Comment Re: Bitcoin a high risk investment, easily replace (Score 1) 72
"Bitcoin has no network effect. There is near zero cost for users to switch to a different coin."
The cost of switching is not relevant. It cost nothing to switch to Google+ either. Or Truth Social. You don't seem to understand network effects very well.
Actually, you just indicated you do not understand network effect. Google+'s competitors had it, Google+ suffered as a result. The cost is losing the large community. What little utility Bitcoin has, transferring money with fiat currency conversion while doing so is easily replaced. The transfer can take place with etherium, with litecoin, etc. They are all rather interchangeable with respect to what utility there is here.
If investors get nervous about Bitcoin they can sell and move elsewhere. And most will learn that they were the "greater fool" as the price declines.
But for someone just transferring/converting money. Bitcoin at $120K, $60K, or $30K does not matter. The transfer can take place in minutes and it's typically stable enough on that timescale for the transfer. Its only investors, holders that are at risk.