Over the last three decades, the world has witnessed the power of open networks: blockchains, social media, the very web itself. What makes them so powerful is that their value is related not just to the number of users, but the number of potential links between users. This is Metcalfe’s law—value in a network is quadratic, not linear, in the number of users—and every open network since has followed its prophecy.
Bitcoin is itself an NFT, a unique digital art work instantiated on a blockchain. It’s the most valuable NFT in the world. I don’t mean a Bitcoin, obviously that’s a fungible thing. I mean THE Bitcoin … the 21 million Bitcoins that make up the Bitcoin Project. The notion that Bitcoin would ever “go to zero” is ludicrous. Good art is always worth something. But how do we measure that something … how do we put a price on the value of good art at this particular moment in time? It’s a REALLY tough question.
People only get this way about two things: politics and religion. But Bitcoin has crossed over into religion territory, with a belief in a supernatural power (Satoshi), the concept of sin, a method of salvation, central myths and narratives, ritual, and even material expressions (Lamborghinis). We know what happens when you threaten people’s religion—people die over this stuff.
— Read on www.bloomberg.com/opinion/articles/2021-03-02/coinbase-ipo-coin-the-crypto-exchange-is-a-100-billion-cult
Want to really understand how bitcoin works? Here’s a gentle primer – Ars Technica
— Read on arstechnica.com/tech-policy/2020/12/how-bitcoin-works/