No one hypothesis explains "UFO's". Their are a few different for different types.
"I think the extraterrestrial hypothesis is silly,"
Almost as silly as Governments ignoring intrusions into their airspace on a regular basis by sometimes huge intelligently controlled aerial objects with performances vastly superior to anything we know about or have on the drawing board. Sometimes as solid as a liner sometimes a big glowing something.
" electromagnetic hypothesis."
Deinitely explains quite a few, things like ball lightning and other ionisation phenomenon.
'time travellers from our future'
More believable for certain incidents than the old chestnuts bought out to explain them such as "The Planet Venus" or "Marsh gas" in response to solid objects seen by multiple witnesses from different locations.
There's the idea that they're actually living creature as well...
Well some certainly seem to show intelligence as seen by thousands.. So its more of a believable thing than some stuff you read in famous old books.
" I once plowed through the UFO Encyclopedia and came to the conclusion that almost all were a misidentification of a natural phenomena or a human paranoic response triggered by lights and probably electromagnetism."
Its not the "almost all" thats the problem, its the huge body of events that can not be explained in that way. or even close to being explained by such.
My hypothesis for UFO. First what type of UFO.
Solid hardware seen by multiple witness preferably with a Radar return. Then my hypothesis is it an intelligently controlled and manufactured device by human level intelligence or above.
Bright light moving in intelligent way. my hypothesis would be. Fake? Possible natural unknown phenomenon...Or a transdimensional probe from the future having a shufty at people with hopeless camera skills...
No the UFO UAP etc etc. Phenomenon is too multifaceted to hypothesis in one go except to hypothesise that they are all part of "our" reality.
It is strange you can believe totally seriously in stuff which has no evidence or scientiic basis and become the most powerful man in the world and infact seems to be a pre-requisite. Yet any government or like frowns completely at you for believing in stuff that there is ample evidence for. Kinda weird in its own right.. :?: