Someone made a comment that if a second crypto had a value of the same order of magnitude as bitcoin, then all cryptos would lose their credibility because cryptos would no longer have scarcity anymore. My point was that it's possible to have a multitude of stores of value, and that a second one might take a chunk out of the first, but it wouldn't destroy the idea of cryptos as a store of value.
It does not matter if 99% lose their faith on something, if the remaining 1% are wealthy enough and still accept it.
Bitcoin is an accepted medium for the extinguishing of a monetary obligation by
0.01% of world's population currently. It is not big even yet. If another cryptocurrency would come and match or overtake it, it would hardly matter anything.
The situation would be different if the general public
did believe in crypto and accept them now. But that's not the case.
Just compare to the charade that is going on every day with the fiat currency world. None of the altcoin scams are as blatant. "To obtain a balance of coinX, you need to become indebted denominated in coinX and pay us interest...." and so the story goes.
Yet fiat has value.
