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).
Elon Musk's company XaI has announced a new chatbot called Grok.
SAG-AFTRA said over the weekend that it received the studios' last best and final offer following a meeting on Saturday, with the union saying it's reviewing it and considering a response "within the context of the critical issues addressed in our proposals."
Stocks rose slightly as Wall Street looks to continue its momentum with earnings season winding down.
Tyson Foods is recalling about 30,000 of its dino-shaped chicken nuggets after some consumers reported finding small metal pieces in those nuggets.
Google on Monday will try to protect a lucrative piece of its internet empire at the same time it’s still entangled in the biggest U.S. antitrust trial in a quarter century.
Before the SAG-AFTRA strike, this was the weekend “Dune: Part Two” was supposed to open. When Warner Bros. and Legendary pushed that opening back to March 2024 and no other blockbuster stepped in to take its spot.
A growing number of Californians are planting agave to be harvested forz use in spirits. The trend is fueled by the need to find hardy crops that don’t need much water and a booming appetite for premium alcoholic beverages.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
