Earlier quoted context omitted.
This perspective is interesting when applied to communications. Parlay. Courier. Pigeon. Mail. Telegraph. Telephone. Transatlantic Comms. Fax. Early Internet. Email. Text Messaging. Live Chat. Voip. Twitter. Facebook Messages. Video Chat. It's a naîve summary of communications history, but look at the persistence of some of the early players. Many have not been replaced to this day - snailmail, POTS, Fax, Email, Chat…
The breakthrough in your comm analogy will come with the translation of thought to word. We will wear a device which will be able to read our brainwaves and determine which word we are thinking ala dictation, then send that to the recipient. This will be wired-telepathy - the recipient will get a message which they can receive any way they choose; visually (email - they read it) audio playback, or thought-injection.…
Since this thread is presumably being read by entrepreneurs making bets on the future of technology, it needs to be said that this will never happen with the current imaging technology. Brainwaves implies EEG, and the research in this field strongly suggests that it is information theoretically impossible to extract this information through the electrical activity on the scalp.
For this vision to become reality we need a new imaging device that has both the temporal resolution of an EEG, and a spatial resolution that probably needs to be better than an MRI.
In summary: Certain things are impossible. I can say with certainty that no algorithmic improvement will allow this to work using an EEG. I don't know whether it is physically possible to create a non invasive imaging device that allows such a signal to be detected reliably, but it certainly does not exist today, and it seems like a leap of faith to assume that it definitely will exist at some point in the future.