RE: Hot Air Balloon Analogy

If there was only Bitcoin and nothing else, blockchain as a technology would have stagnated.

Bitcoin maximalists wish the entire crypto market cap go to Bitcoin to pump their pre-existing bags and to prove their vision.

If there was only Bitcoin, the only type of exchange would be the fiat ramps. Pretty boring. Leveraged exchanges abusing user deposits would fail just the same when the balloons deflate.

Since the beginning of time, most altcoins were copy and paste with slight twist of different parameters for the purpose of pump and dump to get more bitcoins.