Page 12 - Forbes - USA (February 2018)

INSIDE SCOOP

EDITOR-IN-CHIEF
Bringing Crypto Out of
Steve Forbes
FORBES MAGAZINE
CHIEF CONTENT OFFICER
Randall Lane the Shadows
EXECUTIVE EDITOR
Michael Noer
ART & DESIGN DIRECTOR
Robert Mansfield
IF YOU’RE LOOKING for the statesman of cryptocurrency, you
FORBES DIGITAL
could do worse than Joe Lubin, the soft-spoken founder of Consen-
VP, DIGITAL EDITOR
Mark Coatney
sys, which helps big companies with blockchain and launches prod-
VP, INVESTING EDITOR
Matt Schifrin ucts based on the Ethereum platform, which he cofounded. His peers
SVP, PRODUCT AND TECHNOLOGY apparently agree: When he sat down with me recently to discuss his
Salah Zalatimo
concerns about our inaugural list of crypto-asset tycoons—we found
VP, WOMEN’S DIGITAL NETWORK
Christina Vuleta ten who hover near $1 billion and another ten who could be on their
VP, VIDEO way—he said he spoke for himself and others in the ranking.
Kyle Kramer
Lubin suggested that he and his ilk were simple programmers
ASSISTANT MANAGING EDITORS
Kerry A. Dolan, Luisa Kroll WEALTH who weren’t looking for public attention. He made this argument at
Frederick E. Allen LEADERSHIP
Loren Feldman ENTREPRENEURS the World Economic Forum, as we sat in a private meeting room in
Tim W. Ferguson FORBES ASIA the “Ethereal Lounge,” a three-floor building he’d quickly built out
Janet Novack WASHINGTON
Miguel Helft SILICON VALLEY on Davos’ main promenade. For a week, thousands of the world’s
Michael K. Ozanian SPORTSMONEY economic elite flooded in for panels, powwows and free drinks and
Mark Decker, John Dobosz, Clay Thurmond DEPARTMENT HEADS
Jessica Bohrer VP, EDITORIAL COUNSEL food. Next door, a giant Crypto HQ drew similar throngs. Hardly
signs of a person or industry trying to remain private—a point
BUSINESS
Mark Howard CHIEF REVENUE OFFICER Lubin, from his Davos perch, conceded.
Tom Davis CHIEF MARKETING OFFICER
Jessica Sibley SENIOR VP, SALES, U.S. & EUROPE His second argument: How were we sure our numbers were
Janett Haas SENIOR VP, BRAND SOLUTIONS & STRATEGY right? Fair question, one we ask ourselves perpetually. During 36
Ann Marinovich SENIOR VP, CONTENT PARTNERSHIPS & STRATEGY
Achir Kalra SENIOR VP, REVENUE OPERATIONS & STRATEGIC PARTNERSHIPS years tracking the world’s richest people, we’ve honed our methods
Alyson Papalia VP, DIGITAL ADVERTISING OPERATIONS & STRATEGY but kept the underlying philosophy consistent: Err on the conserva-
Penina Littman VP, SALES PLANNING & ANALYTICS
Nina La France SENIOR VP, CONSUMER MARKETING & BUSINESS DEVELOPMENT tive side. It’s an imperfect science—and in this instance we’ve ad-
Lisa Serapiglia DIRECTOR MEDIA PLANNING & OPERATIONS opted ranges to factor in the lack of transparency and wild volatility.
FORBES MEDIA Finally, Lubin brought up security: Since crypto sits outside the
Michael Federle CHIEF EXECUTIVE OFFICER
Michael York CHIEF FINANCIAL OFFICER banking system, it’s more vulnerable to theft. True among the small
Will Adamopoulos CEO/ASIA FORBES MEDIA fry, for sure. But those on this list (and we spoke with almost every-
PRESIDENT & PUBLISHER, FORBES ASIA
Rich Karlgaard EDITOR-AT-LARGE/GLOBAL FUTURIST one on it) confirmed they’ve taken steps to protect themselves from
Moira Forbes PRESIDENT, FORBESWOMAN hackers and thugs—breaking up passwords and storing pieces in
MariaRosa Cartolano GENERAL COUNSEL
Margy Loftus SENIOR VP, HUMAN RESOURCES safe deposits scattered across the country.
Ultimately, Lubin, along with other members of the crypto elite
FOUNDED IN 1917
B.C. Forbes, Editor-in-Chief (1917-54) I chatted with, acknowledged the importance of this project. While
Malcolm S. Forbes, Editor-in-Chief (1954-90)
James W. Michaels, Editor (1961-99) even the biggest crypto bulls will privately acknowledge that 95% of
William Baldwin, Editor (1999-2010)
initial coin offerings are hype, scams or worse, a blockchain-enabled
financial system of some kind is here to say. As in the dot-com boom
FEBRUARY 28, 2018 — VOLUME 201 NUMBER 1 in 1999, some of these crypto billionaires will bust, the Pets.com of
their era. Others will weather the inevitable reckoning and morph
FORBES (ISSN 0015 6914) is published monthly, except January and July, by Forbes Media LLC, 499 into something stronger, crypto’s eBay or Google. Our list provides
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pull crypto away from its provenance as the favorite currency of drug
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—RANDALL LANE, CHIEF CONTENT OFFICER
10 | FORBES FEBRUARY 28, 2018