Bitcoin, and all crypto currencies, are NOT fungible!

[Shotgun Surgery]

This guy explains why Bitcoin, and any other crypto currency, isn't fungible. Fungibility, for those who don't know, is a property where one unit of something is perfectly equal in value to another one unit of the same something. A dollar is a dollar; the dollar in your wallet buys the same as a dollar in mine does. A five dollar bill buys the same as five one dollar bills in yours, etc. The dollar is fungible.

All crypto currencies are NOT fungible. One bitcoin, which I'll be using as the example but is true of any crypto currency, might have a very different value to another bitcoin. This is because there's three kinds of any crypto currency; regular, virgin, and tainted. Virgin bitcoin is newly mined bitcoin that has no transaction history. This trades at a premium to regular bitcoin. Regular bitcoin is any bitcoin that has a normal transaction history. Tainted bitcoin is any bitcoin which is suspected of having been used to purchase illegal goods and services. Tainted bitcoin can be confiscated by an exchange, and because of this is trades at a discount to regular bitcoin.

The fact that different people can have the same amount of bitcoin but potentially have three very different prices for the exact same amount of bitcoin means that bitcoin itself isn't fungible. The .017 bitcoin in your wallet might be worth a lot less than the .017 bitcoin in mine.

Yet another reason to not invest your wealth into 0s and 1s; buy physical precious metals instead.

 

[Davers]

Interesting.

Ill have to watch the video .

I have been bombarded with Crypto "Opinions" & know some have made big bucks , but IJDK ???

One thing is ...If the Grid goes down ; if would seem in my (Green Crypto Mind ) those holding Crypto Coins would be Humped . But Again I Don't know . I just have a strange feeling about that stuff , funny how the 30 somethings Love It . ???

Good Eve

 

[moosensquirrel]

This guy explains why Bitcoin, and any other crypto currency, isn't fungible. Fungibility, for those who don't know, is a property where one unit of something is perfectly equal in value to another one unit of the same something. A dollar is a dollar; the dollar in your wallet buys the same as a dollar in mine does. A five dollar bill buys the same as five one dollar bills in yours, etc. The dollar is fungible.

All crypto currencies are NOT fungible. One bitcoin, which I'll be using as the example but is true of any crypto currency, might have a very different value to another bitcoin. This is because there's three kinds of any crypto currency; regular, virgin, and tainted. Virgin bitcoin is newly mined bitcoin that has no transaction history. This trades at a premium to regular bitcoin. Regular bitcoin is any bitcoin that has a normal transaction history. Tainted bitcoin is any bitcoin which is suspected of having been used to purchase illegal goods and services. Tainted bitcoin can be confiscated by an exchange, and because of this is trades at a discount to regular bitcoin.

The fact that different people can have the same amount of bitcoin but potentially have three very different prices for the exact same amount of bitcoin means that bitcoin itself isn't fungible. The .017 bitcoin in your wallet might be worth a lot less than the .017 bitcoin in mine.

Yet another reason to not invest your wealth into 0s and 1s; buy physical precious metals instead.

yes, buy gold and silver, have faith.

 

[DirtyishHarry]

If you buy your crypto from an exchange it is indeed fungible and clean. So much crypto misinformation out there. I’m happy to help anyone get up to speed on where and how to procure and store their own keys. Just DM me.

 

[DirtyishHarry]

This guy is just promoting FUD to hype his Monero (privacy coin) positions. I work in the industry and he's right Exchanges use tools to monitor for illicit activity history (just like bank accounts are monitored for illicit activity such as money laundering, ties to terrorism, etc). However, if you're buying from an Exchange there is nothing to worry about. His coin of choice will never become part of the establishment for the very reasons he likes it. The government and regulators won't sanction use of coins that hide your history of usage and are the preferred method for conducting illicit activity.

 

[Shotgun Surgery]

This guy is just promoting FUD to hype his Monero (privacy coin) positions. I work in the industry and he's right Exchanges use tools to monitor for illicit activity history (just like bank accounts are monitored for illicit activity such as money laundering, ties to terrorism, etc). However, if you're buying from an Exchange there is nothing to worry about. His coin of choice will never become part of the establishment for the very reasons he likes it. The government and regulators won't sanction use of coins that hide your history of usage and are the preferred method for conducting illicit activity.

You're speaking as if governments will ever sanction any crypto currency in the long run. Governments across the globe have already publically stated that their intentions are to make their own central bank digital currencies. These are blockchain based government created and sponsored currencies which would inherently allow them to decide what can or cannot be purchased with them, monitors and tax all transactions throughout the entire economy, institute nominally negative interest rates with nowhere for We The People to financially escape to, etc, etc. Once they replace legacy fiat currency with CBDCs, they will simply make it impossible to use their CBDCs to purchase crypto currencies. After all, why would governments go through all this trouble to try and give themselves complete and absolute tyrannical control over everything financial via CBDCs and then allow their CBDCs to be used to purchase anything which limits the power they've assumed for themselves through the implementation of CBDCs?

It's funny how Bitcoin started out as "This privacy digital currency what we will use to have financial freedom from the the banks!" but has turned into "Bitcoin is better than those silly *privacy* digital currencies because Bitcoin will have backing from the financial institution." A complete 180.

 

[Nonliberal]

I'm giggling at you for talking people out of buying crypto right now

 

[moosensquirrel]

crypto is fine for speculation for those inclined to the inherent risks. However fungible, it is not tangible and one had better have a chair when the music stops.

 

[Jackie Graham]

Sounds like Glocks on ODT, lol.
No 2 Glocks of the same model costs the same.

 

[RiverBend]

That Crypto/Bitcoin/ Millenionel money ain't nuttin but the latest Frappchino Latte or Man Bun hairnet, not for this bald Black Coffee drinking old man, cash I can touch/fold/touch is the only kind.