🖊️ [Analysis] Bitcoin’s Gravity - Gigi

Bitcoin ($BTC) operates as a game with certain rules such as fixed supply, no central figures, no confiscation or censorship, and democratic validation, according to Gigi's social analysis. Implicit within these rules exists a social contract that links ideas and people to a network through both code and nodes. As the Bitcoin network grew and developed, a feedback loop also developed, creating value out of the pay-to-play rules. Undergirding feedback loops is the idea of personal narratives: every person understands Bitcoin differently and values it in accordance with their perceptions. Some perceptions are friendly while others are not, creating a natural juncture for alternative technologies to grow and toxicity. As Bitcoin gains mass through development, its gravity well expands, consuming everything in its path. As Gigi writes, the network effect both grows Bitcoin and kills alternatives naturally.