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"Crypto Insider" featured Joseph Lubin's Blockchain talk at Pace University's Lubin School of Business in the Schimmel Theatre in "Joseph Lubin: “$4,000 is very high for Bitcoin'"

02/27/2019

"Crypto Insider" featured Joseph Lubin's Blockchain talk at Pace University's Lubin School of Business in the Schimmel Theatre in "Joseph Lubin: “$4,000 is very high for Bitcoin'"

It’s February 19th, 2019, and Joseph Lubin is holding a talk at the Lubin School of Business of Pace University in New York… No, they haven’t yet named the school after Ethereum’s co-founder and the founder of ConsenSys. It’s named after Joseph I. Lubin, an American accountant and businessman who passed away in 1983. The man was well-versed in ledgers, but not the decentralized kind. In this article we illustrate the most interesting topics that came up in discussion with the audience.

The event took place at the Schimmel Theatre, one of the biggest auditoriums in Lower Manhattan. There was quite a buzz in the lobby before the event began and it seemed like most of its 700+ seats were occupied. Mostly students, with the average age of an attendee being at around twenty-years-old. Just another testament that this new technology has been embraced by the young.

I entered the auditorium a few minutes early. Mr. Lubin was already onstage.  I took the opportunity to introduce myself.  Also, I mentioned the article that had been published just a few days before that was analyzing what typically happens to the price of ether after a fork. He seemed to be pleased with the findings – the price of ether tends to increase after a fork that was on the original roadmap.

I had a chance to ask Mr. Lubin a couple of questions. My first question was about the recent occurrence of what seems to be the most expensive Ethereum transactions ever. Mr. Lubin wasn’t aware of the situation, I explained it to him and asked about the rumor that maybe it was Mr. Buterin’s way of showing generosity towards the miners. He responded:

Joseph Lubin: I don’t think it would be someone trying to give money into someone else’s hands because you don’t know which of the ten or fifteen thousand miners will win that actual block. So, I don’t’ think it was intentional. We have seen situations when someone actually paid too much money, more than they had to pay. When you have a transaction, you actually know the address it came from, so the mining person or the mining pool that actually validated that transaction, created the block with that transaction can send that money back. It will be interesting to see if that actually happens.

Crypto Insider: There has been a lot of news about the blockchain adoption, but mostly from the corporate sector involving private blockchain. When do you think we’ll see real adoption of public blockchains?

Joseph Lubin: We have had that thing that people call a “crypto winter”, irrational exuberance, followed by a correction to a still a very high value for bitcoin, 4,000 is still a very high value for bitcoin (in my opinion); $150 for ether is still very high considering it started at $0.25. Crypto winter is that notion – we are just getting back to building software.

At our company ConsensSys – roughly 60% of activity focuses on public blockchain, 40% on enterprise solutions. We work with banks, central banks, and lots of corporations. On the corporate side, there was no crypto winter. There has been nothing but growth. We’ll roughly do five times more work in 2019 than in 2018. Last year wasn’t really a proof of concept year for us – for example, we launched Komgo with Citibank, a trade finance platform.