I’ve been reading up a bit on Metcalfe’s Law. Found some criticism of his n x (n-1) math, essentially n squared. Critics think that n x log(n) might be more accurate. Still logarithmic, but not as powerful as n squared.
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That is true...it is subject of great debate. Metcalfe valued each user/node as equal which we not to be the case. How would Metcalfe view STEEM, based upon the daily users or total? Daily users could be more equal since all are on here and, presumably, participating. The total number of users is made up of a lot of dead weight. How does that factor in? I prefer to omit the 550K who arent on here since, even though they are potential destinations for transactions, it is far from certain (or even likely).
It is not a fully embraced concept. Plus, since it was used for communication systems, the value of each transaction isnt really considered. With crypto, we have dollar amounts associated with each transaction. Does that affect the value of the network? If two networks have the same nodes, same transactions but network A average $1 per transaction while B is $.50 per, isnt A worth more? I would tend to think so.
I skimmed some other "Laws" that dealt with this issue and I know Tom Lee, who is a finance guy, added the dollar component into his pricing model for Bitcoin.
Fun stuff to ponder.