Replying to Avatar Alex B.

I know it’s a common trope but Metcalfe’s law really has nothing to do with Bitcoin.

While they may be under-represented in the “community” (that loose concept we define as people at meetups or on Twitter) I see no strong evidence that this has any effect on slowing down Bitcoin’s general adoption 🤷🏻‍♂️
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Spencer 2y ago

Fair enough. Can we switch gears then and elaborate on Metcalfe’s law having nothing to do with Bitcoin? First I’ve heard this.

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Alex B. 2y ago

Wealth is not evenly distributed.

Nodes on the network aren’t either.

Metcalfe’s law is a very specific model which people often use as some sort of soundbite when they really just mean network effect.

In reality Bitcoin does not even have the concept of a “users”. There are addresses, UTXO and associated capital.

It’s all pseudonymous therefore attempts to model adoption is a bit of a fool’s errand

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Alex B. 2y ago

I’ve hammered this point for years but the idea somehow persists for whatever reason.

Saylor is one of the only high profile people to have acknowledged this afaik

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Spencer 2y ago

Appreciate the thought behind this response Alex. It reveals some blind spots that I’ll have to research further 🤙🏻