Bitcoin has Hacked the Attention Economy
The Crypto Singularity has Arrived
Who doesn’t like an underdog? We now know that cryptocurrencies will radically alter the future of transactions, innovation and decentralized systems of globalization.
For many global citizens, it’s a bit of a revelation and Bitcoin is the flag bearer. It’s so much so, search about Bitcoin has overshadowed everything else as its price has leapfrogged expectations.
Traditional money is on the defensive and fiat currencies as they exist now, are outdated. Bitcoin itself is now valued at $160 Bn. and exploding. At $160 billion, Bitcoin’s market cap just passed GE’s. A company that was once the largest company in the world, founded in 1892 with 295,000 employees and 123 billion in revenue.
Since it was created in 2009, Bitcoin has experienced significant highs and lows, but at not even 10 years old, nothing could prepare us for 2017. As history reads this, the fanfare and brand recognition of Bitcoin today is unprecedented. How to convey this trend of search and mainstream interest? Bitcoin exceeds searches for controversial publicity seeking President Donald Trump.
Bitcoin has captured the population imagination, and we now know that Bitcoin and crypto derivatives (dubbed Bitcoin futures) will flood the markets. New more advanced smart contract platforms will be invented and quickly gain in value as cryptocurrencies, evolving faster than money itself is exchanged.
Cryptocurrencies and ICOs are signaling a boom of blockchain innovation, unlike the tech and finance world have seen before. They can alter entire industries in months to years, in addition to creating thousands if not millions of new jobs. Further blurring the lines between virtual and real, the Crypto Singularity is disruptive.
The frenzy phase of the Crypto Singularity is also a time when foundational new systems can be born that will represent the future infrastructure of blockchain in the quantum web.
Bitcoin futures means futures contracts give traders a way to bet on bitcoin prices and earn profits without even buying the actual cryptocurrency. This is a global movement, as inevitable as fiat currencies entering the blockchain with their own cryptocurrency versions. This will kill “money” and cash as we know them.
The Commodity Futures Trading Commission clearing the way for three firms to launch bitcoin derivatives is less about regulation and more about trying to profit from what amounts to a crypto big-bang. In Japan they’ve embraced Bitcoin and it’s another kind of integration, years ahead of many nation states. Bitcoin trade in Japan accounts for about half of the global trade volume.
The Great Bitcoin Rally is just a Symbol
If Bitcoin has hacked the attention economy, it’s because the Crypto Singularity is aligned to the values of Millennials. There’s no other way to explain it, young people around the world are tired of elitist centralized institutions and governments controlling their destiny, from big banks, to greedy politicians to very ideas of inherited wealth and stifling wealth inequality.
As blockchain momentum grows, capitalism must adapt or face the consequences. The Crypto Singularity in this sense is nothing short as a war of values for a better world.
If Bitcoin has gained nearly 1,000% against the dollar, it’s not only that we’re putting our money where our mouth is, it’s that our heart wants to invest in a new kind of world, not only where the 1% gain the majority of all future earnings and profits. At the root of the Crypto Singularity is the preference of young people for a decentralized implementation of social justice, and however many decades it takes, in the scope of history, that’s the end-game of how disruptive the blockchain could be on the global banking system, economy and outdated identity politics of nation states.
If Bitcoin is a virtual currency and commodity (crypto asset) unlike any the commission has dealt with in the past, the rate of innovation in cryptocurrencies, ICOs and blockchain is the transition from one world, to the next. It’s up to the young people involved to shape the future where wealth distribution itself can be fundamentally altered and anything less than this would be a failure of the original intention behind Bitcoin.
Crypto assets aren’t just digital stores of value then, they are the representation of the momentum of disruptive values on corrupt and outdated infrastructures, institutions and governments that no longer are aligned with the people. Humans collectively need the blockchain just like we need artificial intelligence, to help us govern ourselves in a more enlightened way. Disruption fundamentally is not just digital or technological, it’s economic and political.
The values of Satoshi Nakamoto is a weapon against fraud, corruption and the machinery where a few profit at the expense of the many. The Bitcoin surge is indicating that as young people embrace ideas of decentralization, transparency, security, smart contract consensus and evolving methodologies of proof of work, we are engineering a better future for humans.
Ether derivatives and opening the floodgates of crypto futures, means that the Crypto Singularity legitimizes an exponential growth of ICOs that will fuel the future of innovation itself. If Bitcoin gained 1000%, Ethereum gained 4000% in 2017.
You don’t have to be a futurist to see where this is going. If Ethereum is unable to scale on a quantum blockchain, NEO or Cardano will take its place. Smart contracts platforms will scale, as activity on cryptocurrency exchanges explodes in 2018.
If Bitcoin hacked our attention economy near the end of 2017, the unruly market is guiding us somewhere. Blockchain initiatives are multiplying each year, and their bleeding edge features are creating infrastructures that will continue to ripple through financial, economic, venture capital, tech startup and cyber-security relevant ecosystems.
Nations and their central banks will be issuing fiat cryptocurrencies before 2020. Can you imagine what the leading crypto assets and currencies will be even worth by then? Ideas of decentralization will continue to to melt the highly centralized concentration of wealth as wealth inequality continues to scale faster and accelerate the global decline of the middle class. The Crypto Singularity counters things like Brexit, the rise of China as the dominant technological superpower and other events, as the world becomes even more enmeshed in a crypto globalization, if you will.
Russia, the U.S., Japan, Korea, India, China — we all have our role to play in this. How nation states attempt to regulate Bitcoin and how global citizens relate to crypto assets will be symbolic to watch, as global players position themselves to profit from the blockchain emergence into the mainstream, as stores of value and as movements of innovation.
This redefines how we conceive of money and the very interaction of how we invest in the future. Bitcoin forces us to notice not just of the power of crypto bubbles, but how badly the world wants to disrupt itself vs. failing modes of collective infrastructure and poor leadership of banks, financial institutions, governments, policy makers and big money vs. the global worker. People desperately want a more ethical future, and an era where Artificial Intelligence on the blockchain will be able to empower a smarter consensus on the future is coming.
Bitcoin’s price progression (BPP) is symbolic of the acceleration of the Crypto Singularity’s impact not only on the markets and finance, but how the blockchain itself can scale.
$0000 — $1000: 1789 days
$1000 — $2000: 1271 days
$2000 — $3000: 23 days
$3000 — $4000: 62 days
$4000 — $5000: 61 days
$5000 — $6000: 8 days
$6000 — $7000: 13 days
$7000 — $8000: 14 days
$8000 — $9000: 9 days
$9000 — $10000: 3 days
$10000 — $11000: 1 day
The CFTC giving the green light on bitcoin futures products, is a sign that in 2018, crypto derivatives are coming and this means tremendous gains by the crypto assets that follow Bitcoin. If Cryptocurrency assets have a market cap of around $300 Bn. now, how much will they have even at the end of 2018, in one year’s time?
Bitcoin price action actually according to some analysts does resemble the Dutch Tulip mania of the 17th century, but in an age of coming exponential technologies, we now have to consider cryptocurrencies among them, and there are many which even the futurists today do not understand.
Correct me if I am wrong?
I’m a futurist in residence on Medium.