Charlie Lee and Carlos Mantos were the Sam Bankman and Alex Mashinsky of 2018 Litecoin is not needed it had a small scale rug pull done by it’s creator. You guys can buy into dead and forever inflating chains I’m gonna stick with the Bitcoin standard good luck.
Discussion
Goodluck out there with those future killer $1000 tx fees to move $5.
Don't be a stranger. I might have a couple super rare sats to sell you soon that are worth 100,000s of sats each. No worries though - still completely fungible 💯💯💯👍
Now that’s overdramatic. 🤣
i have a question for you: is gold fungible?
If I give you gold and don't tell anyone is there any reason it can't be exchanged elsewhere for equal value? Even if i were a known criminal no one could know where you got your gold unless you told them. The fungibility problem on btc is because you can track SATs across the network and decisions can be made to reject coins coming from a particular wallet thus making those coins of not equal to other coins
Bitcoin is used best p2p as it’s only trusted third parties that would blacklist coins. The normal user will simply check for confirmation on chain. I think buying p2p and whirlpool help this issue.
very smart people like michael saylor always claim that bitcoin is digital gold.
gold is fungible.
bitcoin is not fungible.
litecoin is digital gold, not as good as gold but better than bitcoin
monero is pure digital gold
Bitcoin is fungible
as much as ice is warm
My node values all sats equally
which is math. that does not make it fungible
If a business doesn’t accept certain denominations of bills does that make all cash non fungible ?
They are interchangeable therefore they are fungible
your own coins are interchangeable with each other. that does not make bitcoin fungible. i give you an example: you could own a bitcoin in your utxo which was used by another person for buying a fake id on onion and it is marked. in some situations it would be treated differently than a freshly mined or bought btc because it is clearly trackable and traceable. the good thing with bitcoin and any other decentralized coin is that it cannot be confiscated or stolen (if you self-custody and know how to protect it). but it is not fungible and as such it is not interchangeable and not treated equally, you could face some problems in acceptance in certain places. a fungible coin can fix this
Bitcoin is fungible on the protocol level, but is not fungible in practice in the real world because it's history is not private. Public history is an attack surface.
We can have pockets of fungibility within Whirlpool, but as a whole it is not fungible.
Is our goal p2p digital cash?
If I hand you a $100 bill, you only see our immediate transaction. Unless I choose to reveal where I got it from (default privacy) and even then I can only reveal my own history with the bill (view key).
I zap you sats via lightning on nostr.. this would be a no, they are not traceable bc a UTXO has not been sent
Lightning can be deanonymized
> We present clustering heuristics that group BTC addresses, based on their interaction with the LN, as well as LN nodes, based on shared naming and hosting information. We also present linking heuristics that link 45.97% of all LN nodes to 29.61% BTC addresses interacting with the LN. These links allow us to attribute information (e.g., aliases, IP addresses) to 21.19% of the BTC addresses contributing to their deanonymization. Further, these deanonymization results suggest that the security and privacy of LN payments are weaker than commonly believed, with LN users being at the mercy of as few as five actors that control 36 nodes and over 33% of the total capacity. Overall, this is the first paper to present a method for linking LN nodes with BTC addresses across layers and to discuss privacy and security implications.
Ok I’ll send you 1 sat via zap. If you can find out who I am I’ll send you 100,000 sats. If not you can send me 100,000 sats. Deal?
Like Bitcoin, a lot of gold is custodied and KYC’d, so while fungible some ownership could be tracked
Even if you had serial numbers on it you could just melt it down
So is cash non fungible you can’t melt cash down it bursts into flames every time I try this? 💵 🔥
both cash and gold are fungible. bitcoin is not fungible, monero is
Cash can be traced so by your definition it is not fungible
That's why criminals in movies always ask for non sequential unmarked bills
The fungibility of cash relies on the expectation that serial numbers largely aren't logged when money transfers ownership. Each bitcoin basically has a serial number and a transaction history attached to it. There are no unmarked bills.
This is simply wrong. There is no “each Bitcoin “ - there are UTXOs which are combined and recombined. Sometimes traceable sometimes not ( if by traceable we mean tied to an identity)
That's relatively new and not because they are being spent more frequently day to day than a lower denomination. They sit in foreign banks mostly.
> Not exactly. While overall demand for US currency is indeed on the rise, most $100 bills are held abroad. According to the Federal Reserve Bank of Chicago, nearly 80 percent of $100 bills—and more than 60 percent of all US bills—are overseas, up from roughly 30 percent in 1980.
Lol I'm using a concept know as analogy
This guy gets it
The most common paper bill is the US $100
the person can be traced, gold cannot be traced or tracked. it can be marked but it could even be melted. it is 100% fungible
Bitcoin can be whirlpooled about the same
Yes but will use of mixers and such ultimately taint the whole batch? Wasn't tornado cash in the news not that long ago?
There is 185M ish is unspent value on Whirlpool seems to be working fine
Whirlpool isn’t illegal so it’s not an issue
Where is the bart meme with the broken window.
It isn't illegal yet.
Bootlicking attitude
Hardly. I never said I won't do things the gubment doesn't like, I just think why paint a target on your back for when they decide something you are doing is no longer acceptable. With XMR, even if they ban it they will have a hell of a time tracking everyone down using it. There is a bill going through our government right now to try and define everyone who maintains custody of their own keys as a financial institution who would be held to KYC laws and the like. Does that mean if they push it through and it becomes law, I am going to suddenly start asking for drivers licenses from people I transact with? Not likely, but why even make it possible for someone to know I transacted in the first place?