Subnostr

Bitcoin is fungible now. Monero is a shitcoin. Not needed. Privacy and scalability were sacrificed for security and reliability. Lightning is addressing scalability and Fediment is addressing privacy. More innovation will keep trickling in to ₿itcoin, money 1.0.

Saberhagen The Nameless 2y ago

Sorry, you call Monero a shitcoin all you want, but wont change that Bitcoin is not fungible. How can money with unique histories be fungble? Keyword in the definition of fungibility is "indistinguishable"

>"Privacy and scalability were sacrificed for security and reliability."

I understand and that is fine, but that is the tradeoff it makes.

Fedimint privacy/funigbility is good, but is custodial so is not a full replacement for Monero. Also a rehypothecation risk from the mint. Although I hear El Sirion is working on something to address that.

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Discussion

Paul 2y ago

Fungible just means interchangeable for equal value, not indistinguishable. For example, a crisp one dollar fiat cuckcoin and a dirty house of ill repute spattered one dollar Fiat cuckcoin are interchangeable but NOT indistinguishable.

I agree Fediment is early days and could have issues. But the best and the brightest are working on things we aren’t even aware of yet. Privacy will happen.

What we needed all along was the rock solid bedrock of ₿itcoin to build on. That’s all I’m really saying. Monero, like all shitcoins, is a distraction.

Saberhagen The Nameless 2y ago

"In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of whose parts are ***indistinguishable*** from any other part"

"A fungible asset is interchangeable and ***indistinguishable*** from another asset of the same type"

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Since the transparency and immutability aspects of Bitcoin are foundational and mutually exclusive to privacy and fungibility, I don't see L1 ever changing that. You can build those things on L2 /L3 but **not without** compromising L1 core value props. And we see that with things like Fedimint, Liquid, and Lightning.

That is fine I hope Bitcoin succeeds, because ultimately all I care about is freedom money, but until then Monero will be useful for filling the gap currently missing from it.