Likewise bitcoin is 99.9% powerless against the fiat ledger.

Explain why, other than "technical considerations" (as in how the hell do you do it) perhaps, Bitcoin should not have been created as a spin-off of the fiat ledger. Economically speaking, Bitcoin essentially did exactly what altcoins are accused of doing: failing to respect the existing ledger and instead attempting to impose its own. This gets attacked in both cases as pump-and-dump scams. The similarity should be quite apparent.

Vitalik makes an argument somewhere that you can get a sort of equilibrium if coins done as spin-offs only respect the ledgers of other coins that have themselves respected previous ledgers. By that standard no one should spin-off from Bitcoin.