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Vitalik Buterin created a 'fellowship of the ring' to build ethereum. But the founders have a history of feuds and are now competing for crypto dominance.

<ul class="summary-list"><li>The merge slashed worldwide electricity consumption by 0.2%, Ethereum co-founder Vitalik Buterin tweeted Thursday, citing a crypto researcher. </li><li>A report from the Crypto Carbon Ratings Institute found it now releases less carbon dioxide than a few hundred US households do in a year.</li></ul>The Ethereum merge this week slashed global energy consumption by 0.2%, Vitalik Buterin wrote in a tweet Thursday, citing a crypto researcher. The long-awaited event <a href="https://markets.businessinsider.com/news/currencies/ethereum-merge-explained-blockchain-update-cryptocurrency-bitcoin-crypto-eth-vitalik-2022-9">successfully transformed the blockchain</a> from a proof-of-work consensus mechanism to proof-of-stake. Proponents have touted the transition for making ethereum an almost-net zero technology. The switch also makes gas fees, or transaction costs, lower and means the network will be able to process transactions faster. Buterin's tweet echoes a new report from the <a href="https://consensys.net/blog/press-release/ethereum-blockchain-eliminates-99-99-of-its-carbon-footprint-overnight-after-a-successful-merge-according-to-new-report/">Crypto Carbon Ratings Institute</a> which found that Ethereum's energy use decreased by 99.988% and carbon-dioxide emissions decreased by 99.992%. It also said the Ethereum network releases less less carbon dioxide than a few hundred US households do in a full year.The report was commissioned by ConsenSys, and its founder Joseph Lubin, who also co-founded Ethereum, praised the research in a statement: "We're delighted to have commissioned this report from CCRI, which substantiates the Ethereum Merge's impact as likely the biggest decarbonization effort of any industry in history."Experts have called the merge the <a href="https://www.businessinsider.com/crypto-ethereum-dev-merge-one-most-historic-events-blockchain-upgrade-2022-8?utm_medium=ingest&amp;utm_source=markets">most important crypto event in history</a> after the creation of bitcoin and ether, as the smart contract platform contains hundreds of billions of dollars in value. With the merge, the Ethereum network is split into smaller data blocks that have faster processing capacity. This so-called Ethereum 2.0 technology aims to handle 100,000 transactions per second. Previously, the same blockchain could process roughly 30 transactions per second. "Under the new paradigm, decentralized networks can operate with lower fixed costs, and become more flexible for larger-scale solutions beyond just currency and financial applications," Al Morris, co-founder of Web3 firm Koii Network, told <a href="https://markets.businessinsider.com/news/currencies/ethereum-merge-explained-blockchain-update-cryptocurrency-bitcoin-crypto-eth-vitalik-2022-9">Insider</a> earlier this week. Meanwhile, bitcoin, the world's largest cryptocurrency by market cap, as well as other chains, still use the proof-of-work framework. The energy-guzzling nature of the crypto mining necessary in proof-of-work has come under scrutiny from <a href="https://www.coindesk.com/policy/2022/09/08/crypto-mining-energy-implications-need-further-study-white-house-report-says/">policymakers</a>.

Vitalik Buterin says Ethereum's merge slashes global energy consumption by 0.2%, making it one of the biggest decarbonization events ever

<ul class="summary-list"><li>Crypto wallet MetaMask's user count has soared 1,800% over the last year to top 10 million.</li><li>MetaMask has benefited from the boom in interest in decentralized finance in 2021, becoming the most-used DeFi wallet.</li><li>A wallet is crucial to interacting with the crypto world, allowing users to keep their tokens safe.</li></ul>The number of monthly active users of crypto wallet MetaMask has grown 1,800% over the last year to top 10 million, its parent company ConsenSys said on Tuesday, in a sign of the booming interest in decentralized finance and the <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> network.MetaMask had 545,000 monthly active users in July 2020, but that shot up to 10.35 million by August 2021, ConsenSys said. ConsenSys is a software company that develops the ethereum crypto network and was founded by ethereum co-founder Joseph Lubin.MetaMask's breakneck growth has been driven by a surge in interest in decentralized finance or DeFi - that is, applications such as trading platforms, or interest-bearing products that use crypto technology and do not need centralized parties such as clearing houses, or banks.In the summer of 2020, <a href="https://decrypt.co/34815/ethereum-bitcoin-locked-defi-hits-all-time-high-2-billion">around $2 billion</a> in cryptocurrency was locked up in DeFi contracts and products. But that had surged to more than $80 billion by August this year, according to <a href="https://defipulse.com/">DeFi Pulse</a>.Read more: <a href="https://www.businessinsider.com/defi-beating-the-market-genesis-trading-solana-outlook-michael-moro-2021-8">The CEO of a crypto-trading firm that's seen a 487% surge in trade volume explains how institutions find market-beating performance in DeFi - and what could become the third most dominant coin</a>A cryptocurrency wallet is a piece of software that stores users' "private keys" - effectively passwords that give people access to their crypto and allow them to send and receive tokens safely.MetaMask has become the most widely used wallet in the DeFi world. It is most commonly used as a web browser extension, but launched a mobile app in September 2020."MetaMask owes its growth to our community," said MetaMask cofounder Dan Findlay said. "They are constantly coming up with new ways to build and organize, and are always pushing us to improve in countless ways."The crypto wallet's parent company, ConsenSys, is one of many to receive strong interest from Wall Street on the back of the boom in digital tokens. In April, ConsenSys won the backing of JPMorgan, UBS and others in a <a href="https://markets.businessinsider.com/news/currencies/jpmorgan-ubs-mastercard-invest-ethereum-consensys-65-million-2021-4">$65 million funding round</a>.

DeFi wallet MetaMask sees user count surge 1,800% in a year to top 10 million as ethereum booms

<ul class="summary-list"><li>Two of the faces of American <keyword id="11922196" type="UNKNOWN" weightage="60" keywordseo="boxing" source="Orion">boxing</keyword> return to the ring in separate bouts in the months ahead.</li><li><keyword id="13294649" type="UNKNOWN" weightage="60" keywordseo="errol-spence-jr-" source="Orion">Errol Spence Jr.</keyword> and <keyword id="11922739" type="UNKNOWN" weightage="60" keywordseo="gervonta-davis" source="Orion">Gervonta Davis</keyword> headline pay-per-view fights on Showtime <keyword id="11893855" type="UNKNOWN" weightage="100" keywordseo="sports" source="Orion">Sports</keyword>.</li></ul>LAS VEGAS — Two faces of American <a href="https://www.insider.com/category/boxing" target="_blank" rel="noopener">boxing</a> return this summer in separate showdowns, as Showtime Sports announces its schedule of fights for the months ahead.<a href="https://www.insider.com/category/errol-spence" target="_blank" rel="noopener">Errol Spence Jr.</a> and <a href="https://www.insider.com/category/gervonta-davis" target="_blank" rel="noopener">Gervonta Davis</a>, two of the biggest box-office draws in the business, headline a nine-event run, which the premium broadcaster organized with key partner Premier Boxing Champions (PBC).<keyword id="13391502" type="UNKNOWN" weightage="60" keywordseo="jermell-charlo" source="Orion">Jermell Charlo</keyword> competes in a rare undisputed match; his brother <keyword id="13391503" type="UNKNOWN" weightage="60" keywordseo="jermall-charlo" source="Orion">Jermall Charlo</keyword> boxes once again on the Juneteenth weekend; and <keyword id="13391504" type="UNKNOWN" weightage="60" keywordseo="david-benavidez" source="Orion">David Benavidez</keyword> fights an accomplished veteran.Showtime and PBC take their show to multiple key territories, including Minneapolis, Arlington, and New York.Here's the schedule, which Insider confirmed Tuesday:<ul><li>March 26: Tim Tszyu vs. Terrell Gausha — to determine WBO super welterweight mandatory challenger, in Minneapolis<ul><li>Michel Rivera vs. Joseph Adorno — lightweight fight</li><li>Elvis Rodriguez vs. Juan Jose Velasco — super lightweight fight</li></ul></li><li>April 9: Erickson Lubin vs. Sebastian Fundora — super welterweight title eliminator, in Las Vegas<ul><li>Tony Harrison vs. Sergio Garcia — super welterweight fight</li><li>Kevin Salgado vs. Bryant Perrella — super welterweight fight</li></ul></li><li>April 16: Errol Spence Jr. vs. Yordenis Ugas — WBA, WBC, and IBF world welterweight unification, in Arlington, Texas, on pay-per-view<ul><li>Supporting fights to be announced</li></ul></li><li>May 14: Jermell Charlo vs. Brian Castano — WBA, WBC, WBO, and IBF world super welterweight unification, in Carson, Calif.<ul><li>Jaron Ennis vs. Custio Clayton — welterweight fight</li></ul></li><li>May 21: David Benavidez vs. David Lemieux — super middleweight fight, Glendale, Ariz.<ul><li>Yoelvis Gomez vs. Jorge Cota — super welterweight</li></ul></li><li>May 28: Gervonta Davis vs. Rolando Romero — WBA lightweight title, in New York on pay-per-view<ul><li>Supporting fights to be announced</li></ul></li><li>June 4: Stephen Fulton vs. Danny Roman — WBC, WBO super bantamweight title fight, in Minneapolis<ul><li>David Morrell vs. Kalvin Henderson — WBA super middleweight world title fight</li></ul></li><li>June 18: Jermall Charlo vs. Maciej Sulecki — WBC middleweight title, in Houston <ul><li>Supporting fights to be announced</li></ul></li><li>July 9: Mark Magsayo vs. Rey Vargas — WBC featherweight world title fight, in San Antonio<ul><li>Supporting fights to be announced</li></ul></li></ul>For Showtime Sports president Stephen Espinoza, "It's a good time to be a boxing fan."<div type="image" title="Showtime Sports boss Stephen Espinoza." height="1000" width="2000" msid="90232866" hostid="261"></div>Showtime offers varied combat sports programming including ShoBox, which features up-and-coming athletes; Showtime Championship Boxing; Showtime pay-per-view; and even Bellator MMA — home of high-flying featherweight fighter A.J. McKee.Spence and Davis are two of America's best, and most popular, prizefighters.But beyond the marquee names are multiple competitors trying to climb to the highest echelons, like Stephen Fulton — who, last year, was in the running for Fighter of the Year — exciting puncher Jaron Ennis, and David Benavidez, who has been vying for a fight with No. 1 boxer Saul 'Canelo' Alvarez.Espinoza said: "We continue to grow the sport at every level, from our grassroots series ShoBox to crowning an undisputed champion at 154 pounds, to a high-stakes unification showdown between Errol Spence and Yordenis Ugas, to the return of young superstars Tank Davis, Jaron Ennis, and Stephen Fulton."Jermall Charlo, who fights for the second time on Juneteenth weekend, will have Maciej Sulecki opposite the ring from him, after his handlers attempted to book him a bout against Jaime Munguia.PBC and Showtime organized the first major boxing event on Juneteenth, last year, and told Insider at the time that they were looking to make it an annual show that celebrates Black American fighters akin to big fights for Mexican boxers on Cinco de Mayo.Showtime and TGB Promotions, on behalf of PBC, had been in negotiation with Golden Boy Promotions for a Charlo bout involving unbeaten star Munguia.A sticking point, <a href="https://www.espn.com/boxing/story/_/id/33486063/sources-jermall-charlo-jaime-munguia-talks-collapse-due-fight-us-broadcast-rights" target="_blank" rel="noopener">according to ESPN</a>, regarded the platform on which the bout would air. Golden Boy wanted DAZN involved for a joint pay-per-view.Talks for that fight are over, for now at least, and so Showtime pushed ahead with its broadcast announcement, and wants to draw eyes to the breadth of the programming."When you consider the competitive nature of the matchups, the star power, and youthful vitality, it's never been clearer that Showtime is the destination for the most compelling fights," Espinoza said.<a target="_merchant" href="https://www.showtime.com/"></a><a target="_merchant" href="https://www.showtime.com/">Showtime Monthly Streaming Subscription</a><a target="_merchant" href="https://www.showtime.com/">$11.99 FROM SHOWTIME</a><a target="_merchant" href="https://www.amazon.com/gp/video/offers/signup?ie=UTF8&amp;benefitID=showtimeSub">$10.99 FROM AMAZON</a>

Showtime Sports announces blockbuster spring and summer boxing schedule

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.co.uk/license/950813690">Astrid Stawiarz/Getty Images for Tribeca Film Festival</a>Joseph Lubin, Cofounder of Ethereum and founder, ConsenSys.</div></div></div><ul><li>Joseph Lubin cofounded ethereum in 2014 and now runs cryptocurrency company ConsenSys.</li><li>Lubin launched ConsenSys' new Dublin office on Tuesday at MoneyConf.</li><li>He said blockchain technology has the same "dynamics" as the dotcom boom and has the potential to radically transform society in the same way the internet did.</li></ul> DUBLIN, IRELAND - The cofounder of ethereum believes blockchain technology will be "orders of magnitude more disruptive" than the dotcom boom and bust of the early 2000s."This technology is so profound, it's going to do so many amazing things for economic, social, and political systems worldwide," Joseph Lubin said. "We've really no concern that the ecosystem or the technology is in real danger."Speaking at MoneyConf in Dublin on Tuesday, Lubin said: "If you look at the dotcom boom and bust, there were so many of the same issues back then. So much money invested, lots of money lost, lots of failing projects. And what happened was a profound global transformation in how we operate on the planet."There was a tremendous amount of creative destruction in the dotcom era that laid the foundation and taught all of us how to build an effective internet, an effective world wide web, and really transform society. I think that we will see dynamics like that in place in the blockchain space."Asked if blockchain would be as disruptive the dotcom boom and bust - which saw the Nasdaq crash 70% at its lowest point - Lubin said: "Orders of magnitude more disruptive."We try to stay away from the 'r' world - revolutionary - and instead use the 'e' word [evolution], because we're doing a tremendous amount of work with corporations and governments to enable them to be more efficient, to enable them to try new business models, to enable them to, effectively, reduce rent-seeking behaviours and build better systems for their consumers."We're also building lots of startups that are directly trying to disrupt. Somewhere between those two approaches, I think we'll find a happy medium where it does become evolutionary and we all settle on building better systems together."Lubin helped to develop the ethereum network in 2014. Ether, the digital currency that powers the network, is today worth over $50 billion and is the second biggest cryptocurrency behind bitcoin.The ethereum network has been used to launch most "initial coin offerings," a new form of fundraising activity where startups mint their own cryptocurrencies to raise cash. Over $10 billion has been raised through the method over the past 18 months. However, the sector has been hit by scams and fraudulent projects.Lubin acknowledged that there are bad actors in the space but said: "That's just the nature of human activity, unfortunately. For thousands of years, people have been taking advantage of naive consumers with information asymmetries. That is exacerbated in our ecosystem."He said the US Securities and Exchange Commission is "absolutely" right to take action against fraudulent projects and said the regulator is actually more permissive of the sector behind closed doors."Our perspective on America is probably more positive than what you see in the news," Lubin said. "I think, very effectively, regulators use those mechanisms to scare people into behaving properly. Journalists love to write those kinds of stories so it's really magnified."We actually see a very progressive, constructive environment in the United States and we see a similar, maybe even more progressive, environment in Europe."Lubin said the fraudulent projects don't threaten the success of the whole blockchain and cryptocurrency industry.Lubin was speaking during a press conference at MoneyConf to publicise the opening a new office for his company ConsenSys in Dublin.<a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/sallie-krawcheck-impact-investing-diversity-benefits-of-investing-in-women-2018-6">Former Wall Street CEO reveals how most financial products designed for women completely miss the point</a></h3> <div> </div> </div>

Ethereum cofounder: Blockchain has the same 'dynamics' as the dotcom boom and bust

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.co.uk/license/950813690">Astrid Stawiarz/Getty Images for Tribeca Film Festival</a>Joseph Lubin, Cofounder of Ethereum and founder, ConsenSys.</div></div></div><ul class="summary-list"><li>Venture firm Two Sigma and blockchain company ConSensys have invested $8 million into digital-asset custody provider Trustology.</li><li>The startup tackles one of the key challenges in cryptocurrencies: safely holding digital assets in a way that protects them from thieves but also allows the rightful owner to get quick and easy access.</li><li>The funds will be used to develop new products, move into additional asset classes, and expand internationally. </li></ul>A company looking to solve one of the biggest pain-points in crypto just raised $8 million from two heavyweights. London-based Trustology on Thursday announced it had raised funds from Two Sigma Ventures, the early-stage investor tied to one of the world's largest hedge funds, and ConSensys, the blockchain company led by Ethereum founder, Joseph Lubin. Trustology tackles one of the key challenges in cryptocurrencies, safely holding digital assets in a way that protects them from thieves but also allows the rightful owner to get quick and easy access to it, say for purposes of intraday trading. With digital currencies, investors hold a so-called key that gives them access to their account. Many firms have developed processes around "cold storage," effectively an offline wallet. But that can make it difficult get access to holdings quickly, making it less attractive for those who want to trade in and out of markets quickly. On Wall Street, custody banks such as State Street and BNY Mellon safeguard large amounts of wealth for other institutions while abiding by strict regulatory requirements. But in crypto, custody firms are just emerging.A number of notable crypto investors<a href="https://www.businessinsider.com/galaxy-the-crypto-bank-founded-by-mike-novogratz-is-investing-hundreds-of-millions-of-dollars-in-projects-thatll-lure-wall-street-to-bitcoin-2018-6"> have said that solving custody is one of the last remaining challenges</a> holding back an influx of institutional money. Galaxy Digital Ventures and Goldman Sachs recently made a $15 million investment in crypto custodian BitGo Holdings.<a href="https://www.businessinsider.com/fidelity-a-household-name-in-american-investing-is-plotting-a-big-move-into-cryptocurrency-trading-2018-6"> Fidelity Investments has even announced a crypto custody solution </a>that it expects to roll out next year.Read more: <a href="https://www.businessinsider.com/bitcoin-custody-at-goldman-sachs-2018-8">Goldman Sachs is reportedly looking to take another step into bitcoin with a custody product</a>The company's first product combines private-key protection with fast execution capabilities by keeping the keys inside "tamper proof" hardware pods that are hosted in secure data centers, according to the statement. Encrypted backups are held in the cloud. A tag line on the firm's website sums it up: "Safer than cold storage at hot wallet speeds." Trustology's founder, Alex Batlin, previously led blockchain innovation as UBS Group and Bank of New York Mellon.<div title="Page 1">"Trustology has developed breakthroughs in key management and is providing support services to clients seeking unparalleled safeguarding for digital assets," Lubin said in a statement. "By prioritizing security without the need to sacrifice accessibility, Trustology will serve current digital asset holders and attract new institutional and individual investors to the space." Funds for Trustology will be used to develop new products, move into additional asset classes and expand internationally, the statement said. The funding comes despite a crash in the market for cryptocurrencies. Bitcoin, the largest, has fallen 80% percent since its December 2017 peak. Ethereum has slumped more than 90%.</div>

A company trying to solve one of the biggest pain-points in crypto just raised $8 million, and it could help lure in big Wall Street funds to the burgeoning industry

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ4ZSMAZE&amp;SMLS=1&amp;RW=1533&amp;RH=960#/SearchResult&amp;VBID=2C0BXZ4ZSM9KY&amp;SMLS=1&amp;RW=1533&amp;RH=960&amp;POPUPPN=4&amp;POPUPIID=2C0BF19G13IC">Reuters</a>Former Apple CEO Steve Jobs pictured in 2001.</div></div></div><ul><li>More than 1,000 cryptocurrency startups worldwide have raised over $10 billion over the last two years.</li><li>Yoni Assia, the CEO of eToro, told BI this week: "95% are going to end as nothing because that's startup funding." Many others in the industry agree.</li><li>But those that do survive have the potential to be huge. Investing in crypto now is "as good as an investment in the internet 10 years ago," Assia said.</li></ul> LONDON - Cryptocurrency startups around the world have raised billions of dollars over the last 18 months to build software companies that they hope will rewrite the rules of everything from voting to stock trading.But even many cryptocurrency advocates expect the majority of projects to fail."Ninety five percent are going to end as nothing because that's startup funding," Yoni Assia, the CEO of eToro, a social trading platform that supports a range of cryptocurrencies, told Business Insider this week.His comments mirror those of Joseph Lubin, the cofounder of cryptocurrency ethereum, who this week compared the crypto boom to the dotcom bubble of the late 1990s that ended in a spectacular bust in the early 2000s.Lubin told a press conference at MoneyConf in Dublin: <a href="http://www.businessinsider.com/joseph-lubin-blockchain-has-the-same-dynamics-as-the-dotcom-boom-and-bust-2018-6">"If you look at the dotcom boom and bust, there were so many of the same issues back then.</a> So much money invested, lots of money lost, lots of failing projects."Dominik Schiener, the creator of cryptocurrency IOTA, told BI earlier this year <a href="http://www.businessinsider.com/crypto-bulls-predict-shake-out-of-ico-market-2018-2">he expects less than 10 of the more than 1,400 crypto projects that have sprung up over the last two years to survive</a> and Danny Masters, a former JPMorgan trader turned crypto investor <a href="http://www.businessinsider.com/ex-jpmorgan-trader-turned-bitcoin-fund-manager-danny-masters-on-icos-2018-2">told BI that just 5% of projects are worth backing.</a>All four are far from crypto sceptics, though. They believe that those projects that do survive will transform the world and make huge amounts of money for those who back them.<h2>'That scale has never happened before'</h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">eToroeToro CEO Yoni Assia.</div></div></div>Huge amounts of capital have been invested into new cryptocurrency businesses over the last 18 months,<a href="http://www.businessinsider.com/initial-coin-offerings-explained-icos-token-crowdsale-2017-7"> largely through so-called initial coin offerings (ICOs).</a> This is where startups issue their own cryptocurrencies, structured similarly to bitcoin, in exchange for money to fund their projects.Over $9 billion has been raised through ICOs since the start of the year, <a href="http://www.businessinsider.com/autonomous-next-icos-absolutely-and-unequivocally-slowing-down-despite-eos-raise-2018-6">according to consultancy Autonomous NEXT.</a>Assia said: "You have something that you've never had before, not even in the dotcom bubble: if you have a genius idea now and you put a whitepaper on it and suddenly you have 100,000 millionaires reading it and saying 'hmm, that's a really good idea.' If 1,000 put in $10,000 - which is not a lot of money for those 100,000 - you just raised $10 million for your ICO. That scale has never happened before."As with any investment, there are risks - high risks, in the case of ICOs. The sector is largely unregulated around the world and has <a href="http://www.businessinsider.com/sec-charges-third-centra-crypto-founder-with-fraud-2018-4">already grappled with a fraud problem.</a> Over time many projects are likely to fail, just as the majority of VC-funded startups do.<h2>'As good as an investment in the internet 10 years ago'</h2>Still, crypto enthusiasts expect the companies that do survive to create huge amounts of value thanks to what they see as the transformative potential of blockchain, the technology that underpins cryptocurrencies.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.gettyimages.co.uk/license/950813690">Astrid Stawiarz/Getty Images for Tribeca Film Festival</a>Joseph Lubin, Cofounder of Ethereum and founder, ConsenSys.</div></div></div>Obi Nwosu, the CEO of bitcoin exchange Coinfloor, told BI this week: "If in 15 years only 1 in 10, or even 1 in 20, survive then we're looking at dozens of potentially killer apps."Crypto bulls believe blockchain technology - a public, immutable ledger that can be edited by multiple, permissioned parties - has the potential to remake society by offering the promise of programmable assets.Imagine if your pound coin or stock certificate could automatically transfer itself to another owner once the counterparty in a contract completes their side of the bargain. Or, imagine your medical records could be held in a public database that travels across borders with you as easily as a passport. Or, picture voter ID embedded on a blockchain database and accessible only by you, potentially eradicating voter fraud. These are all the types of projects floated by blockchain advocates.<a href="http://www.businessinsider.com/joseph-lubin-blockchain-has-the-same-dynamics-as-the-dotcom-boom-and-bust-2018-6">Lubin said this week:</a> "This technology is so profound, it's going to do so many amazing things for economic, social, and political systems worldwide."Investing in crypto now is "as good as an investment in the internet 10 years ago," Assia said, suggesting that blockchain could be as transformative as the internet has been. "Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle."Here's how Apple stock has fared:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Investing.com</div></div></div>Lubin made a similar analogy at MoneyConf, <a href="http://www.businessinsider.com/joseph-lubin-blockchain-has-the-same-dynamics-as-the-dotcom-boom-and-bust-2018-6">comparing the cryptocurrency boom to the "creative destruction" of the dotcom bubble.</a> While many projects failed, they paved the way for the successful internet businesses that came after. Some - such as Google and Amazon - also managed rode out the dotcom boom and bust.Much of this success would have been hard to foresee in 2000 - who would have predicted a search engine would end up pioneering self-driving cars and getting exploring new areas of medicine? Likewise, the exact topography of a crypto future is hard to pinpoint but it's the direction of travel that matters."My long-term view is selling crypto now is like selling Apple in 2001," Assia, who is invested in bitcoin and ethereum, said. "You do it if you have to do it, you don't do it if you don't have to do it. That's my personal view, again, every person has to decide for themselves."If you're into this technology, you're like, why hasn't everybody moved on to this technology? It's an endless opportunity to move things on to the blockchain. You have an insane amount of very smart people who are envisioning this future and trying to build products for it."<a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/millennials-are-driving-a-huge-shift-in-the-way-we-shop-and-invest-2018-5">Millennials are leading an investment revolution - here's what makes their generation different</a></h3> <div> </div> </div>

The crypto boom is like the dotcom bubble but that's not a bad thing: 'Selling crypto now is like selling Apple in 2001'

<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="HP" title_caption="HP CEO Meg Whitman." class="zoomin" href="https://static-ssl.businessinsider.com/image/5432d7ae6bb3f7a364d2a560-960/meg-whitman-77.jpg"></a><a href="http://www8.hp.com/hpnext/posts/video-welcome-hp-next">HP</a>HP CEO Meg Whitman.</div></div></div>Breaking up is hard to do, especially if you're a gigantic corporation.
Just ask Hewlett-Packard and eBay, both of which are going through divorces right now, following in the footsteps of Motorola, <a href="http://www.businessinsider.com/motorola-says-will-split-in-2-in-early-2011-2010-2">which split in 2011</a>, and Kraft Foods, <a href="http://www.businessinsider.com/kraft-foods-split-strategy-2011-8">which did the same in 2012</a>.
HP is <a href="http://www.businessinsider.com/hp-is-planning-to-split-2014-10">making the split</a> between its <keyword id="6356323" type="UNKNOWN" weightage="60" keywordseo="Enterprise">enterprise</keyword>-facing hardware and services business, which will be called HP Enterprise, and its consumer-facing computer and printer segments, which will be HP Inc. Shareholders will have their stakes halved between the two new companies. Five thousand employees will be laid off in the process.
<a href="http://www.businessinsider.com/paypal-no-longer-needs-ebay-2014-9">Ebay is also spinning off PayPal</a>, the startup it acquired in 2002.
The motivations that compel companies to split can vary significantly, but they come down to two main benefits: focusing management and maximizing shareholder value.
<h3>Breaking up allows businesses to gain organizational focus.</h3>
A complex enterprise like HP can get messy and complicated, says <a href="http://www.kellogg.northwestern.edu/faculty/directory/sawhney_mohanbir.aspx">Mohan Sawhney</a>, a professor at Northwestern University's Kellogg School of Management. Enterprises clean up by splitting themselves in two.
He says that in portfolio companies like HP, there will be a set of younger businesses that need to be managed for growth and require investment, while others are mature and need to be managed for profits.
The skills, performance metrics, and management logic are different for every company. Growth businesses measure future performance rather than current performance, and will take their lumps in short-run profitability in the name of long-term growth, which he says wouldn't happen in a more mature company.
For tech companies, the organizational clumsiness comes out in chasing business-to-business and business-to-consumer markets at the same time. For example, Apple has never chased corporate clients and been rewarded for it, and SAP hasn't tried to sell to homeowners. For the same reasons, IBM wisely got out of the home PC business, and <a href="http://www.businessinsider.com/4-customer-experience-lessons-from-the-demise-of-ciscos-flip-camera-2011-7">Cisco had a misadventure in acquiring the Flip Camera</a>.
"HP was everything under the sun," Sawhney says. "Tablets, smartphones, and PCs all the way to enterprise. The way you manage the enterprise is different: clients are different, sales cycles are different. Consumer is a fashion business. You have to have a good sense for industrial design - that's Apple, that's Sony."
By splitting up, HP should be better able to focus on both its enterprise and consumer businesses, separately. 
How will this play out? Sawhney says that if he was investing, he'd buy the forward-looking HP Enterprise over the legacy half, HP Inc.
<h3>Breaking up the businesses sends a clear message to investors.</h3>
Investors evaluate growth and mature businesses differently. They bet on the potential of the high-growth business, Sawhney says, which is one of the reasons Alibaba (with its 40% annual growth) is doing so well after its IPO.
But with a mature business, investors look for cash flow and earnings multiples.
Having both approaches in a single company makes for a muddled message to investors, Sawhney says, which is a primary reason for company splits. Mondelez spinning off from Kraft is a recent example. Mondelez is the high-growth international company, and Kraft is the stable American brand.
In HP's case, says Joseph M. Pastore, professor emeritus at Pace University's Lubin School of Business, "HP is responding to shareholder demands" for more aggressive growth, since its legacy PC business is holding it back.
Ultimately, these kinds of splits allow one company to detach from a slower-growth business so that it can rapidly achieve growth. That seems to be the aim of media companies like Time Warner Inc., News Corp., and Gannett, which are <a href="http://www.businessinsider.com/gannett-to-split-in-two-companies-newspaper-broadcast-2014-8">breaking off their print businesses to accelerate broadcast operations</a>. 
"Doing so not only allows the emerging portfolio to prosper in equity markets unconstrained by the slow-growth legacy business, it also serves to mitigate whatever organizational and cultural conflict may exist between the firm's past and future businesses," Pastore says.

Here Are The 2 Main Reasons Why Giant Companies Like HP Split In Half

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Tim KnoxHenry Blodget</div></div></div>Dear readers, viewers, and followers:I wanted to share some exciting news with you: We just announced many well-deserved promotions in our Business Insider US newsroom, along with our new US editorial leadership team.We also announced a new Executive Editor for Tech Insider.I've included the notes I sent to our teams this morning below. Please see them for details.At all of our Insider publications, our mission is simple: To serve you. Specifically, we strive to tell stories you love and bring you news and information you need - and get them to you wherever and whenever you want them, on every platform and screen. The digital medium is profoundly different than print and television. Producing great digital journalism requires every bit as much focus, talent, enthusiasm, and expertise in the digital medium as it does in print and TV. I believe that our editorial team is the most talented team of digital journalists on the planet. It is a pleasure and privilege to have so many of our colleagues continue to lead the charge and take on new roles and responsibilities.Thank you very much for your continued support and attention.Henry Blodget Editor in Chief-------- Announcing many well-deserved promotions and our new BI US editorial leadership teamTeam,We are excited to announce our new leadership team for Business Insider US, along with many other well-deserved promotions.In an era in which most news organizations are laying off journalists and otherwise cutting back, we have grown our global editorial team by 70% over the past year, to nearly 200. Compared to some legacy organizations, we're still small. But due to our pioneering, native-digital DNA and our extraordinarily talented editorial team, we're doing a better job of serving today's readers and viewers than newsrooms many times our size. And we're about to get even better.We're promoting Matt Rosoff, Mo Hadi, Brett LoGiurato, and Sara Silverstein to Executive Editor. Matt, Mo, Brett, and Sara will report to our Executive Managing Editor, Jessica Liebman, and me. (I will remain EIC). They will each be responsible for their editorial sections and teams, and they will work together and with me, Jess, and Jim Edwards (BI UK Editor in Chief) to lead Business Insider's global strategy and expansion. <ul class="ul1"><li class="li1">Matt will lead our global tech, science, and entertainment teams and coverage, as well as our West Coast bureau. Matt will also work with Meena Thiruvengadam and Travis Lyles to program our Facebook and Instagram feeds.</li></ul><ul class="ul1"><li class="li1">Mo will lead our global markets, finance, retail, transportation, and general business teams and coverage. Mo will also be the primary editor for our analysis and commentary team, led by Josh Barro, who recently rejoined us from the New York Times.</li></ul><ul class="ul1"><li class="li1">Brett will lead our news, politics, military, sports, and front-page teams and coverage. He'll also work with Meena and Travis to program our Twitter feed.</li></ul><ul class="ul1"><li class="li1">Sara will lead our strategy, lists, and BI Video teams. She and Meena will also be responsible for programming our LinkedIn and YouTube feeds.</li></ul>Matt, Mo, Brett, and Sara have a combined decades of business and digital journalism experience at Business Insider, Bloomberg, Wall Street Journal, Dow Jones, CNET, IDG, and other organizations. Matt and Brett played pivotal roles at BI in our early years and subsequently returned after adventures elsewhere. Mo joined us from Bloomberg last year after many years there and at the Wall Street Journal. Sara joined us years ago from Bloomberg and has helped Justin Maiman, Kamelia Angelova, Nicholas Carlson, Julie Zeveloff, and our producers build our video team into a juggernaut, with nearly 2 billion views a month. In addition, we're promoting Lyndsay Hemphill and Leah Goldman to Managing Editor. As AME, Lyndsay has worked closely with Jess Liebman for several years. Leah led our sports and lifestyle teams before becoming an AME last year. Lyndsay will work primarily with Mo, Brett, Sara, and Diane Galligan (Special Projects and Films). Leah will work primarily with Matt, Mo, and the Insider team.We're promoting Matt Turner, Ashley Lutz, Steven Tweedie, and Alexei Oreskovic to Deputy Editor.<ul class="ul1"><li class="li1">Matt will lead our Finance and Markets teams. Matt joined us last year from Dow Jones. He and his team have published numerous scoops and revealing stories about major investment banks and financing trends, and their mission will be to continue to increase our impact and coverage of this industry. Matt also recently completed the "Marathon des Sables," a <a href="http://www.businessinsider.com/marathon-des-sables-photo-slideshow-2016-4">159-mile, 6-day race through the Sahara Desert</a>, an accomplishment that left us (and many readers) stunned as well as inspired.</li></ul><ul class="ul1"><li class="li1">Ashley Lutz will lead our retail, transportation, and executive lifestyle teams. Ashley joined us five years ago from Bloomberg. She is an extraordinarily talented journalist and and storyteller, and she has helped build our retail coverage into one of our most-read sections. Ashley also developed and writes our "Ask the Insider," work-advice column. Madeline Stone, who has done an excellent job as our Executive Life editor over the past year, will continue to lead that team.</li></ul><ul class="ul1"><li class="li1">Steven Tweedie will lead our New York-based tech, science, and entertainment teams, reporting to Matt Rosoff. Steven joined us as a tech reporter several years ago, and then became an Editor. Over the past year, he has emerged as a prodigious talent</li></ul><ul class="ul1"><li class="li1">Alexei Oreskovic will lead our San Francisco-based tech, science, and entertainment teams, also reporting to Matt. Alexei joined us last year from Reuters. He has been an investigative reporter and editor in the tech industry for more than a decade at Reuters, CNET, the Industry Standard, and TheStreet.com. </li></ul>We're promoting Devan Joseph and Jessica Orwig to Senior Producer (BI Video). Devan and Jessica have significantly improved the storytelling, quality, and viewership of our news and feature video over the past few months. We're promoting Amanda Macias to Senior Editor (Defense and Visual News). When we gave Amanda responsibility for our military and defense section earlier this year, we thought that its potential might already have maxed out. Since then, Amanda and her team have quadruped the readership.We're promoting Christina Sterbenz to Weekend and Features editor. In the six months since Christina took responsibility for developing special in-depth stories for the weekends, our weekend readership has increased 25%. Christina will now also oversee our Education coverage.We're promoting Harrison Jacobs to Senior News Editor and Bryan Logan to Evening News Editor. Those who have enjoyed our stepped-up evening news coverage over the past year have Harrison and Bryan to thank for it. Harrison will now take more senior responsibility for our daytime news reporting, and Bryan will take over evenings.We're promoting Jonathan Garber to Markets Editor. Jon joined us a year ago from Briefing.com, where he was a macro analyst. In the past year, Jon has helped coordinate and lead our markets coverage and ramped up our industry contributors. Jon has an MBA and worked on the floor of the Chicago Mercantile Exchange.We also recently promoted Hayley Peterson to Senior Correspondent. Hayley has done an amazing job reporting, writing, and building her readership in the retail industry over the past several years.Congratulations, everyone We're thrilled to have you continue to take on more responsibility.Onward!Henry------------------------------------We're promoting Alyson Shontell to Executive Editor of Tech Insider!Team,Tech Insider Editor-in-Chief Gus Lubin and I are excited to announce that we're promoting Alyson Shontell to Executive Editor of Tech Insider. Alyson will work closely with Gus, Managing Editor Emily Cohn, and the Tech Insider team to lead Tech Insider's continued development.Tech Insider has seen spectacular growth since its launch last summer. The site's coverage of tech, science, innovation, and culture has struck a chord with the global digital audience, and Tech Insider already has the largest social following of any consumer tech site (4+ million fans). Tech Insider is also already the No. 1 producer of tech-related video, with more than 300 million views per month. Alyson joined us in July 2008 as our 6th employee (only Julie Hansen and I have been here longer). Alyson started on our sales team, and then, inspired by the enthusiastic reception to an article she contributed about her <a href="http://www.businessinsider.com/my-nightmare-interviews-with-google-2009-11">"nightmare" job interviews at Google</a>, she joined our editorial team.Alyson started as tech reporter, then worked her way up to Correspondent, Senior Correspondent, Editor, and Deputy Editor. Her high-impact, long-form investigative work has included inside stories about<a href="http://www.businessinsider.com/how-billion-dollar-startup-fab-died-2015-2"> the collapse of the former unicorn Fab</a>, the t<a href="http://www.businessinsider.com/inside-story-of-clinkle-2014-4">ruth about the mysterious payments startup Clinkle</a>, and the <a href="http://www.businessinsider.com/jody-sherman-ecomom-2013-4">tragic suicide of startup founder Jody Sherman</a>. For the past year, Alyson has overseen Business Insider's technology, science, lifestyle, and entertainment sections. Alyson also hosts our IGNITION conference, and has appeared on ABC with Katie Couric, Al Jazeera, MSNBC, CNBC, CNN, and CBC. She graduated from Syracuse University's Newhouse School of Public Communications, where she majored in psychology and advertising.Congratulations, Alyson! <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-scientists-think-aliens-could-look-like-2016-4">Here's what scientists think aliens could actually look like</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="F4OHNyMjE6G67rJ_BIUQhsxnEwgCT20t" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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