Your point about 1 XMR = 1 XMR is true only for peer to peer transactions. The exchange off ramps have a half life. That is true of probably every cryptocurrency. But you can't pretend that XMR is not just 1 big coin join that can be viewed as such by a bureaucrat as soon as they change their mind.

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weev 1 week ago
Monero is programmatically fungible. It is true wherever XMR is traded, p2p or dex or centralized exchange.