I understan your point and agree in general. But looking at this market - The common thought process is the following
- If BTC goes down I will sell my alts, cuz if BTC goes down everything goes down.
- If you look at the alts at the moment compared to BTC, it's a lot better your potfolio to have BTC compared to a basket of alts.
- When BTC was at 6k STEEM and BTS were at 2.50$ and 0.16$. Currently BTC is at 9200$ and STEEM is at 2.38$ and BTS 0.156$ - The point being that people prefer to sell their alts and buy BTC when bitcoin is on a good discount rather than buy altcoins.
I am not saying that this is good or Coinbase should have 3-4 asssets, I am saying that at the moment people prefer to have BTC compared to alts and that could be seen from the charts.
Personally my long-term portfolio does not have any BTC or ETH as I believe Blockchain 3.0 will be much more preferred.
Thanks for the discussion, it's really great to have a meaningful discussion on Steemit, happens rarely to me.