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<ul><li><keyword id="12368348" type="UNKNOWN" weightage="60" keywordseo="phunware-stock" source="Orion">Phunware stock</keyword> extended its two-day gain to as much as 2,189% on Friday amid the Digital World SPAC hype.</li><li>The software firm developed an app to help power the 2020 Trump/Pence re-election campaign.</li><li>Traders are speculating that <keyword id="12368347" type="UNKNOWN" weightage="60" keywordseo="phunware" source="Orion">Phunware</keyword> might play a role in the development of Donald Trump's Truth Social.</li></ul><a href="https://markets.businessinsider.com/stocks/phun-stock">Phunware</a>, a small-cap software developer based in Austin, Texas, extended its two-day gain to as much as 2,189% on Friday as it rode the ongoing hype surrounding former President Trump's <a href="https://markets.businessinsider.com/news/stocks/digital-world-acquisition-stock-price-merger-spac-donald-trump-tech-2021-10?utm_source=markets&amp;utm_medium=ingestgest">foray into the SPAC world.</a><a href="https://markets.businessinsider.com/stocks/dwac-stock">Digital World Acquisition</a> is a SPAC that announced late Wednesday plans to merge with former President Donald Trump's recently formed Trump Media and Technology Group. DWAC stock soared more than 300% on Thursday as investors <a href="https://markets.businessinsider.com/news/stocks/donald-trump-truth-social-spac-digital-world-warrants-soar-2021-10">piled into the hype</a> of a new social media app from Trump, and <a href="https://markets.businessinsider.com/news/stocks/dwac-stock-price-spac-donald-trump-tmtg-social-media-startup-2021-10">was up more than 100% in Friday trades.</a>Phunware stock is rising in sympathy of that move, as investors point out that the <a href="https://www.businesswire.com/news/home/20200527005302/en/Phunware-Announces-Strategic-Relationship-with-American-Made-Media-Consultants-for-the-Trump-Pence-2020-Reelection-Campaign%E2%80%99s-Mobile-Application-Portfolio">software developer was tapped by the 2020 Trump/Pence re-election campaign</a> to build its app."Some are saying $phun and $dwac are connected," Chief Strategist of T3TradingGroup <a href="https://twitter.com/RedDogT3/status/1451274307255013376">Scott Redler said.</a>There is no confirmation that Phunware will work with Trump Media and Technology Group to help develop the Truth Social media app. There was no immediate response to a request for comment.Earlier this week, Phunware <a href="https://finance.yahoo.com/news/phunware-closes-acquisition-high-performance-123000499.html">said it closed an $11 million acquisition</a> of Lyte Technology, which <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> high-performance computers for gaming, streaming, and cryptocurrency mining. Phunware, which was worth just $79 million on Wednesday, is now valued at more than $1.3 billion amid Friday's surge. The stock was halted for volatility on Friday and eventually pared its gains to 625%. When asked to comment on the stock price move, Phunware told Insider via e-mail, "There are no official updates at this time. When there are further updates to share, we will be sure to do so via the appropriate Reg FD channels."<div type="image" title="Phunware stock price" height="498" width="644" msid="87211385" hostid="261"></div>

Phunware extends 2-day gain to 2,189% as Trump campaign app developer rides Digital World hype

<ul class="summary-list"><li>Donald Trump's media firm rose as much as 22% after the presidential hopeful hosted an event at MSG.</li><li>Trump Media is now up roughly 280% from its September low.</li></ul>Donald Trump's high-profile event at the Madison Square Garden was followed by a surge in his media stock.Shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media &amp; Technology Group</a> — the parent company of Truth Social — soared as much as 22%on Monday, after the former president brought his campaign to Manhattan the day before. Trump's social media firm is now up roughly 280% from a low reached on Sept. 23. It's now trading at its highest level since June.Other Trump-affiliated meme stocks — or equities popular with the retail-investor crowd that don't necessarily trade on fundamentals — also got a boost on Monday. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/rum-stock">Rumble</a>, a conservative video network, rose 12% at intraday highs. Meanwhile, Phunware, a software firm that worked on Trump's 2020 campaign, rose as much as 15%.Sunday's rally at the Madison Square Garden drew a large crowd and featured several key speakers, including Elon Musk. The event kicked off the final stretch of Trump's campaign before November's election day.Though some speakers drew condemnation for making inflammatory remarks, it had no bearing on Truth Social's share activity. In recent weeks, Trump Media has surged on <a target="_blank" class="" href="https://kalshi.com/elections">rising sentiment</a> that the Republican candidate could retake the White House.Ever since the firm went public in March, investors have treated it as a proxy for Trump's election chances, putting aside the firm's paltry fundamentals.In this context, the company's five-week rally overturns a downturn that had persisted <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">since the summer</a>. Despite its difficulty in turning a meaningful profit, Trump Media now carries a market cap of more than $9 billion.

Trump Media extends rally to 280% as MSG event spurs meme-stock activity

<ul class="summary-list"><li>Tech company Creatd is selling an <keyword id="4668945" type="General" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> of a young <keyword id="6354484" type="General" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword> signing a model's breast. </li><li>Creatd shares skyrocketed 68% Monday after announcing the launch. </li></ul>Shares of Creatd, a tech and digital content company, soared 68% Monday after announcing it would sell NFTs of former president Donald Trump. The NFT, or <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">non-fungible token</a>, features "three candid images of a young Donald Trump, captured as he signs the breast of a model, surrounded by a crowd at a large formal gala," according to a <a href="https://finance.yahoo.com/news/creatd-announces-second-nft-drop-080000539.html">Monday press release</a> from the company. The going price for the NFT is 240 ether, the release said. The photos come from Creatd's OG Collection, a library of thousands of photographs, illustrations, and videos from the archives of Bob Guccione, who once owned publications like Penthouse and Viva. The company launched its first series of NFTs last month. In a blog post, Creatd founder and CEO <a href="https://vocal.media/journal/og-gallery-drop-2-the-donald-trump-pictures">Jeremy Frommer said</a> the company is still in the research and development phase of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">digital assets</a>. He said Creatd is selling the Trump trio on OpenSea because it's the "ebay for NFTs." The company did not immediately respond to Insider's request for further comment. The surge in Creatd's share price is the latest in a string of other companies that have rallied <a href="https://markets.businessinsider.com/news/stocks/what-is-a-meme-stock-reddit-wallstreetbets-gamestop-amc-2021-6">like meme stocks</a> thanks to the former president. Last week, Trump announced his media and technology company would be going public through a SPAC called Digital World Acquisition Corp. Shares of the blank-check company soared to eye-watering heights as <keyword id="1141292" type="General" weightage="60" keywordseo="retail-traders" source="Orion">retail traders</keyword> poured into the stock. Phunware stock also surged as day traders noted the software developer<a href="https://www.businesswire.com/news/home/20200527005302/en/Phunware-Announces-Strategic-Relationship-with-American-Made-Media-Consultants-for-the-Trump-Pence-2020-Reelection-Campaign%E2%80%99s-Mobile-Application-Portfolio" target="_blank"> was tapped by the 2020 Trump-Pence re-election campaign</a> to build its app. The software company didn't say if it was involved in Trump's newly formed social media site Truth Social.

Creatd surges 68% after announcing a line of Trump NFTs, including an infamous picture of the former president signing a model

<ul><li>US stocks were mixed on Friday as investors grappled with concerns of rising inflation and tech's advertising weakness.</li><li>The <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> ended a 7-day win streak on Friday, while the Dow Jones closed at a record high.</li><li>"The risks are clearly now to longer and more-persistent bottlenecks, and thus to higher inflation," Powell said.</li></ul>US stocks were mostly lower on Friday, with the Nasdaq leading the decline following a <a href="https://markets.businessinsider.com/news/stocks/snap-stock-price-q3-apple-privacy-changes-advertising-facebook-pandemic-2021-10">dismal third-quarter earnings report from Snap.</a>Recent changes to Apple's iPhone privacy settings made it harder for Snap to deliver ads to targeted users, and that weakness dragged down shares of other advertising-reliant tech companies like Facebook and Alphabet.Fed Chairman Jerome Powell said at a virtual conference on Friday that supply chain constraints have gotten worse, which could lead to an extended period of rising inflation."The risks are clearly now to longer and more-persistent bottlenecks, and thus to higher inflation," <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Ffed-chairman-jerome-powell-says-supply-side-constraints-are-creating-more-inflation-risk-11634917630">Powell said.</a>While the S&amp;P 500 ended a seven-day win streak, the Dow Jones managed to close at a record high, in part driven by a jump in financial stocks.Here's where US indexes stood at the 4:00 p.m. ET close on Friday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">S&amp;P 500</a>: 4,544.99, down 0.11% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Dow Jones Industrial Average</a>: 35,677.08, up 0.21% (74.00 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Nasdaq Composite</a>: 15,090.20, down 0.82% </li></ul>Digital World Acquisition, the SPAC that plans to merge with Donald Trump's recently formed media company, extended its two-day rally and <a href="https://markets.businessinsider.com/news/stocks/dwac-stock-price-spac-donald-trump-tmtg-social-media-startup-2021-10">surged an additional 200% on Friday</a>. The stock was up more than 300% on Thursday amid the deal hype.Saba Capital, a hedge fund that owned more than 2 million shares of Digital World, <a href="https://markets.businessinsider.com/news/stocks/digital-world-trump-spac-saba-capital-missed-gains-boaz-weinstein-2021-10">sold its stake in the company on Thursday</a> and said its values are not aligned with Trump Media's planned social media platform. Riding the coattails of Digital World was Phunware, a software firm that helped build an app used by Trump's 2020 re-election campaign. The stock <a href="https://markets.businessinsider.com/news/stocks/phunware-stock-price-trump-campaign-app-developer-digital-world-hype-2021-10">soared more than 2,000% over the past two days</a> as traders speculate of a possible connection to Trump's new media firm. <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-elon-musk-net-worth-250-billion-2021-10">Tesla soared to record highs on Friday,</a> eclipsing a more than $900 billion valuation for the first time ever. The surge in shares of Tesla helped catapult Elon Musk's net worth to about $250 billion. The demand for cryptocurrencies among investors continued this week, with <a href="https://markets.businessinsider.com/news/currencies/robinhood-crypto-wallet-waitlist-1-millon-customers-vlad-tenev-investing-2021-10">Robinhood saying it has more than one million people on its waitlist</a> to gain access to crypto wallets. Meanwhile, another bitcoin futures ETF, this time from Valkyrie, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-valkyrie-futures-crypto-nasdaq-trading-proshares-vaneck-2021-10">is set to begin trading on Friday.</a><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil rose 1.67%, to $83.88 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, rallied 1.26%, to $85.68 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> jumped as much as 1.37%, to $1,806.30 per ounce.

S&P 500 ends 7-day win streak as stocks slip on Powell comments and tech weakness

Welcome to <keyword id="12393050" type="UNKNOWN" weightage="60" keywordseo="10-things-before-the-opening-bell" source="Orion">10 Things Before the Opening Bell</keyword>.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's get into it.Tesla continues to smash records. Tesla's stock skyrocketed double digits to new all-time highs after Hertz ordered 100,000 Model 3 vehicles. The EV innovator hit a <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-1-trillion-valuation-second-fastest-ever-tsla-2021-10">$1 trillion valuation</a> in the process, becoming the second-fastest company to do so.Once Hertz receives the vehicles in 2022, it will operate the largest EV rental fleet in the world. Meanwhile, the $4.2 billion the car-rental giant paid for the vehicles suggested Tesla <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-hertz-orders-100000-model-3-rental-2021-10">offered few, if any, discounts</a>.What else to know:<ul><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Shares of Tesla</a> closed 13% higher at $1,024.86 per share. The stock's intraday high was $1,045.02, or 15% above Friday's close.</li><li>The deal comes <a href="https://markets.businessinsider.com/news/commodities/supply-chains-chip-shortage-auto-semiconductor-sectors-ford-toyota-tsmc-2021-08?utm_source=markets&amp;utm_medium=ingestgest">as automakers broadly grapple with a chip shortage</a> stemming from international supply-chain woes.</li><li>Facebook, which was the first company to hit a $1 trillion valuation, reported <a href="https://www.cnbc.com/2021/10/25/facebook-fb-q3-earnings-report.html">mixed 3rd-quarter earnings</a> on Monday afternoon. The social-media platform missed revenue estimates, beat on EPS, and matched daily-average-user forecasts. </li></ul>2. Global shares are on the up. Optimism around earnings and a lift to the tech sector from Tesla's burst above $1,000 are behind the move. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-tesla-trillion-dollars-q3-commodities-spotlight-2021-10">Take a look at what's going on today.</a>3. Jefferies shared its stock picks for investors looking to profit from one of the hottest trades of the last bull market. Momentum investing worked before, and one strategist thinks it's set for a comeback. <a href="https://www.businessinsider.com/20-stock-picks-to-buy-proven-bull-market-strategy-jefferies-2021-10">See his list of 20 stocks set to surge. </a>4. Earnings on deck: Alphabet, Microsoft, and Twitter, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>5. Federal judges may not be trading as freely for much longer. Proposed legislation in Washington could put US judges under tighter stock-trading rules. <a href="https://markets.businessinsider.com/news/stocks/stock-trading-rules-lawmakers-federal-judges-bipartsan-bills-2021-10">The bill follows a WSJ report that showed judges violated stock-related laws while hearing court cases.</a>6. JPMorgan says the red-hot new bitcoin ETF could get too big for its own good. The firm notes that as the fund gains in popularity, the higher so-called carry costs go. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-futures-etf-too-big-contango-cryptocurrency-proshares-2021-10">Read the full rundown of how the fund's growth could warp the futures market.</a>7. Mastercard is getting in on the crypto wave. The payment giant will allow US merchants and banks to bring crypto products onto its network. <a href="https://markets.businessinsider.com/news/currencies/mastercard-crypto-merchants-cryptocurrency-bitcoin-network-payments-bakkt-stock-2021-10">More consumers, according to Mastercard, seek to use crypto assets for everyday purchases. </a>8. Donald Trump could soon be richer than ever after his SPAC merger. The former president is reportedly set to own 58% of a post-merger entity called Trump Media &amp; Technology Group. That means <a href="https://markets.businessinsider.com/news/stocks/donald-trump-spac-digital-world-acquisition-own-half-dwac-stock-2021-10">Trump and his partners will command a $4.8 billion stake</a>.9. Meme stock watch list: Remark and Phunware joined the club after massive surges, while Reddit darlings GameStop and AMC fell out of favor. <a href="https://www.businessinsider.com/top-meme-stocks-reddit-remark-mark-phunware-phun-tesla-tsla-2021-10">Here are the top 11 meme stocks this week.</a>10. A crypto strategist broke down why further bitcoin-futures ETFs will bring negative yields. Christopher Vecchio said the launch of the ProShares Bitcoin Strategy ETF (BITO) is more of a positive sign for crypto going mainstream than a good investment option. He says <a href="https://www.businessinsider.com/bitcoin-futures-etf-negative-yield-crypto-strategist-how-to-invest-2021-10">you could be better off buying bitcoin directly.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

10 things before the opening bell

<ul class="summary-list"><li>Researchers analyzed <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> and <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword>'s 2020 campaign apps.</li><li>Trump's asks for access to much more of the user's personal data than Biden's, including location and Bluetooth data.</li><li>The software for Trump's <keyword id="235499" type="ORGANIZATION" weightage="60" keywordseo="APP">app</keyword> is being developed by a company known for specializing in targeting people using location data.</li></ul>Researchers have analyzed President Donald Trump and Democratic presidential candidate Joe Biden's 2020 campaign apps. Of the two apps, Trump's hoovers up far more of its users' data.Jacob Gursky and Samuel Woolley of the University of Texas' Propaganda Research Team analyzed both apps and wrote about their findings in the <a href="https://www.technologyreview.com/2020/06/21/1004228/trumps-data-hungry-invasive-app-is-a-voter-surveillance-tool-of-extraordinary-scope/">MIT Tech Review</a>.According to Gursky and Woolley, Trump's app launched in mid-April and has garnered 780,000 downloads. Broadly speaking the app allows users to engage with the Trump campaign, enabling people to sign up to volunteer, get tickets for events, and livestream the president's rallies. It also has a "social" and "news" tab which provides a curated feed of tweets and articles, some of which don't cite their source and don't have bylines saying who wrote them. Headlines include "Top 8 Moments from Joe Biden's Embarrassingly Disastrous, Epically Boring Livestream" and "Media Continue to Spread Debunked Theory About Tear Gas." Biden's app meanwhile, called Team Joe, is more specifically geared towards getting users to campaign for Biden to their contacts. "The Team Joe app is an organizing tool that allows you to text your friends in support of Joe and get updates from the campaign," the app's description reads on <a href="https://play.google.com/store/apps/details?id=com.joebiden.teamjoe&amp;hl=en_GBn_GB">the Play Store.</a> "We'll let you know which of your friends and family members we're hoping to talk to. You can then text them directly to share campaign updates, ask questions, and gather their thoughts on the 2020 race on behalf of our campaign!"The key difference between the two apps identified by the researchers is this: Trump's app has a much longer list of permission requests than Biden's. "It wants to read your contacts and know your precise and approximate location (GPS and network based). It requests the ability to read your phone status and identity (a vague permission that sometimes gives access to unique device numbers), pair with Bluetooth devices (such as geolocation beacons), and perhaps read, write, or delete from SD cards in the device," the researchers write.Gursky and Woolley make a particular point of the app's requests for Bluetooth permissions. Increasingly Bluetooth is being used to target people with advertising based on a specific location. A technology called Bluetooth beacons can be stationed somewhere and used to target people who walk past them. Beacons have been <a href="https://www.wsj.com/articles/political-campaigns-track-cellphones-to-identify-and-target-individual-voters-11570718889">used near churches</a> to target congregations with political advertising, and even <a href="https://mashable.com/article/beacons-location-tracking-republican-campaign/?europe=true">inside yard signs</a>.Not only can beacons be used to target people who walk past, they can be used to build up profiles which can then be sold on to third parties. "[Apps] are plugged into different marketplaces, so if you open up Facebook or Google Maps or Candy Crush, even though you didn't explicitly do anything — if you have location access enabled on those apps, that app will record your location at the instance you opened that app, and then that information can be sold to a third party," an unnamed political consultant told the researchers.One of Gursky and Woolley's team also found the app was built on an older version of Android's operating system which has fewer privacy protections. <a href="https://eu.usatoday.com/story/tech/2020/05/27/donald-trump-reelection-app-phunware/5271268002/">In May it was announced</a> that a company called Phunware, a campaign advert targeting company <a href="https://www.wsj.com/articles/political-campaigns-track-cellphones-to-identify-and-target-individual-voters-11570718889">known for using location data</a>, would be providing software to update the app.

Trump's 2020 campaign app hoovers up way more user data than Biden's, including contacts, location, and Bluetooth

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Melia Robinson/Business Insider</div></div></div><ul><li>Cryptocurrency enthusiasts threw a party at <a href="http://www.businessinsider.com/category/sxsw">SXSW</a>.</li><li>The bar accepted <a href="http://www.businessinsider.com/category/bitcoin">bitcoin</a> and other coins as payment for bottle service.</li><li>The mood was merry despite recent plunges in the price of bitcoin.</li></ul> When groups of cryptocurrency enthusiasts raised shot glasses at a nightclub in Austin, Texas, late Tuesday night, the price of bitcoin was hovering around $9,000.House music played as guests danced and mingled. Barely-dressed bartenders poured shots. For one night only, Austin's Rio club accepted cryptocurrency as payment for bottle service.No one can seem to agree if or when the bitcoin bubble will burst, but for the currency's biggest boosters, it doesn't matter. They're holding their cryptocurrency rather than selling it.BYOBitcoin, a startup based in Austin that builds and maintains facilities for bitcoin mining, threw the first-ever <a href="https://www.justhodlit.io/">"Just Hodl It" party</a> at the <a href="http://www.businessinsider.com/category/sxsw">SXSW</a> film festival and tech conference on Tuesday. (Hodl is a a slang term in bitcoin that means to stay invested in cryptocurrency and resist the urge to sell when the price slides.)The idea was to bring together cryptocurrency enthusiasts at the festival to share in their passion, and ultimately, console one another on the recent plunge in bitcoin's price.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Melia Robinson/Business Insider</div></div></div>Fears of a global crackdown on cryptocurrencies led to a violent sell-off at the start of 2018. The price of bitcoin fell to $5,947 in February, or about 225% below its record high in December.The currency is now <a href="https://www.coindesk.com/price/">trading over $9,000</a> per coin, and it remains extremely volatile.Still, the mood was merry at Rio. Guests started pouring into the club after 9 p.m. and received plastic coins at the door that entitled them to free drinks at the bar.A bartender told me that customers could buy bottles with bitcoin, Ethereum, or Litecoin, but that she didn't know how to do it and would have to hail a manager if I wanted to try doing so. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Melia Robinson/Business Insider</div></div></div>The event kicked off with a panel of entrepreneurs in the cryptocurrency space, speaking about the state of bitcoin in 2018. Some of their companies had also sponsored the party.One panelists encouraged solidarity as "we all sort of survive this crypto winter."<a href="https://www.linkedin.com/in/randallcrowder/">Randall Crowder</a>, whose LinkedIn account describes him as chief operations officer and "chief crypto zealot" at software maker <a href="https://www.bizjournals.com/austin/news/2018/02/28/phunware-plansto-go-public-with-301m-value-issue.html">Phunware, Inc.</a>, searched for the silver lining in the situation.Cryptocurrencies have created "one of the largest transfers of wealth going on in the history of the world," Crowder said during the panel. He added, "It's just getting started."When Crowder told the packed room at Rio, "It's 1994 all over again, and you have an opportunity to make a sh--load of money," the crowd (mostly men) erupted in cheers.Kim Parnell, a cryptocurrency entrepreneur from Toronto attending the conference, said she had spent the previous two days attending cryptocurrency-focused panels and meetup events.She told Business Insider that because of "huge run we had last year," cryptocurrencies like bitcoin attracted tons of new buyers in 2017. The cryptocurrency community has become so broad, she said, it can be defined as two groups: the longtime believers and novice investors.People who boarded the bitcoin bandwagon before 2017 are less worried about the volatility, Parnell said. She said she focuses more on "exciting new projects" instead of bitcoin's price. Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the Business Insider Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/richard-sherman-bitcoin-price-cobinhood-exchange-no-fees-2018-2">NFL superstar Richard Sherman is all-in on cryptocurrencies, but doesn't think his grandmother should invest</a></h3> <div> </div> </div>

Bitcoin boosters partied hard at SXSW as the currency sinks - here's what it was like

Focal standing chairChances are you've seen, or perhaps own, a pair of Keen shoes or sandals, the ones with a rubberized toe.They were the brain child of Martin Keen, an avid sailor who preferred to wear sandals on deck. He came up with the idea in 1999 after growing sick of stubbing his toes while boating.By 2003, he launched the company and within three years Keen had taken off like mad. By 2011 it was reportedly generating $240 million in revenue.And Martin Keen credits the success of that shoe to another one of his inventions. An almost-chair.It's a stick with a seat that turns a standing desk into a lazier, lean-on-your-butt workspace."The first prototype I built was in 1994, in my studio, my red barn. I had a standing table, but no seat that allowed me to stay standing up longer. So I developed one myself," he told Business Insider.Keen believes this almost-standing position helped him think better."This position in which I worked made me a much more creative designer, get more of that 'flow' state out of the day. And that allowed me to be creative enough to come up with this idea for Keen," he said. "The seat I was working in allowed me to become creative enough to become a very successful footwear designer and conceive my own brand."<h2>Busting out of stuffy corporate culture</h2>Keen sold his stake in the Keen shoe company six years ago. When he looked around for a new thing to do, he decided to rethink office furniture, in the same way he redesigned the sandal. So he launched his current company <a href="http://www.focaluprightfurniture.com/">Focal Upright.</a>Martin KeenMartin KeenBack when he designed his first chair-on-a-stick, it was an oddball idea. Standing desks were not even a thing back then. He created one for himself out of an old drafter desk He had just left his corporate shoe designing job and the standing desk felt like throwing off the yolks of bureaucracy."As humans, we tend to accept the tools given to us. 'Here's your assigned cubicle. Here's your chair.' You don't think about these things," he said. "I realized I now wasn't beholden to corporate culture."Still, he soon ran into problem that most standing desk users face: "Standing is tiring after awhile."Most standing desk owners simply give up."After 8-10 weeks, the novelty of standing wears off and we are back in a chair," he said.While <a href="http://www.businessinsider.com/healthy-at-work-without-a-standing-desk-2014-12">research shows that sitting all day</a> with no movement is horrible for your health, there's also no conclusive evidence that simply standing all day, which can be hard on the feet, is a real solution.But a balance between the two is an intriguing option.<h2>Sit, stand, fidget, balance</h2>The chair is increasingly creating a buzz, too. It was quite the hit at last month's SxSW conference in Austin, Texas.Focal Upright"For those who have embraced the standing desk, the stand-up chair is the office chair of the future - and super comfy," Chris Brooks, an account executive for Media and Entertainment at Phunware who saw the chair at SxSW, told us.I've been trying Focal Upright's $100 <a href="https://store.focalupright.com/mogo-seat-p/fks-1000.htm">Mogo chair</a> for the past few weeks and I've got mixed opinions on it.My workspace had to be fine-tuned for it.At first I found that my arms, neck and lower back got quickly tired when using it. The desk has to be adjusted so that leaning on the chair doesn't force you to look too far up at your computer screen, or put your arms at an awkward angle to type.Yet, it also feels good to stand while working for a few hours at a time, without my feet hurting. With a little practice and some adjusting, the chair does seem to offer a nice balance between sitting and standing. And more balance at work is always a good thing.

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