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by 0bsidian 3124 days ago
This is exactly right.

If you create a company and copy Facebook's code, the resulting company will not be worth as much as Facebook.

Why? Because much of Facebooks' valuation derives from its network.

Bitcoin is the same.

1 comments

The problem with being by design a fungible commodity is that your network lock-in isn't anywhere near as strong as Facebook's. Or AOL's...