J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and was a financial writer at a large Canadian bank. He runs the popular blog.
Cryptocurrency is still a new endeavor. People who use it aren’t too surprised when things go wrong. Ethereum Classic has suffered from in one month. It costs $6 just to on the Ethereum blockchain.
But all of these malfunctions pale in comparison to the breadth of the system error that has hit one of the oldest monetary projects in the U.S., the nation’s coin system. As we speak, the U.S. is experiencing a country-wide shortage of cents, nickels, dimes and quarters.
Since mid-June, anyone handing over a $5 or $10 bill to buy $4.92 or $9.79 worth of goods has not been receiving the 8 cents or 21 cents in change that is due to them. Retail workers behind the till just don’t have enough coins to give out.