Tired of “Bitcoin gains in value!” headlines? Try this: “Against a mysterious world-wide low-grade revolution in the industrialized world, the dollar & other violence backed fiat currency continued their collective plunge against math backed Bitcoin.”
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You could make Bitcoin2, identical in every way to Bitcoin, and release it to the world tomorrow. 'Hard forks' like BitcoinCash are *effectively* massive dilution exercises (doubling the supply). The maths is redundant, it's all about basic human psychology + 'new paradigm'
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Of course it’s all about human psychology. As you can see not everyone just rushes out of Bitcoin whenever “bitcoin2” comes out because bitcoin still has more trust and acceptance and thus use and value
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It has zero (current) use and this use case has not changed materially since it was 10c. As for 'value' let's see, it's far and away the most volatile 'investment', let alone currency in the entire world, and that usually ends in tears.
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I disagree. If you view it like a language it makes more sense. The more people use a given language the more valuable it is because the more you can use it to communicate. It also drives out supposedly technically “superior” languages a la Esperanto
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Except I don't view it like a language because it's not remotely like one
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A protocol is like a language, it allows you to communicate effectively. It spreads like a language, like products with network effects. Andre Orlean is an excellent economist on this in his Empire of Value
End of conversation
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