“Crypto-currencies will enable a Trade Singularity, whereby trade between non-humans will exceed trade between humans. If bitcoin is the global reserve crypto-currency backbone for all of this, then yes, bitcoin will be more valuable than anyone realizes.” – Tyler Winklevoss (3 years ago in a comment on Winklevoss Capital)
Why are there so many cryptocurrencies, and can more than a mere few be truly valuable? If we’re standing at the precipice of the trade singularity, the answer is “yes”. There will be innumerable use cases for cryptocurrencies to facilitate smart contracts, a smart internet, and artificial intelligence on the blockchain.
Let’s roll back the clock and enter the theoretical minds of the Winklevoss twins, cofounders of the cryptocurrency exchange Gemini. “Money Is Broken, But Its Future Is Not” by Tyler Winklevoss, written in 2014, conceptualizes how computers through cryptocurrencies will displace human beings to facilitate transactions in ways we struggle to grasp, in spite of Bitcoin’s meteoric rise and the ringing of the church bells for the blockchain.
Intuitively we know that money is parked in a dead end. It’s the black coal in the putrid mine of the modern age. We know it needs a massive face lift, a much cleaner and zippier version rooted in mathematics that can promise proof, transparency, and efficiency instead of financial shenanigans. We know we can remove the intense man-hours that keep legions of workers strapped to financial wheel barrels, pushing every remittance, trade, and transaction.
If Netflix toppled Blockbuster and iTunes toppled Tower Records, we know Bitcoin can give fiat currencies worldwide a run for their money.