> New cryptocurrencies appear all the time. This dillutes the cryptocurrency space. There's only so much capital to invest in any of them.

And that's exactly why a lot of these new cryptocurrencies are worthless. The space is saturated and a lot of these new coins don't offer anything new. People don't agree on its value. I mentioned this.

> And the dollar has value, because they're backed up by a government. Not because the bills themselves have an intrinsic value.

Well crypto is backed by a huge network of miners, hence I mentioned proof of work.