During the debate between Erik Voorhees and Peter Schiff, some things were said that were left unanswered. Specifically, Schiff claimed that Bitcoin can just be replaced by something better, just like Myspace was replaced by Facebook. The reason that can’t happen is because of a concept in business called a “platform” which is different from a typical product or a service. Bitcoin is a platform, and an open source one at that. I explain what that means, as well as the concept of “Network Effect.”
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