomplisher, which you and I knows that such isn't possible why basically bitcoin attracts more investors than any other altcoin out there before someone would get to know about any altcoin he must first be aware of bitcoin or having pre-knowledge of bitcoin before digging down to other altcoin in the cryptospac today.

Basically I myself do not agree to his statement because the 4 years cyclic period gives investor the hope to constantly stick tight to the market especially to remain active for profit maximization this same thing also attract investors to altcoin that causes altcoin gain much more popularities.

Hamza2424

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I really do think the market is very mature now without Bitcoin, just imagine waking up tomorrow and there's no Bitcoin in the crypto market anymore, 50% of capital is gone and there are only shitcoins and some of the Altcoins bleeding hard, no reliability, the decentralization is not at all decentralized and DeFi narrative is dead. Some shiny ordinals flowing around and the institutional sector and retailers are no longer interested in the market because it's not mature at all now.

The entire liquidity cycle will get destroyed if we remove Bitcoin from this industry, I would even say that there will be no new capital because in crypto money starts flowing from Bitcoin to others because Bitcoin is the name of decentralization, reliability, trust, motivation, maturity and much more I can't write everything here.

From an investor's point of view, it's no longer a risk-investment market it will be another form of gambling industry where by luck you can gain some otherwise you'll lose all because in Alts maximum supply is controlled by the team, hehe you know what i mean to say rug-pulls etc etc.

Stalker22

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Id say Bitcoin is still a big deal. Folks say it is gone the way of Windows or flip phones - important once, now old news. But thats bunk. Windows still runs a crapload of computers and what it did back in the day shaped computing big time. Same with Bitcoin - it put crypto on the map and theres lots of hot new cryptos making waves, but Bitcoin laid the tracks they all ride on, right?

Things keep evolving but you gotta respect the OG crypto that started it all. Some folks are too quick to dismiss it just cause flashier options came along.

mirakal

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Without bitcoin, the crypto industry will never be the same anymore. People will slowly getting rid of crypto investments because all are left are pump and dump altcoins that they can never trust for long term investments. Without bitcoin, the crypto industry will receive less demand from its investors and users, thus leaving it struggling on how to survive for years and longer.

Bitcoin has a very crucial function in the crypto industry because it's called the lifeblood of the crypto market. Altcoins are just formed from the image of bitcoin. Without bitcoin, the people will slowly lost interest in the crypto industry, until no one gets to trust investing in the crypto market anymore.

royalfestus

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Shameless developer, you developed a project to compete with bitcoin, but your project is falling far behind. Having the largest market share, it determines the bull market every four years after halving. I'm wondering what he means by that with bitcoin. He still jumps from one coin to another anonymously, he is also in fierce unnecessarily competitive fights with other coins, he has been complaining lately about Ripple coin, so there is no coin he cannot complain about.

_BlackStar

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Bitcoin is the pioneer of the cryptocurrency industry which is now developing rapidly. Bitcoin doesn't have to be around forever and be the best in the industry when one or another comes with all the innovations that are better than bitcoin. In fact - bitcoin is the first cryptocurrency that comes with all the convenience and innovation, but its use case really depends on how society's needs evolve and public trust in it.

It's a risk when I make bitcoin the only investment asset or safe currency without the potential to lose public trust in the future. But as long as the government still supports it and they don't fight it with bad regulations - then I will keep using bitcoin as the main option.

Alpha Marine

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Quote from: JunaidAzizi on December 10, 2023, 01:51:22 PM

A few hours ago I read an article where the founder of Cardano says that the crypto industry does not need Bitcoin for survival.

We shouldn't be taking the opinions of these people seriously. Their opinions don't matter in the grand scheme of things. This is exactly what I would guess an altcoin owner would say. I'm not surprised, not shocked, I'm not even angry. It's his view and even if I don't respect it, it's still his view.

Quote from: JunaidAzizi on December 10, 2023, 01:51:22 PM

Further, they elaborate these arguments through an example that in the old times a window was needed for computers to run and now the mobile phone does not need a window and can do good work. (actually showing the shift from windows to mobiles)

He just shot himself in the foot.
The mobile phones and other innovations were more sophisticated and technically more advanced than the windows and they've been working hard to keep remaining at the top, but these altcoins have not done anything more unique than Bitcoin.
The fact that you can't see the creator of Bitcoin sitting down to give an interview should tell us all we need to know.

Rruchi man

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Cardano Founder right? He is going to say just anything to make sure that people pay some attention to what he has created. If something affects bitcoins, no one is trust any other cryptocurrency in the market.

They may look like they are going to survive, but will all crumble in no time.

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