To me, altcoins are trying to pretend to be a combination of a local fiat currency, building a community around them that is their tax base, but sell it to people as if they are equity holders in a protocol that can achieve a certain case case and if that use case if valuable that value will accrue into the token and the distribute to the community

Its the same with fiat currencies, my government tells me they know how best to deploy the capital they take from me with the promise of future value generation

The issue with these alts are they are overfunded projects that have rewarded vcs and builders before they even built anything so what is the incentive to build something valubale? You already got paid, sure you can drag it out a little longer, but the vast majority of your profits come in the early dumping of your premine token

Even if an altcoin does have a valuable use case, it doesn't have the network effect, liquidity and user base of bitcoin, all their users are astroturfed through marketing and unsustainable incentives. Also their use case could eventually get ported to a Bitcoin app or an L2 if the market really wants it

Altcoins are expensive testnets and more people will figure this out as time goes on