{"id":36312,"date":"2022-06-19T20:56:48","date_gmt":"2022-06-20T01:56:48","guid":{"rendered":"http:\/\/huewhite.com\/umb\/?p=36312"},"modified":"2022-06-19T20:56:48","modified_gmt":"2022-06-20T01:56:48","slug":"currency-always-has-costs-ctd-16","status":"publish","type":"post","link":"https:\/\/huewhite.com\/umb\/2022\/06\/19\/currency-always-has-costs-ctd-16\/","title":{"rendered":"Currency Always Has Costs, Ctd"},"content":{"rendered":"

Costs are apparently quite high for cryptocurrencies – especially the human costs<\/em>:<\/p>\n

People are already losing their savings after buying into misguided hype. In Argentina, where inflation\u00a0reached 61%<\/a>\u00a0this year, some hoped to protect their money by placing it in TerraUSD, a stablecoin pegged to the dollar. Then, when Terra entered a death spiral last month, they lost nearly all of it. \u201cI invested in a stablecoin that today is worth $0.08,\u201d one woman in Buenos Aires\u00a0told Rest of World<\/a>. \u201cI feel sickened and helpless.\u201d [“Crypto Crash Dashes Dreams In Latin America<\/a>,” Alex Kantrowitz, <\/em>Big Technology<\/strong>]<\/em><\/p><\/blockquote>\n

Quite disheartening. Will any of the crypto-community ride to the rescue of those discovering the risks of the cryptocurrency world the hard way?<\/p>\n

I doubt it.<\/p>\n

But …<\/p>\n

If there\u2019s a saving grace in the current meltdown, it\u2019s that cryptocurrency proponents in Latin America haven\u2019t yet convinced a critical mass of people to join them. So the crash has spared many. In Ecuador \u2014 where the switch to the dollar worked out well enough after the initial pain \u2014 it’s\u00a0currently illegal<\/a>\u00a0to buy goods with Bitcoin, though you can buy Bitcoin as an investment. In El Salvador, where Bitcoin is legal tender, most people still don\u2019t use it for transactions. \u201cPeople don’t ask to pay with it,\u201d said\u00a0Nelson Rauda Zablah<\/a>, an El Salvadorian journalist at El Faro. \u201cThere’s a lot of micro speculation going on there.\u201d<\/p><\/blockquote>\n

Speculation in currency isn’t unknown, but when it’s the only thing happening, it suggests a real failure to meet the putative function.<\/p>\n","protected":false},"excerpt":{"rendered":"

Costs are apparently quite high for cryptocurrencies – especially the human costs: People are already losing their savings after buying into misguided hype. In Argentina, where inflation\u00a0reached 61%\u00a0this year, some hoped to protect their money by placing it in TerraUSD, a stablecoin pegged to the dollar. Then, when Terra entered \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36312","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/comments?post=36312"}],"version-history":[{"count":1,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36312\/revisions"}],"predecessor-version":[{"id":36313,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36312\/revisions\/36313"}],"wp:attachment":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/media?parent=36312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/categories?post=36312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/tags?post=36312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}