npub1ah…cl76e on Nostr: Fungibility will be the theme of the second half of the roaring 20s. If you don't yet ...
Fungibility will be the theme of the second half of the roaring 20s.
If you don't yet understand the significance of fungibility you'll experience it first hand through frozen accounts, frozen payments and legal battles.
In short. Fungibility means every unit is interchangeable with a subset of any other unit. No ID markers of any sorts.
Why is it important?
Because the crypto space took the wrong turn. Celebrating the arrival of centralised third parties meaning most people go through custodians who require IDentification. But with ID comes taint and association or closeness to criminality, which is arbitrarily defined by broken money hungry states seeking to milk the public
Could be sending more than the allowed $600 from a non KYC account.
Could be sending 4x tx of $9500 from a KYC account
Could be coins that got stolen from an exchange that you got from a customer that traded on a non KYC exchange
As chain surveillance of transparent coins advances more and more cases is "illegal" transactions will be claimed by insolvent state.
There's no remedy for those believing in the medium of exchange use case other than mathematically guaranteed FUNGIBILITY.
Game theory tells us that the state will declare everything an illegal transaction if its in its interest.
The only thing states can not touch is what they don't see.
Hence why Monero is a superior medium of exchange compared to ALL other transparent cryptocurrencies.
If you don't yet understand the significance of fungibility you'll experience it first hand through frozen accounts, frozen payments and legal battles.
In short. Fungibility means every unit is interchangeable with a subset of any other unit. No ID markers of any sorts.
Why is it important?
Because the crypto space took the wrong turn. Celebrating the arrival of centralised third parties meaning most people go through custodians who require IDentification. But with ID comes taint and association or closeness to criminality, which is arbitrarily defined by broken money hungry states seeking to milk the public
Could be sending more than the allowed $600 from a non KYC account.
Could be sending 4x tx of $9500 from a KYC account
Could be coins that got stolen from an exchange that you got from a customer that traded on a non KYC exchange
As chain surveillance of transparent coins advances more and more cases is "illegal" transactions will be claimed by insolvent state.
There's no remedy for those believing in the medium of exchange use case other than mathematically guaranteed FUNGIBILITY.
Game theory tells us that the state will declare everything an illegal transaction if its in its interest.
The only thing states can not touch is what they don't see.
Hence why Monero is a superior medium of exchange compared to ALL other transparent cryptocurrencies.