Bitcoin should NOT determine the market

[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??

[Steamtyme]

I think that the problem lies in the fact that most people investing in Crypto see it as an overall market with no separate identities. It will probably take years but moving forward as crypto markets and economies expand and gain recognition each coin will be able to speak for itself.

The problem is you can't control what someone else is going to do with their coins, every time there is a down trend in BTC people begin to panic sell all of their coins. Not everyone but people who are newer to the space, look at it like stocks, or in general don't believe in the idea behind each coin.

For now things will remain the same because BTC is the name people know and come into the crypto world believing. It's the first out of the gate so everyone is looking to it as an indicator of the overall market.

[pugnator]

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.

[UserU]

It's because BTC dominance is still remains pretty high at nearly 40%. BTC/ ETH are still the major pairs to trade other coins.

If more exchanges were to support fiat pairings, then we might see a change in trend.

[mk4]

This will continue to happen unless bitcoin loses dominance. When people buy crypto, what do they usually buy first? Bitcoin. Simply because bitcoin has the highest amount of adoption compared to all other coins/tokens combined. Will this change in the future? Maybe. Maybe not. Probably if we get a good and safe stablecoin.

[pooya87]

it is not a good thing that the price of BTC determines what the entire market does.

i agree with this statement but the problem is not with bitcoin, it is not with the market nor the users. the problem is with the altcoins themselves. they are useless and they are practically built to be speculative assets. and when you make a secondary adjoining market to bitcoin then you are making a tool  for people to earn bitcoin and that is what everyone is doing.
in fact the most common answer to the question asking "how to earn bitcoin" in these mass spam topics is "trade altcoins".

[daddypastes]

 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 asset determines the entire market....

[sakahayang]

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.

[adamantasaurus]

This will continue to happen unless bitcoin loses dominance. When people buy crypto, what do they usually buy first? Bitcoin. Simply because bitcoin has the highest amount of adoption compared to all other coins/tokens combined. Will this change in the future? Maybe. Maybe not. Probably if we get a good and safe stablecoin.

Yes but don't you think most people are buying btc because it is the one that is mainly traded for alts? That's why I buy BTC I don't really hold btc I hodl alts. And use btc to secure my earning that I don't want to fluctuate too much.

[mk4]

This will continue to happen unless bitcoin loses dominance. When people buy crypto, what do they usually buy first? Bitcoin. Simply because bitcoin has the highest amount of adoption compared to all other coins/tokens combined. Will this change in the future? Maybe. Maybe not. Probably if we get a good and safe stablecoin.

Yes but don't you think most people are buying btc because it is the one that is mainly traded for alts? That's why I buy BTC I don't really hold btc I hodl alts. And use btc to secure my earning that I don't want to fluctuate too much.

Well bitcoin is the main trading pair for most if not all coins and tokens, but that's not the main reason why bitcoin is being bought. A good number of people are still investing in bitcoin only(no alts), and believe it or not some people actually use bitcoin for transactions.

[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.

[stompix]

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.

Make the crypto market better by decentralizing it, more like the fiat system.
Wow!

Second, the most trusted/valuable assets should dictate the price.
Weel isn't BTC the most trustable and valuable?
Who do you want to decide the price, those crappy shitcoins, and tokens that are probably going to die next year?
The very fact that they follow the price of BTC is proof they're surviving only because of the BTC hype.
Without BTC all the altcoins would be dead by now.

Yes but don't you think most people are buying btc because it is the one that is mainly traded for alts? That's why I buy BTC I don't really hold btc I hodl alts. And use btc to secure my earning that I don't want to fluctuate too much.

God, I love how you managed to contradict yourself in just two posts.

[adamantasaurus]

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.

Make the crypto market better by decentralizing it, more like the fiat system.
Wow!

Second, the most trusted/valuable assets should dictate the price.
Weel isn't BTC the most trustable and valuable?
Who do you want to decide the price, those crappy shitcoins, and tokens that are probably going to die next year?
The very fact that they follow the price of BTC is proof they're surviving only because of the BTC hype.
Without BTC all the altcoins would be dead by now.

Yes but don't you think most people are buying btc because it is the one that is mainly traded for alts? That's why I buy BTC I don't really hold btc I hodl alts. And use btc to secure my earning that I don't want to fluctuate too much.

God, I love how you managed to contradict yourself in just two posts.

I think you misunderstood my post, I was saying I don't want it to be like the fiat system, YES I understand btc is the most trusted/valuable asset in the space and that is why it determines the market I understand that 100% I was just saying that is JUST like the fiat system. Where the most valuable and trusted currencies dictate the world economy get it??? I was saying there should be a better system put in place (Do I have the answer to that problem no I don't Never said I did either) just sharing the idea that something better should be created instead of an economy that is dependant on one currency to determine the value of that economy THAT IS CENTRALIZATION. The crypto market is centralized around the price of BTC is what I am saying.

I did not contradict myself, BTC doesn't fluctuate nearly as much as altcoins which is why I secure my earnings in it. If I wanted something that doesn't fluctuate at all I'd secure them in USD. Just commenting that when btc swings 1-3% some alts swing 10-20%.....

SO before you start insulting me maybe you should try to contribute to the discussion instead of trying to pick everything apart another person says..... JEEZE!

[adamantasaurus]

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.

[stompix]

SO before you start insulting me maybe you should try to contribute to the discussion instead of trying to pick everything apart another person says..... JEEZE!

I didn't insult you, probably you dreamed that, but yeah I did pick everything apart in what you were saying because it makes no sense.

The market is as decentralized as it can be, people follow the bitcoin price because that's the only thing it matters and is important for them.
What should they follow, bcash? eos? dogecoin? Come with an alternative that would really be taken seriously by as many people as BTC is right now and that's it.

You want to come with a different idea and you want to impose what things that should influence the market, how is that decentralization Somebody deciding how, when and how much the market should move means control, the total opposite of what you were aiming for.

Where the most valuable and trusted currencies dictate the world economy get it???

And you think that is wrong?
Maybe all the world should run on bolivars, Russian rubles, and Turkish liras.
Let's see how that economy would look.

Ps. use multi-quotes, not one post for each reply.

[Kprawn]

Well, Why should Bitcoin be any different to any other Commodity or Currency that are currently out there? We are already

struggling to get people to understand that Bitcoin can both be a Currency and a Commodity at the same time, just imagine if

we add something that does not adhere to the basic principles of markets based on Supply & Demand. What is it specifically

about the "Supply & Demand" that is bothering you? {Volatility? Whales?} 

[BrewMaster]

Yes but don't you think most people are buying btc because it is the one that is mainly traded for alts? That's why I buy BTC I don't really hold btc I hodl alts. And use btc to secure my earning that I don't want to fluctuate too much.

this only makes YOU an exception. don't presume others are doing the same as you do.
also don't confuse all the discussions here with the following:
there are a lot of people who are buying (accumulating or bag holding) a lot of altcoins only BECAUSE they think if they hold something that is worth so little they will become rich when that thing grows as big as bitcoin. in other words they think just because some day bitcoin was worth nothing and now is worth $XXXX then the coin they are holding can do the same.
this is very different from investing in altcoins because they have a REAL future and it certainly doesn't mean these altcoins will go up.

ps. at the end of the day it doesn't matter what you and i think and what we say should or should not happen. the reality is that altcoins get dumped when bitcoin goes down.

[adamantasaurus]

I didn't insult you, probably you dreamed that, but yeah I did pick everything apart in what you were saying because it makes no sense.

The market is as decentralized as it can be, people follow the bitcoin price because that's the only thing it matters and is important for them.
What should they follow, bcash? eos? dogecoin? Come with an alternative that would really be taken seriously by as many people as BTC is right now and that's it.

You want to come with a different idea and you want to impose what things that should influence the market, how is that decentralization Somebody deciding how, when and how much the market should move means control, the total opposite of what you were aiming for.

Where the most valuable and trusted currencies dictate the world economy get it???

And you think that is wrong?
Maybe all the world should run on bolivars, Russian rubles, and Turkish liras.
Let's see how that economy would look.

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

No I don't want to impose what things should influence the market I'm just saying that one coin (BTC determining an entire market is not decentralization)

Yes I think that is not good because that makes one thing more valuable than everything else that is how the world is run now the USD is the standard for the world to look at for how the economy is doing which gives the USA a lot of unnecessary power and control over a lot of things. And the opportunity to do some really screwed up things (like completely bankrupt a country if they don't like their politics or w/e)

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.

[leviathon]

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.

[adamantasaurus]

Well, Why should Bitcoin be any different to any other Commodity or Currency that are currently out there? We are already

struggling to get people to understand that Bitcoin can both be a Currency and a Commodity at the same time, just imagine if

we add something that does not adhere to the basic principles of markets based on Supply & Demand. What is it specifically

about the "Supply & Demand" that is bothering you? {Volatility? Whales?}  

It should be different from any other commodity or currency because it is different it is the first of it's kind what other currency has this much volatility what other commodity can you generate more of by running it on a computer (staking) or by running gpus/asics to verify transactions (mining). Crypto is a very unique and interesting concept so that makes it extremely different from anything else so why should it be run like things it is different from?? Maybe don't worry so much about getting people to understand it that time will come most people didn't understand the internet a lot of people still don't and that didn't stop it's progress, although it became more and more user friendly as time went on (i'd imagine the same for crypto)

I LOVE the volatility don't like that the whales can manipulate the market