Bitcoin should NOT determine the market

[adamantasaurus]

The reason why Bitcoin determines the prices of the whole market is cause it is the entry and exit point of the whole crypto market. If someone has to buy a altcoin or a token than he has to do it by first buying Bitcoin as most of the exchanges have only BTC trading pairs. Until there are other options like USDT or USD trading pairs widely adopted expect the market to move based on Bitcoin prices.

Yes I understand all of that just saying it is not good gives too much power to one coin (centralization)

[stompix]

Y
Yes you told me "I love how you contradict yourself" it's an insult saying IDK what I'm doing/saying being a contradiction.

Grow up, this is not kindergarten!!!

All I'm saying is there should NOT be ONE currency that dictates an entire market that is not good it gives too much power to people that have a lot of BTC which is exactly why BTC was created to take power out of the hands of small groups of people. But with BTC determining the entire crypto market it makes for a very centralized market even though BTC is "decentralized" it really isn't if wales could manipulate the market like we see all the time... Then the only advantage we have over fiat is that it is finite and more can't be created.

The $ is king because the US economy is the king of the global economies.
That's the simple reasons for it, people trust the $, that's why they deal with it, if the US goes down the whole world is in trouble, and the last crisis proved that pretty well. And it's the same with altcoins.

You seem to be concerned how your altcoin portfolio is influenced by the BTC whales.
Well, it's not the BTC whales that sell cheapcoin,meloncoin,uselesscoin and copycatcoin when BTC goes down.
It's the alt holders, so your issue should be exactly with the ones holding alts.

Basically, their trust in altcoins is so low that a single 10$ drop from BTC is making them poop their pants.
So rather than being angry at BTC and the BTC whales, and the fact that BTC dominates the market you should start doing something with the altcoin believers.
They are the one abandoning ship every time like rats.

[BitcoinNewbie15]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

Eventually the market will not follow Bitcoin. Currently, there are hardly any fiat pairs. Most other coins need to be bought with Bitcoin. Once more fiat trading pairs are opened up on various exchanges, other coins will likely decouple themselves from Bitcoin.

[aksay79]

I think so too, because it would be very dangerous if the price is determined by the market. but if the price can be determined by an individual or a group of people then bitcoin its no longer a decentralized-based blockchain system but centralization, where the centralization system is governed by one person only and if this happens it will be more harmful to users bitcoin.
In conclusion, the price issue is determined by the market is that many sell bitcoin due to panic when there is bad news affecting bitcoin prices. and this can not be controlled, given the bitcoin is completely determined by its users.
and the solution is self-awareness, not to sell bitcoin because panic because panic will make a loss for himself.

Yes I mean isn't that what is happening now? There are organizations/people like roger ver or mt gox that can manipulate the price of BTC with the large amounts of BTC they hold?

yes that's right you say, behind the rise and fall of the btc price is the game form of most bitcoin holders, they can create big dumps and also big pumps with their lot of capital, the market surely has the effect of their actions

[Angle22]

It is clear that the bitcoin is in the blockchain system, the blockchain system is not controlled by humans. We can not regulate and tweak the bitcoin system, and the butcoin price is only determined by the market.

[Denker]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

So are you whining about the USD in Forex too then??
Bitcoin is the most traded coin. It was the first one, so has the first mover advantage and an overwhelming network effect.
Even if exchanges like Binance would allow altcoin/USD pairs I'm pretty sure the situation wouldn't change that much.
Because in the end people will convert their altcoin profits into BTC! All the crypto OGs will tell you that. They trade and speculate with altcoins to make more BTC! Because BTC is what matters in the end. Like that or not.

[MrCrank]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

Bitcoin control price of all altcoins. It's true.
I think this is normal situation.
BTC price determine Altcoin price = altcoin/BTC

[dupee419]

Since Bitcoin is the most traded crypto in the world I honestly think that the market would definitely be determined by BTC itself, let's admit it bitcoin is on top and will be on top for a long period of time, traders, investors, and miners have set their game on bitcoin so I honestly think that it will definitely determine the market.

[daarul50]

We must recognize that bitcoin is the king of cryptocurrency so that its position will always continue to be above compared with altcoin. This is indispensable because even though crypto must have a reference to determine the price movement every time.

[adamantasaurus]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

So are you whining about the USD in Forex too then??
Bitcoin is the most traded coin. It was the first one, so has the first mover advantage and an overwhelming network effect.
Even if exchanges like Binance would allow altcoin/USD pairs I'm pretty sure the situation wouldn't change that much.
Because in the end people will convert their altcoin profits into BTC! All the crypto OGs will tell you that. They trade and speculate with altcoins to make more BTC! Because BTC is what matters in the end. Like that or not.

Im not "whining" just saying I think moving forward the market should not be determined just by btc. And lol @crypto OG's. My lord people are mighty defensive about BTC just saying BTC in the future should not be the determining force of the entire market... That is centralization no one currency should have that much power.

I completely understand how it works that most people try to get BTC I said it a few times in this thread I'm just promoting an idea and trying to have a constructive discussion about it but it seems like all you want to do is get defensive. I mean some other people agree with me that eventually once more coins get USD pairs BTC won't be the only determining force in the market what do you think of that???

[batang_bitcoin]

What would be that sort of better system?

Fiat system is being run and created by the government while bitcoin does have it's made limit to 21 million coins only. Try to think about speculations and other things that affects its market.

Im not quite sure what the better system would be yet, but just a thought that one should be created. We are essentialy copying the current money system in place where a small percentage of people have a large amount of the wealth (bitmain roger ver exchanges mt gox etc. etc.) And because those small percentage of people have the most btc they can swing this market in their favor at anytime.... There has to be a better way otherwise it is pointless and are just ensuring the same bullshit that has been going on for the past millennium.

The case of people having large sums of wealth will never get out of any economy. That's why the elites are being called the one who're also responsible when the whole market is in movement. The point of bitcoin and any other cryptocurrencies is it's decentralization, no government involve. But as long as there's money involved on it, expect that there are big fish that will join the trade and going to dominate the trade. They can be in good effect or bad depends on your belief.

[juiceannabel]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

It couldn't be helped, bitcoin is the first cryptocurrency and many peoples already trust in bitcoin and own it. If the bitcoin price falling, it can affect other crypto as well.
But for now, bitcoin price seems more dropping than other altcoins. If somebody dump their bitcoin, many peoples will buy the bitcoin because it dumping,
and sell it on altcoins and causing altcoin is dumping too.

[Pursuer]

The reason why Bitcoin determines the prices of the whole market is cause it is the entry and exit point of the whole crypto market. If someone has to buy a altcoin or a token than he has to do it by first buying Bitcoin as most of the exchanges have only BTC trading pairs. Until there are other options like USDT or USD trading pairs widely adopted expect the market to move based on Bitcoin prices.

WRONG.
this used to be the case at least 5 years ago but today it is no longer true. we already have a lot of markets for altcoins that consist of many different currencies and even other altcoins. in other words you can buy most altcoins with USD, JPY, CNY, EUR, .... USDT, NZDT, TUSD,... LTC, ETH, DOGE, .... and these markets are on big exchanges like poloniex,... and small ones such as Yobit, cryptopia,... and at the end of the day people have all these options but they choose to use bitcoin (as it is obvious from the volumes of each market). they are not forced to and that is why bitcoin is dominating everything.

[krishnapramod]

The reason why Bitcoin determines the prices of the whole market is cause it is the entry and exit point of the whole crypto market. If someone has to buy a altcoin or a token than he has to do it by first buying Bitcoin as most of the exchanges have only BTC trading pairs. Until there are other options like USDT or USD trading pairs widely adopted expect the market to move based on Bitcoin prices.

Yes I understand all of that just saying it is not good gives too much power to one coin (centralization)

It's not centralization, the apt term is decentralized/free market.

A free market does not require the existence of competition, however it does require a framework that allows new market entrants. Hence, in the lack of coercive barriers, and in markets with low entry cost it is generally understood that competition flourishes in a free-market environment.

Crypto market.

1. Decentralized environment.

2. Market having more than thousand cryptocurrencies.

3. You are free to invest on any coin.

4. Information is readily available.

There is competition, but one can’t expect crypto market to be perfectly competitive. It's not going to happen. Yeah, maybe in the future as the market matures, more spread out with adoption, less manipulation, individual transactions having no effect on the price and as innovative altcoins with real world usage and long-term potential gets adopted at a bigger scale, we can expect the market to enter into a new phase of suboptimal equilibrium and I don't see that happening anytime soon. And with Bitcoin determining the market, you call it free market, network effect or first mover advantage, but certainly it's not centralization.

Perfect competition models place incredibly rigid parameters onto markets. For perfect competition to exist, there must be enough buyers and sellers of equal power so no one actor has any control over prices. It must be costless to enter or exit any market. All parties have perfect information and clear foresight.

[thomaseco]

Bitcoin is the best crypto currency in the world. They are in the top position of the market. Almost every coins are follows their strategy. That’s why some grope of peoples are saying that bitcoin determine the market. But i can’t agree with them.

[Abrefalll]

Bitcoin is the first and the most popular cryptocurrency in the crypto community. Most people who come into crypto investment always look up to bitcoin and that when bitcoin starts to decline, most investors panic and sell at low prices too. It would be difficult to prevent this from happening since bitcoin continues to reign in the cryptoworld. Bitcoin will always influence the market.

[Noctis Connor]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

I agree with you the market should not determine the bitcoin price , the btc price depends on the people who is holding it, so for btc holders, you should use it well, use it to show that bitcoin is better than current fiat system, way more secure and faster transaction it is.

[erickkyut]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

Yes, you are right and it shouldn't be but for now, we have no choice because we are not yet in the transition. Maybe in the future if the worlds already accepted cryptocurrency. By that time, not just Bitcoin will be popular worldwide but also other coins in the market.

[RasicaOla12]

I'll be short and clear, the majourity traders around the world have BTC, don't you see the rumours of 10.000$ and 100.000$ so no one wants to miss the opportunity or buy it late after rising.

bitcoin want to exchange with each other need to market so we must first determine the market analysis market will help our negotiation and success as well as we hope to determine the bitcoin market

[andrino]

Hard to stop bitcoin dominance on crypto market. We are all oriented about that kind of market price motion. Whether we like it or not once it will be change we will experience serious adjustment to change the way of market price motion of all coins.