[Nursie]

You remember that there were other social networks before facebook dominated everything, right? Network effect now is no guarantor of the future.

[kss238]

That doesn't mean Facebook is overvalued though. Just because it's value could disappear doesn't mean it has no value.

[Nursie]

It doesn't mean BTC is overvalued either. But BTC could well prove to be cyrptocurrency's Friends Reunited or Bebo.

[0bsidian]

I don't think I claimed that anything is a "guarantor of the future".

I am simply pointing out that networks are valued with reference to their size, not on whether their code base is unique.

Bitcoin and Facebook are two examples of this principle.

[Nursie]

Indeed they are, I'm just pointing out that such can be fleeting. Facebook in particular is a good example of a second or third generation product gaining dominance.

I'm not sure "price discovery" is really what we're doing at the moment.