Is the absance of Bitcoin affect the crypto Industry?

[Darker45]

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.

[Oasisman]

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.

[yhiaali3]

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.

[Luzin]

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.

[LogitechMouse]

I don't know what will be my stance towards what he said because TBH, what he's saying might be true.

I mean with lots of altcoins emerging already, and some of them are giving a solution towards the problems of Bitcoin, there might be time in the future where Bitcoin will not be at the top anymore because we don't need it.

On the other hand, there are these new investors who only invests into Bitcoin. There are traders who are trading into Bitcoin most of the time. Overall, there will still be people that needs Bitcoin one way or another. I'm thinking how will the crypto industry will be without Bitcoin?

[MarjorieZimmermanGinger]

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?

I believe that bitcoin has a big impact on a number of other cryptos but there is no reason other coins can have any impact on bitcoin. Most people are present in the crypto industry because they see the extraordinary capabilities of Bitcoin and other coins as just a stepping stone to owning them. This is different from coin development which always tries to provide competition so that coins survive and have value in the market, but not many are able to survive because of various conditions that make the coin not fundamental.

In terms of people's interest, perhaps all cryptocurrencies have a role in making people interested in crypto, but this is only a formal effort regarding people's interest in entering the crypto space. If we can be honest, what people are looking for in this industry and that cannot be separated from just a question of profit. While the process of achieving profit means that people may have the opportunity to use Bitcoin or other coins, depending on the opportunities and knowledge that person have.

[Solokan]

I think the crypto world will be destroyed if bitcoin doesn't exist, I think we'll see the reality, if bitcoin goes down then altcoins will also go down and if bitcoin goes up then altcoins will also go up. and currently the price of bitcoin is falling, of course everyone knows that altcoin prices are also falling and people who don't have extensive knowledge will panic and sell their altcoins even though they are experiencing losses.

and when you want to invest in altcoins or trade altcoins, of course the target is to look at BTC first because BTC movements really influence altcoins.

It is true that there are always altcoins whose prices rise when the BTC price falls, but this will not last long because these altcoins rise due to hype or are usually just listed on the market, of course the increase will not last long.

So I think the absence of Bitcoin or the fall in BTC prices will certainly have a big impact on altcoins.

[Mpamaegbu]

This is just one and I know more factors also show that without Bitcoin crypto industry does not survive.

That's true, and I'm one of those who strongly believe that this industry depends largely on Bitcoin. That's why we get to find the market dip tremendously whenever Bitcoin dumps. Only a few alts escape such dips whenever it happens. The knowledge of this is what makes me believe this industry isn't going anywhere, at least not until Bitcoin disappears. It's hard for the powers that be to destroy Bitcoin and that's what's keeping this industry going.

[ABCbits]

I wouldn't say he's wrong. But if Bitcoin suddenly die or gone, most coin (including Cardano) and many company probably wouldn't survive. Only few cryptocurrency with big community (such as ETH) or strong usage/feature (such as XMR for privacy/anonymity) might survive.

[.gustafson]

Seriously, this whole "crypto without Bitcoin" debate is like arguing if coffee needs caffeine. Sure, alternatives exist, but the OG sets the standard.

[Dump3er]

The analogy provided by the Cardano founder about the evolution from windows to mobiles is intriguing. However, it's essential to consider the unique role that Bitcoin has played in establishing and maintaining the foundation of the crypto industry. Bitcoin has been a driving force, setting benchmarks, and acting as a secure base for the entire ecosystem.

The decentralized nature of Bitcoin, supported by miners and users, contributes significantly to the overall security and stability of the cryptocurrency space. It serves as a benchmark for value and a reference point for market dynamics. While alternative options may emerge, it's important to recognize the robust infrastructure that Bitcoin has built over the years.

The crypto industry has indeed diversified, with various projects and platforms offering unique features and use cases. However, the symbiotic relationship between Bitcoin and the broader crypto ecosystem should not be underestimated. The interdependence of these elements has, in many ways, contributed to the resilience of the overall market.

It would be insightful to hear more opinions on this matter. Feel free to share your thoughts and perspectives on whether the crypto industry can thrive independently of Bitcoin's presence.

It's actually an old analogy that has been thrown around a couple of times by the so called BTC-killers, yet none of those bringing up that analogy have killed BTC.

There is a major difference in the evolution from windows to mobiles compared to BTC - "BTC-killer". BTC is securing wealth and it is truly scarce. Security + scarcity. If BTC can keep fulfilling these two value propositions, it will continue to stay relevant. The protocol is also agile, meaning it can be improved, updated or changed if necessary. It also has a proven track record, which is extremely important for a network protocol securing wealth. Additionally, it grew organically because it was under the radar for many people, institutions and other actors around the world.

Cardano is now sitting at 2.5% the market cap of BTC. The reason for Cardano to carry that much value is the timing. I Cardano was to be launched today, it would probably not be found on the first page of Coinmarketcap.

For coins with a history of many years, the market cap can be a relatively good indicator of the trust people put into the security model. BTC survived so many attacks that I am sure nobody can come up with a true number of tries to take it down or harm it significantly. This will reinforce trust, which in turn means more incentive for people to store their wealth in the BTC network, which in turn will lead to improved infrastructure, which in turn...

Comparing this with Windows - mobile doesn't make sense. BTC is about a security promise + proof. Windows - mobile is catering to changed life circumstances. It is about mobility and availability where security is an important side-condition for most people. In BTC, nobody would store their wealth in the network when security was secondary.

[CryptounityCUT]

Interesting perspective! While it's true that the crypto industry has evolved, I believe Bitcoin still plays a crucial role as the backbone, ensuring security and stability. The comparison to a window in the past technology era is intriguing, but Bitcoin's robustness and widespread adoption make it a unique and essential element in the crypto ecosystem.

[Fivestar4everMVP]

What I honestly do think is that, even though in the future, the crypto industry will still survive and even do well without bitcoin, but for now, the industry is still too young, Bitcoin is the only backbone holding the industry at the moment, if for what ever reason bitcoin collapses, then believe it that the entire crypto industry will collapse as well, there is no two ways about this.

Anybody saying that the industry does not need bitcoin to survive at this moment is possibly day dreaming, and I advice them to wake up, until bitcoin's market dominance drops to like 10 percent or lower, bitcoin will continue to be the one holding the entire crypto market.

[Kaliandra]

This is just one and I know more factors also show that without Bitcoin crypto industry does not survive.

That's true, and I'm one of those who strongly believe that this industry depends largely on Bitcoin. That's why we get to find the market dip tremendously whenever Bitcoin dumps. Only a few alts escape such dips whenever it happens. The knowledge of this is what makes me believe this industry isn't going anywhere, at least not until Bitcoin disappears. It's hard for the powers that be to destroy Bitcoin and that's what's keeping this industry going.

I agree with your opinion, yes, it is true that without Bitcoin in the Crypto industry there would be the potential for altcoin destruction, so in my opinion Bitcoin really helps the growth of Altcoins so if Bitcoin disappears there will be a very big impact. sharp decline in altcoin prices, the point is that in cryptocurrency Bitcoin will always be there and of course be the king of crypto because that is what it is.

and to be honest, I also invest in altcoins and the reason I am interested in altcoins is of course because I see BTC whose price is always fluctuating and BTC movements can always be relied on to analyze the market. and in my opinion, destroying BTC will not be easy. because btc is a good coin.

[TheUltraElite]

Firstly, OP please edit the spelling mistake in the title "Absence" and not what you wrote above.

Secondly, people outside bitcoin's sphere tend to speak about a lot of things good and bad about crypto. You dont need to take that personally but with a (or a lot) grain of salt.

The actions speak louder than words, so observe what happens in future and where the ADA vs BTC battle goes and not what someone speaks at a meetup and jump out of your couch hearing that. The concept of a BTC-killer or something that can outwit bitcoin has been here since bitcoin came in. None of the assets have had any such advantage over bitcoin, till date.

[Sim_card]

How the fake survive without the original, it will be impossible because bitcoin control other cryptocurrency in her price movement. Bitcoin is the only hope that has made those other altcoins survive and assuming there is no bitcoin, by now the cryptocurrency market will be a scam because nobody will want to put their money into an investment that they will not have a rest of mind and will even still loss their funds. He is only saying this from his own shallow brain because he is envious of bitcoin and really wished he was the creator. So many altcoins dev are just jealous of Satoshi and bitcoin and they think that they can do better than Satoshi but they ended up creating centralized coins for manipulations and to control the market. Greed is what I will classify them as.

[rachael9385]

One of the things that make crypto to be more useful today is Bitcoin but I think that Cardano founder is misunderstanding Bitcoin because of the misconceptions he has towards Bitcoin, it not he wouldn't have said such a thing.
If not for Bitcoin the the name crypto wouldn't have been in existence today.
However, it is not everyone that would like a better thing because some just like to condemn things even when they know the things are for good.
If Bitcoin collapse today, only God will know how the crypto space will become because a lot of coin in the market are also depending on Bitcoin because they can not do on their own.

[NeilLostBitCoin]

I will not agree to it as long as I cannot see it happening. Bitcoin affects the crypto industry since Bitcoin represents cryptocurrency. If Bitcoin crashes, many cryptocurrencies will also crash. It's similar to the comparison between owning a Windows computer and a phone. Nowadays, most people prefer owning a phone due to its advantages; it's portable, can be used to communicate, and has several other benefits. However, a phone cannot replace a Windows computer because the computer offers more processing power, storage capacity, and multitasking capabilities.

In my opinion, the absence of Bitcoin would have a significant impact on the entire cryptocurrency industry. Bitcoin's price and security have attracted many people to the world of crypto, and without it, people may find it difficult to trust other cryptocurrencies.

[Yatsan]

I had the same thoughts before but if it weren't to Bitcoin, interest towards other cryptos won't be built up. Yes they are having the same concept but keep in mind that introducing oneself to an industry is always the hardest. Trust is not something you will earn overnight. And Bitcoin just happened to lit the wick of the candle, for other coins or simply altcoins. What supports this is how Bitcoin market price pulls and pushes the market value of other cryptos as well. Indeed there's no strong basis yet of why Bitcoin is the top crypto in this industry and how it became the 'leader' aside from being believed one as the first ever for this blockchain.

[flyingcarpet]

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?

Everyone can offer their criticisms and opinions on certain aspects of Bitcoin. Not every opinion may be right and not every opinion needs to be worried about. Sometimes there is just an opinion and it has been said.

I don't think the crypto industry would exist without Bitcoin. You can add a new floor to a house, but you can't remove the foundation. Everyone wants the changes they want to happen instantly. Some things take time and hard work. Bitcoin has gone through many phases and is still going through many phases. Bitcoin has a unique role in the crypto market. When that role disappears, how sustainable will what's left be?