Network effects: bitcoin
Is it all just Metcalfe's Law? Where does it take us?
Author’s Note:
This writing is part one of two: the second piece focusing on the network effects behind Ethereum’s growth and what those network effects tell us about Ethereum’s evolving decentralization. This intention of this writing, beyond exploring a network valuation model for bitcoin, is to act as a reference piece allowing the Ethereum model to have minimal technical and mathematical distraction.