You make some awesome points.. You're a thinker and i appreciate that not like much of the hive community that follows blindly anything for a buck. So that's a good thing. So out of respect for your time instead of going into an economical paper as i know your time is valuable. I'm going to try to just focus on the key things i felt were an interesting problem. So you give an example of people wanting to swap stable coins for ethereum etc.,,

So i have several of the crypto debit cards that does the conversions right.. So obviously the cards don't transact crypto payments but cash payments. So what's happening is people are trading in us dollars and currencies and as quickly as possible. That's how i feel about stable coins.. the market is saying oh no we don't wanna transact in crypto get us into cash.... when this occurs. The market is saying get me into an unaudited cash situation which i consider deception not value for the crypto.

if that makes sense. So much like the debit cards i don't see that as a person wanting to do transactions in crypto because they find it valuable. I see it as they want to speculate and get it out into cash as fast as possible. It's like the poker chip. What is the value of the poker chip.. Well the value of the poker chip in one night could be worth nothing or it could be worth $40,000. just because i'm wiling to buy the poker chip for that night doesn't mean the poker chip values or holds any significant value.

So critics would say well if person x was wiling to pay that for it.. then it's that? Not necessarily.. there could lie some subterfuge in that. i give the example of the nfts.. the nft creator sometimes will prop up the price him and his buddies.. so the market is coerced short term into believing a lie. That's not the same as a viable market where intrinsically the value is there. The united states dollar well the reality of the situation is the us dollar has the value of an army to send military resources to protect it's value and create opportunity and value. lol. it's sad but it is what it is.

crypto just has an idea not every crypto project i believe some crypto projects do have significant intrinsic value or has a plan that can create that.. but if you're a coin ranked 3000 with 1 million users or something like that. That's not really what i think can create any significant value in the market sense if any of that makes sense. i don't wanna get off track let's talk about the tvl on these would be ethereum killers.

So yes you're right when you say the tvl pails in comparison with other projects and yeap 90% validator controlled not decentralized at all somewhat similar to hive and it's whale dominance and control but maybe even worse because there is a little distribution in hive from teh blogs etc., not much but some.

So the price runs up but the liquidity is weak.. So it's a set of theories behind this. The first is you can't have prices go up with stable liquidity. So if you look at ethereum and bitcoin teh reasons they stay somewhat stable day to day in relation to other coins is because of the super high liquidity.

Now also bare in mind institutions chose ethereum when they chose bitcoin so you got a ton of institutional investment going to create alot of liquidity for eth outside retail investors until those institutions find something else shiny that makes more sense and they likely will at some point but right now there is no reason to as they wanna play the vague speculation game as well but be warned they likely will switch.

So it means eventually one of these other eth killers are going to get very very close to the point it's probably going to destabilize ethereum. i think it's more likely ethereum will get destabliized before more people come in and let me tell you why.

Many of the tenets that people are in crypto for ethereum doens't have. So as long as someone gets to a high level of security and that's likely at some point it probably will even if it's a mishap.. Then if i'm using ethereum and i got high fees on transactions.. as well as no possibilty of price appreciation because the ethereum killers are doing 50x and 10,000x,.. then you'll have so many people move that you going to start to get ghost chains.. so i think this is likely alot more likely than bitcoin.

with bitcoin people accept it's the crypto stable coin. its really the true stable coin.. as it grows.. not the other stable coins they are crap. ethereum doesn't have that capability.. i mean you could even argue hive is trying to be an ethereum killer will it? no i don't think it ever will but i do think it's possible it can take some of ethereums' market share or something like it can..maybe a new similar product can.

i agree that many are okay with the state of hive being a 200 place coin because i don't think they really feel hive is a true contender. i think they look at hive to be honest as just a little supplemental income to keep them busy.. i dont think they or any institutions will ever take it serious and that's okay but the only issue i have is that if thats the mindset having those $100 price predictions are probably ridiculous so as long as people don't believe that i'm fine with the state of hive.