Hi, correct. But they should never had introduced the coin value pairs like coin/btc coin/eth etc. This makes the whole system depends on Bitcoin. So, if for example ripple would exceed bitcoin market cap, still all other coins will suffer from Bitcoin. That is and stays the main problem. And nobody wants to burn is fingers again on Bitcoin so the market gets into an impasse.
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I'd would say that it's important that each and every coin is exchangeable in to another. Any coin that wasn't fully fungible would have far less value than one that does.