Agreed. BTC real usage ( currency and hedge against fiat devaluation ) is most likely anywhere between 0.1-2% of curent supply. The other 98-99.9% is used for speculation alone. Bitcoin has failed it's purpose, becoming a monetary system. Ofcourse, that doesn't mean people can't make money out of it, for like maximum 3 halvings, bitcoin will still be alive and it will be profitable to make money out of the greater fool. After that, it will become too expensive to mine and a 2-5k $ price, or whatever it will need to cost to keep mining profitable and therefore the network secure, won't be doable, more expensive = harder to pump, and the network hashrate will eventually drop and it will become cheap to attack it.
I think vitalik calculated somewhere on reddit that the curent cost to attack bitcoin would be ~20 million usd if im not mystaken. That being said, i will still buy bitcoins 1 year before the next halving, there's money to be made, short to medium term bitcoin is okay.
I feel that as soon some problematic question about altcoin "X" are asked the best line of defense is always attacking bitcoin.
Give bitcoin a rest, show me a coin which achieved better customer adoption or recognition.
Bitcoin is not ideal cryptocurrency from the technical point of view - but everything created after it, is even worse, because it wasn't created for people - it was created for money.
People say that Satoshi owns shitload of BTC, yes that is true - but he didn't touch any of it...
