29 Mar '14, 7am

Is Bitcoin the economic realization of Metcalfe's Law (network effect)? This graph suggests it ht…

Is Bitcoin the economic realization of Metcalfe's Law (network effect)? This graph suggests it ht…

Here is an improved graph of the bitcoin price history versus the Metcalfe value. I am now using the price history from bitcoinaverage.com (giving me post-Gox prices as well), and I am using both the number of transactions per day (excluding popular addresses) and the number of unique bitcoin addresses used per day as the N in Metcalfe's Law : V ~ N 2 . I would like to do a proper regression to get a numerical model, but the blockchain.info charts currently have holes in the data (the large spikes visible on the curves) that render such a processes useless. For the time being then, I've just eyeballed the fits as you see below. The current price of bitcoin is slightly higher than its Metcalfe value. However, should the network continue to grow at its historical rate of 3.2X per year, the Metcalfe value should exceed the current bitcoin price later this spring.

Full article: https://bitcointalk.org/index.php?topic=400235.msg5882283...

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