BREAKDOWN: Crypto Isn’t a Protest Tool; It’s a Survival Tool

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4.7 • 698 Ratings

🗓️ 11 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

A look at the role of stablecoins and other cryptos in high-inflation countries like Argentina. This episode is sponsored by Nexo.io, Chainalysis and FTX US. For this week’s “Long Reads Sunday,” NLW reads and reacts to Leah Callon-Butler’s “Why Crypto Isn’t a Tool for Protest in Argentina.” - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds by employing five key fundamentals including real-time auditing and recently increased $775 million insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Razor Red” by Sam Barsh and “The Life We Had” by Moments. Image credit: Ricardo Ceppi/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Sunday, September 11th, and that means it's time for Long
0:28.0	Read Sunday. Before we get into that, however, if you are enjoying the breakdown, please go
0:32.4	subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the
0:36.2	conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.
0:41.1	ly slash breakdown pod. Also a disclosure as always. In addition to them being a sponsor of the show,
0:46.8	I also work with FTX. All right, friends, this week for Long Read Sunday, we are turning to a place and a crypto community that I have
0:57.9	some familiarity with. The setting of this week's piece is Argentina. And while I am by no means an
1:05.2	expert, I have spent time in Argentina numerous times. And specifically, I've gotten a chance to hang out with some of the people
1:11.5	who are involved in the crypto scene there, from VCs to maker employees, people who have used
1:16.9	crypto for years to live and thrive and avoid the rampant inflation that has wrought such destruction.
1:23.1	So obviously, I was super interested to see the headline title, Why Crypto isn't a tool for protest
1:28.8	in Argentina. The piece is by Leah Callan Butler, and the subtitle is this. The idea that
1:35.2	growing stable coin use can offer a solution to Argentina's persistent economic and political problems
1:40.5	doesn't accord with reality, says Leah Callan Butler after a recent visit.
1:45.5	I don't know by you guys, but I am excited to see what that visit suggested to Leah.
1:50.7	So let's dive in.
1:52.3	I was in Buenos Aires on Argentina's Independence Day, and so I went out for a piping hot bowl of
1:57.1	freedom soup.
1:58.3	Called Locro, this hearty stew of corn, beans, and chorizo was invented
	...

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