Subnostr

Those are fair points. Care to clarify a little bit on how you think it would be beneficial? I was just thinking in terms of exposure. Lol. Would make for a great ad campaign for Bitcoin.

Habanero 2y ago

Bitcoin has far superior: portability, divisibility, speed of final settlement, absolute scarcity, and verifiability. Any financial product that needs these attributes to function will interact with bitcoin on some layer to gain better function. Think of Strike (Jack Maller's company) , he is running basically a Western Union on the bitcoin block chain. Most of his payments are fiat, but bitcoin allows faster speeds, lower costs, and less fraud.

Bitcoin at the end of the day will be baked into everything, and since bitcoin's value comes from it's network effect, each new participant adds exponential value to bitcoin (see Metcafe's Law).

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Discussion

captain ☦️ 2y ago

https://github.com/libbitcoin/libbitcoin-system/wiki/Network-Effect-Fallacy

Habanero 2y ago

Hit me with it Captain... you are making the argument that networks don't gain value with additional users?

captain ☦️ 2y ago

The gain is not exponential

Gary ₿usey 2y ago

I have to agree with the captain on this one.

Organically grown networks seem to make more progress due to the lack of centralized interference. Broader levels of availability are capable of being accessed to a wider population. Whereas centralized networks (Twitter, Instagram, YouTube etc.) seem to stagnate when they reach a certain growth point.

Habanero 2y ago

Metcalfe Law does have it's limits... it is more a rule of thumb as all users are not created equal, and OG users are far more likely to be engaged and contribute than the noobs and lurkers

Habanero 2y ago

Money is a messaging system... Metcalfe Law describes the number of unique possible connections in a messaging system is the square of the messaging participants. Communicating value is the point of money (that's its value proposition), so the value is proportional to the number of participants that can communicate with each other. That is the square of the participants... exponential

captain ☦️ 2y ago

So I can't exchange one money for another?

Habanero 2y ago

Gary ₿usey 2y ago

Lol. I'm not sure if we're specifically referring to monetary systems or networks anymore, but this applies to both: a network of any kind that has wide reach gains usability and influence but not necessarily value.

Habanero 2y ago

The wide usability is the value... if that value becomes monetary is based on it's scarcity. English has tremendous value due to it's network effects, but zero monetary value because it lacks scarcity

captain ☦️ 2y ago

What happens to the value if the usability were to be cut in half?

Habanero 2y ago

Here is a handy graph

Gary ₿usey 2y ago

In terms of monetary value, the asset would begin to lose value more quickly than usual. In terms of usability, less would be utilizing it.

Habanero 2y ago

Exponentially