The network effects of a technology are huge and explain a lot of the enormous growth we’ve seen in stocks such as Amazon, Netflix, and Facebook. Bitcoin has even greater network effects than Web 2.0 tech companies. But Bitcoin also has a fiercely loyal user base that won’t disappear, even when 50% of the value of their investment drops. Bitcoin isn’t dead.
I agree. The network effect and the power of open source community are 2 social-driven forces that powers us ahead in this century. Oh, and also the exponential growth era. Thanks for this piece, Tim.