Please Respond

The legitimate use cases do exist, I mean who doesn't like buying drugs online?

Aside from drugs speculation is the next biggest use case, you're not wrong, majority are just in denial.

>Ponzi
You have no idea what a ponzi is.

excellent blog post, downvoted and resteemed

What in the fuck could you possibly have needed to use Liberty Reserve for when you were 10?

Titcoin was functioning and operational at some point. It was a really early coin like BitCoin, you could buy porn with it. There is nothing that really prevents the value of BitCoin from being zero as well, it's just as arbitrary as anything else. if NASDAQ or someone creates a perfect cryptocurrency in a year and anyone can buy drugs with it without anyone knowing, BTC might go to zero at some point afterwards along with all the other early coins. It'd be like the stock of an irrelevant obsolete unpatroned business like Blockbuster that used to be a big deal and valuable but it's worthless. Securities can all become worthless, but usually not overnight and people will see the writing on the wall before then.

There is nothing special about BTC in particular other than it has brand name recognition.

The coins they create will all be centralized ledgers.

You're probably right, but it's a hypothetical they might make a decentralized coin just to sell maybe a multi-billion ICO. Thinking the first coin that reaches mainstream adaptation would be from a financial institution since normies would want the backing of some semi-reputable entity and not one made by some metrosexual Finnish guy that popped up with a GitHub and white paper one day.

Personally I suspect the opposite. I suspect it will go mainstream by the fact of the lack of a custodian, ie trustless. No need to trust the banks, government, etc.. Sovereignless wealth is what will attract capital in huge amounts to Bitcoin. I do not suggest it could never be supplanted or that other coins could not succeed, but as I see it capital will flee to a wealth preservation vehicle that will be free of tampering re inflation, theft (traditional, legal theft), and etc.

Something like Bitcoin gains value from the immutability of the asset. A crook in an office can't decide to lock your account due to suspicious activity, a government crony can't freeze your funds for any reason on this Earth. The age, immutability, and stability of the blockchain is itself the value.. We do not need to be able to purchase a coffee for something like Bitcoin to soar, rather other conditions merely need deteriorate.

>People only hold crypto in hopes to make money and shill it so others buy it, therefore the price goes up.

People only hold stocks in hopes to make money and shill it so others buy it, therefore the price goes up.