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).
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
