Here’s to the next Trillion!

A recent article on published on Forbes.com (“What The Lindy Effect Teaches Us About Bitcoin’s Rally”) examines Bitcoin and Bitcoin’s recent rally (US$20k to US$38k+) through the nicely polished looking-glass that is the Lindy Effect.

A quick definition of the Lindy Effect — the longer a non-perishable thing exists, the better chance it has of sticking around.

Image: raided from a Binance post on Facebook

The article points out Bitcoin is just over a decade old (3 January 2021: Happy 12th Birthday, Bitcoin!), and that — compared to things like gold, which has been a store of value for thousands of years — there is no way of knowing what the future of Bitcoin holds.

However… One. Trillion. Dollars! (that’s ‘Trillion’ with a ‘T’!). That is the total market capitalisation of the crypto space, with Bitcoin itself making up about 68% of that total. One could say that gold was so successful for thousands of years because it happened to be around for thousands of years (circular, I know!). Just because something is well-tested, proven for centuries, and in existence for a damn long while… that does not mean its function (ie. gold as the undisputed best store of value) can be usurped by something newer, more innovative, and more technologically relevant for the times in which it exists. Gold will always be a store value, but in the digital age, there may be an alternative. Besides, the whole crypto ecosystem goes beyond just being a store of value.

Bitcoin as a standard and store of value is just one thing (1st gen). Introduced to the world via Bitcoin was blockchain technology. The applications of blockchain technology transcend the financial. Enter: The Ethereum network with its own blockchain and the introduction of smart contracts (2nd gen); exciting projects like the Cardano network (3rd gen); the Decentralised Finance (DeFi) space; as well as projects like Celsius (“Unbank Yourself”), VeChain (a blockchain to enhance supply chains and business processes)… and you have something of immense utility, value, and limitless possibilities. I have not even touched the surface. A lot of crypto projects are open-source, decentralised, becoming more efficient (i.e. Proof of Stake (PoS) superseding Proof of Work (PoW), yada yada, et cetera; and, so on and so forth.

The potential is enormous! Mindblowing… once you can wrap your head around it. I’m still coming to terms with it all myself. Plus, it moves quickly. Not just in terms of the prices of the coins and the tokens (which trade 24/7 365 by the way), but the networks and projects themselves. These crypto projects and networks are paving the way forward at a tremendous rate. I look forward to how they will shape this decade.

Back in 2011, I recall reading about Bitcoin on the internet. I was mildly fascinated with the whole thing (mining, blockchain, public ledgers, anonymity, etc). I could even buy some. The going price for a single Bitcoin was just over US$1.00. No thanks. Useless internet money.

WRONG!!!

Crypto is still in its infancy. Will the 21st century be able to keep up?

*I raise my shot of Beluga Noble Russian vokda*

“Here’s to the next Trillion!”

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Reality is nonlinear.

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Speedyalmaza

Speedyalmaza

Reality is nonlinear.

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