As the title says: can anyone explain to me why anyone would invest in alt coins? I understand the argument for bitcoin appreciation – it's won the battle for digital store of value based on it's unique origin story, fixed supply and a culture that will always enforce that limit. But store of value seems like pretty much a winner take all category. Much like there was really only gold as the global store of value asset for 2000 years, it's reasonable to think that there might only be bitcoin far off into the future.
So, that's bitcoin, but what about the rest of it? What is the expectation that any other token will appreciate over the long term? Some of them might have interesting technology or perform some use case particularly well, but how does this utility lead to long term appreciation? As the price goes up, it will just be undercut by new entrants offering the same service at a lesser price. Utility tokens (for lack of a better word), just feel like commodities to me. They may go up or down over the short term as they compete against each other, but in the long run they are all going to zero (or close to it). The only argument I see for buying any of this stuff, is just to cynically get in, hoping to exploit the greater fools and get out in time.
What am I missing?
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