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You stated Bitcoin dominance plummeted. My observation is Bitcoin's dominance has increased, by way of it's increase in market cap compared to the fiat by which
by kordless 9y ago
You stated Bitcoin dominance plummeted. My observation is Bitcoin's dominance has increased, by way of it's increase in market cap compared to the fiat by which it is measured, US dollars. Bitcoin's overall value, like any startup or company, is determined by far more than it's comparative value to all other cryptocurrencies, who's numbers are increasing with Bitcoin's value. It's like saying, because new startups are being formed at an increasing rate to write mobile apps, Apple's "dominance" in the market is falling. That would be a flawed argument with Apple, and it's a flawed argument with Bitcoin.
That is especially true given Ethereum doesn't have a viable use-case anyone is using it for right now, and most of the trading is simply speculation of future value, which isn't really value, or a right to "dominance", whatever that means when applied to speculation.
And yes, people can cherry pick numbers to rationalize their arguments, and then vote down people who they "prove" to be "wrong" when the person is just asking to clarify what something means because there is CLEARLY more going on here than what meets the eye. I'm growing bored of the HN audience's dogma.