I agree it's profitable now and it has been longterm until now, but I don't know what mechanism would keep it that way in 5 or 10 years. Purely trading day to day is enough to pump the price short term. New holders pump the price long term. As more people become holders, there will be less bitcoin to trade and the market will become very thin and bitcoin very expensive. Won't there be a time when a new buyer will avoid buying 1 bitcoin because he doesn't want to go in when others spent the same amount of fiat for 1000 bitcoin?

If everyone holds, who will you be selling to in the future? Who will be buying your bitcoin?

Success of an ICO is mostly about marketing and visibility.

Even competent and honest teams get their capacity caught up in rising above the noise of the 100s of ICOs happening at one time. And so they spend less time on actual security.

We now have weekly huge hacks and losses.

Past performance can never be of guidance, the bitcoin market is way too chaotic and volatile. You can also argue that bitcoin can become obsolete, as its price increase has been derived mostly from the hype for a new technology. This hype can wear off unless bitcoin progresses technologically.

Don't you think there's a huge hurdle on the way to mass adoption? Like for instance the technical capabilities people have to have to buy, store, and use bitcoin.

Apart from technical problems of any cryptocurrency that are not going away anytime soon, there's also the problem of adjusting the cryptocurrency to inflation. Without inflation, the economy as it is today would stagnate. It has to be calibrated centrally from data describing the economy (unemployment, export deficit, etc etc).

I could imagine in the distant future every single action contributing to the economy being digitally recorded and then the data would be used to algorithmically adjust the cryptocurrency supply. Could that ever be implemented, I don't know... In theory maybe, but practically I'd guess no, because of the complexity of such a system.