OK, I see your point. Tomorrow I could buy most those failed coins (only one or even just 1/100th) for a few dollars each, and they would have an all time high. So let me rephrase my point: Most of the currently leading/popular cryptos also had a recent all time high. There you go, happy?
I think you are asking excellent questions, many that I had. What stops everyone from going to another coin? Absolutely nothing. If that coin offers something better, everyone will switch. Why has gold survived for so long? Its not because governments choose it, its because the people did. They tried for centuries to "create" gold through alchemy, and failed. The power of gold is that its not easy to produce, and impossible to fake. After all this time and failed attempts, people feel secure knowing that you can't fake it. Its the same with Bitcoin. The network is just too big to corrupt. The blocks are small enough that anyone with a decent computer can keep up with the network and sync properly to verify their own transactions. Bitcoin Mechanic on Youtube is my go to guy for ethical discussions. He explains perfectly why you need 10 minute blocks. You need this amount of time so the entire network can get in sync. Imagine if you had 1 minute blocks. This means there is the potential that certain miners, in certain locations, have a head start always on new blocks, and now all of a sudden, mining becomes more centralized because people can exploit this loophole. The fiat system has this huge loophole. The Cantilon Effect. Those closest to the money printer get it first. The fucker Elon maximizes on this. Every company he creates, or steals, requires government money. He knows that this is an endless supply. SpaceX uses government contracts, and Tesla survives on rebates and carbon credits. So the best type of company to start is one that will be kept afloat by government issued fiat. But with Bitcoin, there are no loopholes that create an unfair advantage. Most other coins require miner centralization. The requirements are too heavy to run nodes, so they aren't really de-centralized at all. Token unlocks are also pure garbage. Its like if you were using gold, but someone figured out how to make gold from urine, which they of course tried for centuries. Now this person essentially has a money printer while everyone else is using gold cause they think its finite. Bitcoin had no initial supply that was given to somebody, and every Bitcoin produced requires work. So you're welcome to look at all the other coins, or at all the other previous forms of money, but what you arrive at, if you did enough research, is that there has never been a better form of money ever used. Bitcoin incorporates everyone from the past that made money good, and improves on all the deficiencies. This is why the price of every Bitcoin fork has crashed. The people get to choose, and the choice is very clear. You're welcome to start your own, or support a different coin or chain, but then don't go crying if it doesn't work out.
I feel, if ETF proposals pass then BTC could become more mainstream. Do you think it will widely accepted as medium of exchange?
I'm more bullish on stablecoins for the medium of exchange use-case. I think of bitcoin as a store of value savings account
Have a question: Lets assume for sec that the entire world decides on using only one global currency What is the difference between 1) It being Bitcoin Crypto 2) A new global currency ? Just the same way Euro was created dismantling many individual currencies within EU