- Ethereum community as COO of RealT, David Hoffman pointed out that this comment clearly showed Selkis’ bias towards Bitcoin over Ethereum.
- As long as the cryptocurrency has a self-sustaining ecosystem, they will not go down or neither will the crypto industry in general.
- Ethereum holds more functionality at its core with its platform for hosting web applications, smart contracts, and Defi systems.
Ryan Selkis, founder of the cryptocurrency research platform, Messari, was on his daily podcast Messari’s Unqualified Opinions with former Coinbase CTO, Balaji Srinivasan when he conveyed his opinion that a potential Ethereum flipping Bitcoin scenario would be a disaster.
“If you’re long crypto, you are inevitably long BTC; if Bitcoin goes under, or if it’s flipped by ETH anytime in the short or medium term, I don’t think people realize what a disaster that would be….from a narrative standpoint.”
Selkis’ opinions weren’t seen very positively by the Ethereum community as COO of RealT, David Hoffman pointed out that this comment clearly showed Selkis’ bias towards Bitcoin over Ethereum.
Hoffman went on to point out that such an overthrow might be harmful to Bitcoin’s narrative but would be a more positive outcome for Ethereum.
The Ethereum system exists mostly separate from the Bitcoin ecosystem, and Hoffman considers thinking that all cryptocurrencies might face a short-term downtrend in prices if Bitcoin died.
Still, as long as the cryptocurrency has a self-sustaining ecosystem, they will not go down or neither will the crypto industry in general.
A lot of Ethereum developers chimed in on the issue declaring their support of Ethereum being independent of its own and lies outside the influence of Bitcoin.
But some people seemed to agree with Selkis’ opinion stating that belief in the Bitcoin name and potential that the media has conveyed it possesses is the only thing keeping all other cryptocurrencies and the industry, in general, moving forward. If Bitcoin goes down, it will take down the entire industry along with it.
Others took a more neutral stance stating that the hypothetical situation where Ethereum is supplanting Bitcoin in itself is an impossible scenario, and as Ethereum grows, Bitcoin will grow too.
Some even went as far as to allege Selkis of trying to put down Ether by overplaying its risks and not seeing into the potential that Ethereum holds over other cryptocurrencies.
Although reality lies to the perception of the potential of either cryptocurrency, it goes without saying that Ethereum holds more functionality at its core with its platform for hosting web applications, smart contracts, and Defi systems.
Whereas Bitcoin has its global recognition, wider userbase, and its prime goal is to supplant centralized currencies. Both Ethereum and Bitcoin lie in two different zones and theoretically lies outside comparison with each other.
Currently, Bitcoin is the largest cryptocurrency in the world by market cap with $160 billion, trading at $8,853 per bitcoin. Ethereum is right behind Bitcoin with a market cap of $18 billion, with a value of $169 per ether token.
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