Like Bitcoin, a lot of gold is custodied and KYC’d, so while fungible some ownership could be tracked
Discussion
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?