People don't understand networks, and therefore don't under…
People don't understand networks, and therefore don't understand network effects.
If *my* entire network is on a platform, but nobody else is, it's just as valuable to me as if everyone on Earth were on the platform...
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In fact, it's quite possible, even likely, that a platform consisting ONLY of my network would be more valuable to me than a platform with everyone on it because the entire network is signal to me, with very little noise.
The core fallacy people use here is in aggregating the network into a single unit.
It is not a single unit, by virtue of being a network.
Connections between different things.
This oversimplification is the source of many errors.
"Mr. Keynes’ aggregates conceal the most fundamental mechanisms of change." -- F. A. Hayek
Networks must be understood as independent, connected pieces with qualitative in addition to quantitative relationships.