ah, that does make sense actually. but what happens if, as it becomes clear that a SC is going to win over Bitcoin, miners begin to jack their mining tx fees just b/c they can to create the SPV proof tx required to make the switch to scBTC?
also, there still is the question of Blockstream creating an additional asset on the winning SC ahead of time that stands to profit from a rush of BTC to scBTC.
I understand you are trying to poke holes into the concept and it is legitimate to consider these ideas BUT to me, suggesting that a SC is going to win over Bitcoin is essentially the same as entertaining the possibility that an altcoin would take over. The chances are slim to none, for the innovation required by this SC/alt would be so considerable that if we do reach this point, then to me it simply makes sense that Bitcoin core and their developers will recognize the innovation and adapt Bitcoin accordingly.
I don't see the advent of sidechains bringing forward fundamental, competing, money-function blockchain. I think it is Risto or Aminorex that said there are only two liquidity market currencies can compete for : legitimate and dark market. Once one or two have established their dominance over these, any additional feature is superficial and will not attract anything more than situational/speculative use.
I see sidechains as application specific uses of units derived from the Bitcoin ledger. IMO, any attempt at creating a sidechain that will compete with Bitcoin's money function will fail the same way alt coins have failed.
you've avoided my question though.
besides, if you've ever did controlled studies, the best way to implement one of these SC's is to duplicate everything about Bitcoin and then add one killer function/variable, like anonymity, to definitively prove a difference. that's the whole purpose of these SC's as Erdogan says above, to create better features. and since both BTC and scBTC will be traded 24/7 they will reach their equilibrium values which WON'T be the same as the chains are by design different. your above theory of equal value doesn't apply b/c of mining fees to convert.
in fact, if there is a rush to get out of BTC and into scBTC, miners are going to HAVE TO charge extortionist tx fees b/c it would be clear that BTC will be going to zero so their risk of mining an SPV proof while being paid in BTC is high.