This has no bearing on what I said. Care to address why BTC's price isn't inflated by speculators?
Or that there are not technically superior coins out there already?
If a new asset comes along with more profit potential -- could be a new crypto or some new AI stock -- while BTC's "number go up" phase eventually runs out of steam (inevitable), the speculators take their money out of BTC to jump on the next shiny new thing. What happens to the BTC price then?
This is all the fault of people treating BTC as a get rich quick scheme instead of a decentralized currency. Now the sheep have their BTC tracked, taxed, and even confiscated. BTC is little different to a CBDC now.
Why haven’t “technically” superior replications/renditions or AI generated prints of the “Mona Lisa” or “The Last Supper” replaced the originals?
In addition, ask why global adoption of Leonardo’s masterpieces haven’t threatened its standing as a priceless commodity enshrined in the very ethos of our culture.
₿itcoin is Neo’s prime code assimilated by nation states via their agents which will render an impasse paving the way for a détente lasting decades or even centuries in favor of individual sovereignty.
Because they serve different purposes (art Vs function). There is only one Mona Lisa. AI cannot replace the original's rarity. BTC serves function: A function that can be forked and improved upon. And improved upon it has been.
There are cryptos technologically faster, less traceable, and with more utility.
For now, BTC is mainstream and is being treated like a get rich quick scheme. When that pyramid scheme ends, BTC's prices crashes from a long way up.
It's wise to hedge against a possible crash.
When MySpace users saw Facebook, everyone deserted MySpace.
Think also Nokia -> Blackberry -> iPhone.
The claim of superior performance by alternative cryptos is missing the forest for the trees. 🌳
Visa, MasterCard and myriad other centralized modes of payment have already acquired most of these attributes.
Why use ₿itcoin when all these other altcoins you mention provide better “utility”?
What does Bitcoin offer above anything else that cannot be easily replicated in this current epoch without a seismic paradigm shift?
Why use BTC? They don't! The sheep just hold it, hoping to get rich on price, which is not what BTC was designed to be (a currency). When a new pyramid scheme comes along, they won't hold BTC any more, they'll move it across while continuing to use normal fiat as currency. They don't care that Monero, LTC or even Zaps are better currencies than BTC, they jumped on board a get rich quick scheme.
..and your response to the second question?
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And "Individual sovereignty" my foot, that's the one thing nation states do not allow, and they won't allow it with BTC.
The state is not at liberty to allow or disallow sovereignty bulwarked by SHA cryptographic hash functions that create an impenetrable Proof-of-Work consensus.
But thanks do the sheep, the state most certainly is at liberty to disallow BTC sovereignty. Tracking, taxing, confiscating through KYC and surveillance of the masses who jumped on the mainstream version BTC. That's most individuals.
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