- Nic Carter believes Bitcoin is at the epicenter of the crypto world.
- David Hoffman considers the Bitcoin dominance narrative to be overreaching.
- Hoffman insists that most cryptocurrencies are technically independent of Bitcoin.
A frontier technology enthusiast, David Hoffman, has dismissed the idea that the cryptocurrency ecosystem revolves around Bitcoin. Hoffman highlighted a popular phrase championed by Bitcoin supporters, which says, “If Bitcoin dies, then crypto dies with it.”
Going Against Bitcoin’s “Epicenter” Status?
In his latest post on X, Hoffman referenced an earlier comment by Bitcoin maximalist Nic Carter, who stated that Bitcoin is at the epicenter of the crypto world. According to Carter, if Bitcoin dies, no one will trust internet money again.
Hoffman views the take on Bitcoin’s ultimate importance in the crypto world as overreaching and the basis of a false narrative. He further described that assumption as being as primitive as the geocentric model of the solar system, where many people believed the other planets in the solar system revolved around the Earth.
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In the meantime, Hoffman further drove his argument by highlighting the first principles and stating that Ethereum has no technical dependencies on Bitcoin. According to him, Ethereum as a protocol is not aware of Bitcoin, and nothing would happen to Ethereum if Bitcoin ceased to produce blocks.
Sectors Technically Independent of Bitcoin
Hoffman’s argument favored Ethereum dominance in the crypto world ahead of Bitcoin. For instance, he highlighted the $165 billion of stablecoins, the $65 billion of value in DeFi, the $55 million annualized ETH burn, and the several startups, venture industry, and developer market that Ethereum has uniquely incubated. According to him, these are sectors that have no technical links with Bitcoin.
What Historical Patterns Suggest
It is crucial to note that the latest surge in debate over the potential effect of Bitcoin’s failure on the crypto world stems from the current argument over how quantum computing can affect the Bitcoin ecosystem. However, despite Hoffman’s take on the issue of the technical independence of the broader crypto world, historical patterns reveal how Bitcoin has driven the cryptocurrency sector.
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Source: https://coinedition.com/how-much-control-does-bitcoin-have-over-the-rest-of-the-crypto-world/