Tokonormal.
How are competitors against Facebook doing? Against Apple? Against Amazon? Against Netflix? Against Google? Do you want to diversify into second tier versions of the FAANGs?
No you do not.
They each completely dominate their market segment.
As does Bitcoin.
Diversification is about picking the best of each market segment and buying a little of each. It is not about chasing penny stocks.
Depends on the timeline. Pretty sure Google killed Yahoo. Netflix/YT killed TV. Amazon killed retailers. Apple killed BlackBerry. Facebook killed MySpace.
And I can blindly promise you that all of those will eventually be killed as well because of arrogance and unwillingness to change.
I have no doubt that Bitcoin will last for at least a hundred years at this point, perhaps much much longer because of our increasing lifespans. And I have no doubt that it will become the global default SoV and MoE and remain as such for a very long time. But as time goes on new problems arise.
But that's a different argument to mine (for alts and diversification) anyways. I'm not a fan of "herp derp look at me I'm faster because nobody uses me" cryptos. I only care about alts that are budding companies with unique utilization of tokens.
I like altcoins I see them as experiments, if something truly amazing is developed on one we can bring it to Bitcoin. I do only hold Bitcoin and Ethereum though. Eth is the non currency side of crypto and Bitcoin the investment gold standard.
That's a fair point. I haven't considered transaction type shitcoins as experiments for future upgrades to Bitcoin itself.