TL;DR - Only bitcoin is leaderless and trustless. Almost all other coins, including ethereum, have a leader figure in one form or another. Layers of trust come from layers of trust required for the technology to work.
I used to be of the persuasion, "Hey, bitcoin is old technology. It doesn't work as intended. Try this coin instead. It works." But then I saw the market didn't want anything besides bitcoin and a few other alts in the top 10. So I just called myself a, "Maximalist of useful protocols."
Well, after the USDC depegging event, this is where I backed off of even saying a "maximalist of useful protocols." When SVB collapsed, the creators of USDC - circle, did absolutely nothing wrong, but it depegged, briefly, dropping to 80 cents per USDC. There's 3 layers of trust to USDC, arguably 4:
1. You need to trust the Eth blockchain blockchain and hope it doesn't get corrupted as well as the EVM.
2. You need to trust the team at Circle. See footnote below.
3. You need to trust all of the banks that Circle uses to peg USD to USDC.
4. You have to trust the ETH dev team.
5. Do you need to trust the "leader" of ethereum, Vitalik Buterin?
With bitcoin, what are you trusting in? Assuming you store you private keys / mnemonic correctly, you are trusting in only two things, really:
1. Trusting in the protocol not to get exploited / 51% attacked.
2. Trusting in the volatility / world economy not getting in serious trouble.
These are just my own thoughts... After everything I've seen this past year, I'd rather be paid in bitcoin than any stablecoin I've seen. That's just me.
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