That counterintuitive (and probably not eternal) relative dependability through lack of a backing asset or functionality is something I have noticed as well. It

That counterintuitive (and probably not eternal) relative dependability through lack of a backing asset or functionality is something I have noticed as well. It is easier to explain when comparing bitcoin to the situation when company shares are used as the token in a game of greater fool: there, a business event like a bad quarter (or even a good quarter, tainted by even more optimistic predictions) can be enough to make the music stop. Bitcoin does not have these event sources, but a crypto token with a well defined application or function would. The application would just reintroduce an apparently unnecessary source of bad news. Bitcoin was initially pitched with an application function as well, paying for services and goods (and, depending on who you asked, sometimes even "anonymous" would somehow sneak into the argument). The "beauty" is that in terms of that metric, bitcoin already has failed, that particular event source has been drained dry. The conversion rate has somehow survived the switch from bootstrapping via proposed use as payment to pure pyramid, but I doubt that this can be replicated.