Ranking Bitcoin as Money vs Gold and vs Paper Money

[odolvlobo]

Bitcoin keeps a history of every coin and hence they are not fungible or designed to be so. Indeed the difference between freshly minted coins and coins that have passed through many hands are part of the system. Agreed that the appropriate response should be found but Bitcoins are not fungible.

That is not accurate. Bitcoin does not track coins, only transactions. If A, B, and C have 1 BTC each and A sends 1 BTC to B, and  then B sends 2 BTC to C, then you could say that 33% of C's coins came from A, but you can't determine which ones because coins are not tracked.

[Miracal]

Bitcoin keeps a history of every coin and hence they are not fungible or designed to be so.

Even all the transactions which are ever made in the btc world are recorded, and there is a proof of transaction taking place. Although, it is nearly impossible to to track and decipher a private key, because tracking it would require to prove it if it belongs to somebody in the U.S and there is always a big possibility of it being of an overseas user and then it would inflict with privacy regulations. That's how it is illegal to know who made the transactions.

[BitProdigy]

Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are capable of being substituted in place of one another.

Bitcoin keeps a history of every coin and hence they are not fungible or designed to be so. Indeed the difference between freshly minted coins and coins that have passed through many hands are part of the system. Agreed that the appropriate response should be found but Bitcoins are not fungible.

Jon Matonis former exec of Visa and from the Bitcoin Foundation says,

"Bitcoin has perfect fungibility. Every single bitcoin is just like any other bitcoin. It might be tainted because it came from somewhere else, but it's not like gold bars where you have different variations and tungsten cores and everything like that, so the perfect fungibility is something that will become more important I think as bitcoin moves forward."

I agree with Matonis, bitcoin is perfectly fungible.

Source: https://www.youtube.com/watch?v=E1VtZT5HEFs

[HarHarHar9965]

Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are capable of being substituted in place of one another.

Bitcoin keeps a history of every coin and hence they are not fungible or designed to be so. Indeed the difference between freshly minted coins and coins that have passed through many hands are part of the system. Agreed that the appropriate response should be found but Bitcoins are not fungible.

Jon Matonis former exec of Visa and from the Bitcoin Foundation says,

"Bitcoin has perfect fungibility. Every single bitcoin is just like any other bitcoin. It might be tainted because it came from somewhere else, but it's not like gold bars where you have different variations and tungsten cores and everything like that, so the perfect fungibility is something that will become more important I think as bitcoin moves forward."

I agree with Matonis, bitcoin is perfectly fungible.

Source: https://www.youtube.com/watch?v=E1VtZT5HEFs

The best way to define its fungibility is that 1 bitcoin will always be equal to another bitcoin. All the speculations and calculations about how 1 bitcoin is equal to 283 USD etc is determining its price, not its value. So in terms of value, 1 btc = 1 btc always. Regarding the anonymity of bitcoin, yes bitcoins cannot be tracked as they are exchanged between private keys, but the transaction is always recorded publicly.

[futureofbitcoin]

The best way to define its fungibility is that 1 bitcoin will always be equal to another bitcoin. All the speculations and calculations about how 1 bitcoin is equal to 283 USD etc is determining its price, not its value. So in terms of value, 1 btc = 1 btc always. Regarding the anonymity of bitcoin, yes bitcoins cannot be tracked as they are exchanged between private keys, but the transaction is always recorded publicly.

The key word here is that 1 bitcoin will always be equal to ANOTHER bitcoin. So its not 1 btc = 1 btc, but 1 btc = ANOTHER btc.

And this might not always remain true for all bitcoins. For example, the value of bitcoins that has been to a certain known address might be auctioned off as some sort of an antique item in the future. Perhaps the first address Satoshi spends from after he goes public. Who knows.

[Erdogan]

This meme was once used to strengthen the fiat rule in the hearts of the people: A mark is a mark is a mark (disregard it being a gold mark or a paper mark). They tried to keep the cross-fungibility between gold marks and paper marks. It turned out not to be true.

A bitcoin is a bitcoin is a bitcoin - as long as you are in posession of the unlocking key, there is no difference between bitcoin fractions with different histories on the chain. Some will try to destroy the fungibility, but they will not succeed.

[greBit]

The best way to define its fungibility is that 1 bitcoin will always be equal to another bitcoin. All the speculations and calculations about how 1 bitcoin is equal to 283 USD etc is determining its price, not its value. So in terms of value, 1 btc = 1 btc always. Regarding the anonymity of bitcoin, yes bitcoins cannot be tracked as they are exchanged between private keys, but the transaction is always recorded publicly.

The key word here is that 1 bitcoin will always be equal to ANOTHER bitcoin. So its not 1 btc = 1 btc, but 1 btc = ANOTHER btc.

And this might not always remain true for all bitcoins. For example, the value of bitcoins that has been to a certain known address might be auctioned off as some sort of an antique item in the future. Perhaps the first address Satoshi spends from after he goes public. Who knows.

I don't think I really believe there is a Satoshi out there, I think that is just a fake name by a smart man who chooses to be anonymous because he is known to have too much power, known to be too rich. That is certainly a threat to his life as he has individualistic power with bitcoins, not like other rich people who keep their money in assets and banks. Either Satoshi is one person or a group of smart mathematicians, now that's a mystery.