What do you think about the fungibility of a bitcoin? Yes, somebody suggested that I should end my my talk with Liberté égalité a fungibility That's an insider joke for us bitcoiners Fungibility so first of all does anybody okay? Who does not understand the word fungibility or hasn't is not familiar with it great? Let's talk about fungibility So one Euro is one Euro is one Euro if you receive a Euro it Doesn't matter where it came from it doesn't matter if two people before you it was stolen It doesn't matter if two people before you it was robbed from a bank It's a euro upon presentation that Euro is the same as every other Euro And no one can say I'll take this euro but I won't take that euro and and that is not simply a matter of Practice that is a matter of law, and this law was settled in the 16th century Where someone said actually? That's my Euro It was stolen And they took someone to court Who was not the person who stole it who was person who received it several times later and said that is stolen property Okay, wasn't a euro.
It was a franc or something like that. I think it was a pound sterling actually And it was taken to court and the Court said you can't do that So money is the one type of property that cannot be stolen and then recovered by the original owner if you steal money Right you can't say that's my money Give it back to people later. You can say it to the person who stole it But you can't just walk into a shop and say I'm gonna. Sue you because you have the money that was stolen from me That's fungibility The reason we have fungibility in the currency is very very simple otherwise it wouldn't work if every time you received a euro you had to open a list or database and say okay serial number 1 3 1 3 3 7 7 - is that a good euro or a bad euro is it a medium here all the kind of naughty Euro? Is it a bit cocaine eeeeh? Is it a bit terrorist II? Because then it's not one hero it's 0.72 euros it's 0.76 euros now this one's a bit too. Cocaine is 0.53 euros in value, right? Oh this one was touched by Elton John it's 1.6. Euros We don't accept that as a model for using currency and the reason we don't accept it is because it wouldn't work if you had To check the provenance of every system of money that you receive You couldn't make currency work and the reason you couldn't make it work is not Just because you would have to track a database that had to be perfect and always updated with every coin in it But the most important thing is that no euro would be worth one hero Every Euro would be worth a different value weighted by how liquid it is how circular Bowl it is Whether you could use it, right? So if you can use it but some places and not use it other places Automatically its value drops and now you have to keep track of what the value of one hero is in here. Oh, right? That's fungibility. It's the understanding by law understanding by practice and Technological fact that every unit of currency is indistinguishable Or is treated as indistinguishable from every other unit of currency Bitcoin is fungible ish Somewhat fungible in Bitcoin you can trace the provenance of every coin by practice By custom.
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