How does that same critique not apply to many of the worlds currencies? You're talking as if multiple new currencies are not possible when it clear that they a

How does that same critique not apply to many of the worlds currencies? You're talking as if multiple new currencies are not possible when it clear that they are. People who use currencies don't care about the market, they care that products are priced in that currency and are relatively stable. The market will eventually level out as usage grows, anything new is going to be volatile but there's clearly room for more than one player as long as they're not identical and offer different value propositions then they'll be taken up if only to hedge against the weaknesses of their competitors. Bitcoin has flaws, it's terrible wasteful of energy as if proof of work were the only possible solution to creating coins. Other coins offer different less wasteful ways of minting new coins, that's going to have a market regardless of bitcoin's success.