Ethereum Co-founder on the Cryptocurrency Rush and Volatility
The volatility in cryptocurrencies has made even seasoned investors do a double-take. But for Ethereum co-founder Joseph Lubin, those fluctuations are just the natural consequence of people starting to understand how profoundly the decentralized platform will change information technology.
“We’re moving from a world in which we’re constrained by the database technology...to a world in which we can gather different groups and sectors and industries...to build shared infrastructure,” Lubin said in an interview with Cheddar at SXSW.
“That’s a profound idea...When people see that, the general fear/greed dynamics of humans start to kick in, and we tend to overshoot price and oscillate for a while until we settle at a reasonable price.”
To Lubin, though, the volatility isn’t necessarily a bad thing. The sudden uptick in prices for cryptocurrencies “drew entrepreneurs and technologists, security auditors, and value and money into our ecosystem,” he said.
Lubin compares this rush to the dotcom era.
“When you throw a ton of value like that into an ecosystem, you give the fuel on which to build foundational elements.”
Last year, investors jumping into the space drove up prices for tokens like Bitcoin to a peak of around $20,000. Since then, concerns over regulation have brought it back down to around $9,000.
Ethereum, the second largest cryptocurrency by market cap, saw a similar rise and fall. But Lubin took issue with calling that a “crash”, pointing out that the coin started 2017 at under $9, and that the recent correction may have been more of a reversion to the mean.
For the full interview, [click here](https://cheddar.com/videos/consensys-and-the-ethereum-project).
Disney and Fortnite-maker Epic Games will collab on making new video games with Disney characters. Hopefully it will be more than Mickey Mouse hitting the Griddy.
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs, leading to increased prices for chocolate. The company anticipates its full-year earnings per share being relatively flat, partly due to higher cocoa and sugar costs.
Prince Harry has reached an out-of-court settlement with a tabloid newspaper publisher that invaded his privacy with phone hacking and other illegal snooping. Attorney David Sherborne said that Mirror Group Newspapers had agreed to pay Harry’ “substantial” costs and damages.
An attorney representing passengers of an Alaska Airlines flight that lost a door plug in midair says a “whistling sound” was heard on a previous flight of the same Boeing 737 Max 9.
What do Arnold Schwarzenegger, Aubrey Plaza, and Tom Brady all have in common? You'll see them on Super Bowl Sunday, but not on the field. If you only watch the Super Bowl for the ads, here's a sneak peek.
The Federal Communications Commission knows (to loosely quote Drake) "when that [AI robocall] hotline bling, that can only mean one thing" — deception. The agency says bad actors have been using these voices to misinform voters.
David Stryzewski, CEO of Sound Planning Group, breaks down Disney’s latest results, from adding Taylor Swift to building out ESPN, and why Bob Iger’s leadership is crucial.
