This new crop of critics pointing to the history of technology to explain why #bitcoin will inevitably be disrupted by something newer have totally missed that the most powerful forces in social technologies are not product features, but *network effects*
“Hurrrr but MySpace and Facebook.”
Yeah, and it’s been 15+ years since Facebook won. It has 2,800,000,000 users. Do we really think that nothing technologically better has come along in 15 years?
No, it’s the network effects.
Yeah, and it’s been 15+ years since Facebook won. It has 2,800,000,000 users. Do we really think that nothing technologically better has come along in 15 years?
No, it’s the network effects.
“But bitcoin isn’t a social technology!”
Money is first and FOREMOST a social technology. By definition money is irrelevant without networks of people to exchange it. We just happen to call these networks markets.
Money is first and FOREMOST a social technology. By definition money is irrelevant without networks of people to exchange it. We just happen to call these networks markets.
Need more evidence?
Imagine the last human on earth with every piece of gold, every scrap of cash, every password to every financial account.
All of it is worth nothing, for there is no one else who will accept it in exchange for giving our sad hero what they need or want.
Imagine the last human on earth with every piece of gold, every scrap of cash, every password to every financial account.
All of it is worth nothing, for there is no one else who will accept it in exchange for giving our sad hero what they need or want.
This is not some blinding insight. MANY have written about this.
And that's the point.
I’m all for strong critics and rich debates. But if you’re gonna try for “gotchas” you need to getcha some better material.
And that's the point.
I’m all for strong critics and rich debates. But if you’re gonna try for “gotchas” you need to getcha some better material.
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