[vintageseltzer]

By that logic, gold would have crashed long ago and been replaced by all the other alt-rare-metals out there. It has not.

The network effect should not be underestimated. The world is filled with examples of inferior systems that exist simply because they have more momentum than others. Investors demand a “store of value” investment vehicle. Up until now, gold has led that role. Now Bitcoin will take over. Not because it is the best, but because it is first to market and has enough momentum and utility to replace it.

[paulgb]

I remember when people used to pay real money for ICQ numbers, so the network effect argument doesn't really get me.