Metcalfe’s theories are part of the picture but network effects are not the sole source of BTC’s value. You need users of a value-transacting system but it can be ten or ten thousand or ten billion. What matters is the value they reposit relative to the value of other goods and services. Prison money is money even if ten prisoners use it to trade. And to them one can of macerel can be worth three cigarettes or two years worth of laundry service. Money is not just a network
Network Effect Theory
3 years ago in #theory by mynameisgeorgie (47)
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