Monday, February 4, 2019

Crypto *what*?

This is supposed to be money? A store of value?

I've commented -- okay, ranted -- about the (IMO) insanity of so-called cryptocurrencies, most recently in the post Already a wacky year. Now, in breaking news, comes this:

"After founder’s sudden death, cryptocurrency exchange can’t access $190 million in holdings." A snippet:

After the founder of Canada’s biggest cryptocurrency exchange, QuadrigaCX, died unexpectedly, about 115,000 clients have been unable to retrieve $190 million in holdings — because the owner was the only one who knew the password to access them, the company said.

The United States has stable currency (about 2% inflation at the moment; Canada's inflation rate is a smidge higher at about 2.5%). I'm happy to continue using dollars. Even if Steve Mnuchin loses his passwords.


jaguar said...

w-w-w-what? $190M lost? It is terror to love money. Conservation rules doesn't work for it.

Edward M. Lerner said...


(Incidentally, I *just* discovered two comments you submitted for moderation months ago, about Dark Secret. Somehow, I never got the usual notifications. Thanks for those kind words.)