Comment: The network effect.

(See in situ)


The network effect.

OP,
It's called the network effect.
http://en.wikipedia.org/wiki/Network_effect

There have been several Bitcoin clones and many of them have already
come and gone.

There would have to be a competitor with some feature the market really wants to challenge Bitcoin, but even then it is possible to
update Bitcoin with the same feature as long as it has nothing to do with the money supply.

Why trust in gold or silver as money when it has potential competitors that could replace it? (i.e. Gallium, Indium, Tellurium, Mercury, Bismuth)

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”