[HN Gopher] Bitcoin Killed the King and Now Network Effects Will...
       ___________________________________________________________________
        
       Bitcoin Killed the King and Now Network Effects Will Determine Its
       Future
        
       Author : domrdy
       Score  : 20 points
       Date   : 2021-10-14 14:31 UTC (8 hours ago)
        
 (HTM) web link (www.nfx.com)
 (TXT) w3m dump (www.nfx.com)
        
       | Imnimo wrote:
       | >For the hierarchical pack animal we are, hierarchy with an alpha
       | King on top is a stable and understandable structure.
       | 
       | Yikes.
        
         | Tanjreeve wrote:
         | Really isn't true either. Both an anthropologist and an
         | architect would cringe at that claim.
        
         | Traster wrote:
         | See that's what people just don't get, pyramids are very
         | understandable structures.
        
       | ewagsjr wrote:
       | Bitcoin Killed Elvis huh? Weird...
        
       | mensetmanusman wrote:
       | Maybe. Belief in the value of the dollar is also a network effect
       | due to global supply chains. The U.S. couldn't prevent countries
       | from using dollars how they do by fiat.
        
         | mateuszf wrote:
         | Sure, but for bitcoin it's also a trust that the money supply
         | mechanism is very hard to change.
         | 
         | It is possible to do so (by votes of user nodes), but it's not
         | in the interest of the users.
        
       | bob229 wrote:
       | Who cares. Bitcoin is nonsense used by cranks
        
       | bellyfullofbac wrote:
       | Geez... yeah sure, "The King" who still controls all the world's
       | bombs is dead, and Bitcoin rules all. Incidentally, I'm watching
       | the backstabbing mini-world of Squid Game. Without those "kings",
       | what's stopping your neighbor from robbing you?
       | 
       | And the old comparing of market worth to "Hey look we're almost
       | worth as much as Amazon", geez, does that MLM trick still work?
       | 
       | A cryptocurrency skeptic wrote in a good essay once (and I
       | paraphrase imprecisely), of course people who've bought crypto
       | are bullish about it, they've put money in it. And of course they
       | think it's going to go up, because otherwise why would they've
       | put their hard earned money in it. And one way for it to go up is
       | for them to start preaching about it so others would want to buy
       | into it...
        
         | mrkramer wrote:
         | You are right, crypto is Ponzi, HYIP, MLM or whatever people
         | want to call it. The technology behind crypto coins is valuable
         | not the crypto coins itself.
        
       | mrkramer wrote:
       | Bitcoin's hierarchical king is network consensus and you forgot
       | to mention the most important belief behind centralized fiat
       | currency that is law. Constitution and laws protect money and
       | finance of citizens, companies and public institutions.
       | 
       | The thing with Crypto/DeFi is that creators of this software
       | solutions think code is law but crypto is yet to be regulated.
       | Therefore there are billion dollar scams left and right in the
       | crypto industry.
       | 
       | The article is sort of good but it is leaning more towards hyping
       | up and promoting something the author likes atm not what he
       | shares values with.
        
       ___________________________________________________________________
       (page generated 2021-10-14 23:02 UTC)