I share very similar thoughts. I also believe Bitcoin is a shitcoin and quite outdated. Reminds me of those precious metal preachers. Really, what remains is just worship of an old technology.
New investors need to buy BTC in order to buy everything else. As long as we have this limitation in the markets we will see pumps in BTC and then pump of alts. It is what it is. Steemit is one of the best coins out there but very few realize it because again, we are still too early on.
Bitcoin might be in a bubble and it will burst. But not the same thing will happen with the other alts that have already put safeguards in place. This constant forking of the chain will eventually decimate the reputation and functionality.
What kind of safeguards by the way?
wider distribution through whitelisting, scalability as with ethereum, coalitions of chains.
heck the very presence of competing coins and technologies safeguard the entire decentralisation system. I think Jamie will be proven right about one thing. After segwit, shit will break loose when the first-late adopters see their investment disappearing slowly while alts get pumps. This is when the true wild west of crypto will begin.