Friday, July 15, 2022
Reality Bites
Fans of cryptocurrency are in misery. Two banking services have declared bankruptcy and frozen funds. Crypto holders might lose everything. That is the peril of believing in hype. These services marketed themselves as safe. They weren't, and they are unregulated. Interestingly, though holders must now wait for what remains of their coins, they are aren't planning to leave cryptocurrency altogether. Rather, they are going to put their coins under a digital mattress called a cold wallet. That is nearly as risky as holding them in a bank, especially if their value continues to drop. As Gertrude Stein once said, "There is no there there." She was referring to her hometown of Oakland, CA, but the lack of substance applies well to cryptocurrency.
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