If the best case scenario is Bitcoin hits $1,000,000 per coin and never moves again, why would anyone ever put more money into it?
The only value Bitcoin has is appreciation. If it ever becomes stable it will necessarily be worthless.
The only value Bitcoin has is appreciation. If it ever becomes stable it will necessarily be worthless.
You read CyberDildonics' questions as being an attempt to push an opinion (which seems unjustified to me). You might try not assuming the worst about people in the absence of better evidence...
Question: "Why not just use another crypto-currency?"
Load Question: "Why not just use a crypto-currency that isn't clogged by developers trying to make people use their proprietary service?"
He is applying bias to it from the get go, your comment is a bit strange, asking a question doesn't exempt you from asking honest questions that aren't loaded, you don't enter some realm of sanctity just because you're asking a question. You can ask for further clarity as to what the person is asking before answering it.
Why "almost certainly more proprietary than Bitcoin"? Because somebody's using their bitcoin to back something else. That "somebody" creates (and therefore to some degree controls) that "something else".
At that point, CyberDildonics' question isn't loaded. It's a perfectly reasonable question in response to the proposed idea.
And, after all this back and forth, the question remains: Why would I want to use something backed by Bitcoin, when I could just use Bitcoin?
But central banking is a large hammer, and so even in the US there are many uses of currency where Bitcoin shines. Also, over time no central bank has managed to avoid some form of corruption (this is concerning both for fiat and centralization-prone cryptocurrencies like Bitcoin).
But the factors that lead to corrupt central banks are not primarily monetary, they are social/societal, causing those banks to bend to the whims of some interests while ignoring others.
The interesting thing to observe will be how/whether Bitcoin can adapt its broader organizational structure to make it less vulnerable to these forces of "bad" centralization. Also, if trends continue, the risk-takers of today who own Bitcoin may well be the wealthy influencers of tomorrow and may not take kindly to some of the sensible changes.
There are many, many ways in which Bitcoin is far superior to the typical fiat + central bank system, though, most notably its international nature. Even if Bitcoin's ability to avoid problems is only 90% as effective as the most effective fiat systems, that is a tremendous improvement for most of the people living on Earth.