One of thr #wisdomsofcraig I needed very long to understand…
One of thr #wisdomsofcraig I needed very long to understand is about fungibility. Everyone in crypto thinks fungibility means anonymity, because only an anonymous coin can be the same as all other anonymous coins...
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... I heard this first in Milan on the scaling bitcoin workshop in a talk by Adam Bach. It seemed to intuitive that I didn't even thought about it being wrong. But it is...
... Euro are not fungible. The medium crypto people think is most fungible, cash, is actually a medium with less value than electronic money. Beside that cash has serial numbers and you will get problems when you try to spend large amounts of...
... blacklisted banknotes, you are not allowed to pay with or move more than 10k Euro in cash. This makes banknotes less useful than electronic money. What Craig says is that to have a fungible unit of money you need to be able...
... to proof that you acquired the money in a lawful way. Than you can spend as much of it as you like. That's why the goal of money laundering is not just to break the transactional links - but to create a lawful possession of money or value. Fungibility
That was a great breakdown. You need a bigger twetch following.
Thanks, I think this too 😊