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A comment on Bitcoin and almost every other cryptocurrency crashed hard today. Parent comment

Re:Bitcoin and almost every other cryptocurrency crashed har... by Klathmon on Friday December 22, 2017 @10:31AM (#15988133)
Look, i'm not convinced that bitcoin is worth the price it's at right even right now either, but that's just not true.

The network effect is extremely strong in the cryptocurrency space. Everything in the cryptocurrency space supports bitcoin, and fractions of everything support anything else. Payment processors, exchanges, hardware wallets, software wallets, secure storage and backup systems, etc... All of it is focused on bitcoin first, and adds others later (if ever).

If you want to buy or sell bitcoin, you've got tons of repudible options, you want to buy or sell monero? You've got 1/3 of the options, and most of them are small and shady or don't deal with fiat currencies in any way.

If that's not a network effect, I don't know what is.

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Re:Bitcoin and almost every other cryptocurrency crashed har... by aviv on Friday December 22, 2017 @12:52PM (#15989394)
One could argue the exact opposite - that all the infrastructure around Bitcoin makes it an inferior store of value. For example, the fact that Litecoin does not (yet) have ETFs and other financial vehicles that can be used to manipulate its price without actually dealing with "physical" Litecoins, makes it a more stable store of value.
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