BitcoinIsFuture's avatar
BitcoinIsFuture 5 months ago
There are people who still don't understand Bitcoin and fall for shitcoin propaganda and lies. 1. Shitcoin propaganda about "Bitcoin is too slow." Answer: No Bitcoin is not slow. One can transact Bitcoin faster than any other medium of exchange using #LightningNetwork. Lightning network is Layer 2 of Bitcoin. Bitcoin's layer one is designed to be robust and secure, and to have bullet-proof integrity. On Bitcoin layer 1 people can move billions anywhere in the world, for a couple of bucks fee, without using third parites (peer-to-peer) and do that in minutes which is galactic improvement over Gold. Bitcoin having blocks every 10 minutes means that Bitcoin Nodes like Knots can sync even on a slower Internet connections thus improving decentralization possibilities and robustness. This also keeps the blockchain size well managable by literally eveyone. Bitcoin is robust and anti-fragile by design. 2. Shitcoin propaganda about "Bitcoin is not fungible" Answer: Only idiots propagate that lie. Bitcoin coins do not have identification number. 1 BTC = 1 BTC. 1 Bitcoin is divisible in 100 Million sats. 1 sat = 1 sat. So Bitcoin is fungible. The idiot shitcioners probably mean that Bitcoins can be traced from one address to the other because the blockchain is public which is the main feature that ensures Bitcoin integrity. But the fact that Bitcoins can be mixed using Bitcoin coinjoins completely destroys the shitcoinrs propaganda and lies. Bitcoin is fungible money. Here is a definition about fungibility from AI: Fungibility refers to the property of an asset or good whose individual units are interchangeable and essentially identical in value and function. Fungible assets can be exchanged or substituted on a one-to-one basis without any loss of value or distinction. For example, money is fungible: a $1 bill is equivalent to another $1 bill or to a combination of coins that sums to $1. Other fungible assets include commodities like gold or corn, and cryptocurrencies such as Bitcoin, where each unit is identical and holds the same value as another unit of the same kind. Non-fungibility, by contrast, refers to assets that are unique and cannot be replaced by another identical item. Non-fungible assets have distinctive characteristics that make each item different in value and identity. For example, a specific car, house, piece of artwork, or diamond is non-fungible because it cannot be exchanged on a one-to-one basis with another item of the same type without affecting value or uniqueness. The distinguishing features and uniqueness of non-fungible assets mean they hold individual value and cannot be substituted directly.

Replies (12)

just gonna leave this here for the discerning reader
Hanshan's avatar Hanshan
"The AI said something I want to believe is evidence" LOL your AI slop specifically says "fungible assets can be exchanged or substituted on a one-to-one basis without any loss of value OR DISTINCTION." you can distinguish between UTXOs of the same value. The slop that you're sharing *specifically refutes* the thesis that you want to use it as evidence for. again, for fungibility to be a property of the asset, units must be equal *and indistinguishable.* I suggest NOT relying on AI slop without careful consideration.
View quoted note →
lol cash bills ≠ UTXOs cash bills are all different because they have serial numbers obviously, but they're *treated as fungible* by the market because the serial numbers are useless to practically everyone. so in practice, fungible. the same is NOT true for UTXOs, since their uniqueness is public on the blockchain, accessible by all. this is not complicated and you look stupid pretending it doesn't matter.
Hanshan's avatar Hanshan
but for the discerning reader, the whole argument boils down to whether or not UTXOs of the same value are accepted *in practice* as fungible (like bills). or whether they are seen as different because of their history. we have plenty of examples of the history of specific UTXOs being 1 known and 2 compromising their value perception we don't have so many examples of the value of cash being compromised because of its history. except in cop dramas where they paint the bank money with ultraviolet ink and shit. so, the fungibility of UTXOs is much easier to compromise. it takes very little effort for a peer (or any interested party) to discern between UTXOs of the same value. but it is SO extremely difficult to discern between cash bills of the same value that basically nobody does it except for law enforcement in specific situations.
View quoted note →
Those are your own personal clown theories.
BitcoinIsFuture's avatar BitcoinIsFuture
Wrong. > "but he CAN *distinguish* between them. > unlike cash bills." Cash bills have serial numbers and are absolutely distinguishable. > "a 100k sat utxo with coinjoin history is NOT "considered entirely equivalent" to a 100k sat straight from a miner." Wrong again.
View quoted note →
"wrong because reason I cant explain" 👍 this is where you repeat the dogma from the holy book so your faith isn't challenged by heretical ideas. be sure to ask Saifedean for confession after making contact with one of the Unclean.
You lack the common sense and the touch of reality when start inventing your own clown rules and theories to try to defend your position. Its not a repetiotion of a dogma, its a repetiotion of the established definition of fungible money. You can live in your own invented reality, no one cares about that.
pretending like you've actually made a consistent argument lol instead of leaning on an AI that actually told you "fungible money has to have indistinguishable units" so you pretend utxos are equivalent to cash, which I refuted. then just repeating "you're wrong." now you "repeated the established definition of fungible money" somewhere. which you didn't.
see you cant actually explain WHY this is wrong. you just insist it must be because it violates your scripture.
Hanshan's avatar Hanshan
you want this to be applicable to UTXOs but you completely fail to show how UTXOs function like cash bills. a 100k sat utxo with coinjoin history is NOT "considered entirely equivalent" to a 100k sat straight from a miner. your peer might not care, but he CAN *distinguish* between them. unlike cash bills. for a value transfer system to be fungible, units must be BOTH 1. equal and 2. indistinguishable. therefore UTXOs are not fungible like cash bills.
View quoted note →
Your clown "arguments" are self-refuting. This is is just retarded BS - "not recorkded in any accessible way" The serial numbers of bank notes are visible on the notes and can and are recorded in all kinds of databases. Yet per the definition they are fungible money. But then you went further in your insane clown theories to tell that "cash bills are actually non-fungible" which shows you lack touch with reality and common sense as well. View quoted note →
Hanshan's avatar Hanshan
it's very simple. cash bills are different. they have physical serial numbers. but they're "considered entirely equivalent" because that unique identifier is not recorded in any accessible way. UTXO are different. they are all completely unique. and they are NOT "considered entirely equivalent" because that uniqueness is recorded in a publicly accessible location.
View quoted note →
serial numbers of bank notes are recorded in "all kinds of databases." like where? name one. when was the last time you accessed it? when have you EVER compared a bills serial number to anything anywhere? OTOH i know exactly what database your UTXOs are recorded in and I accessed it an hour ago. if you show me the "note" i can examine its history in a few minutes. pretending like those two things are functionally equivalent is fucking retarded. "BuT bANk NOtEs hAVE sERIal nUmbERs" doesn't say shit about Bitcoin UTXOs. use your fucking brain. a 100k sat UTXO from an OFAC sanctioned address is NOT value equivalent to a new 100k sat UTXO from a miner. people pay a premium for rare sats, coinjoined UTXOs are rejected by exchanges etc... the market does NOT treat UTXOs as fungible like cash. precisely *because their history is known and accessible. yet you continue to assert UTXOs are functionally cash equivalent, and say thats its ME who's out of touch with reality 😂
Hanshan's avatar Hanshan
lol cash bills ≠ UTXOs cash bills are all different because they have serial numbers obviously, but they're *treated as fungible* by the market because the serial numbers are useless to practically everyone. so in practice, fungible. the same is NOT true for UTXOs, since their uniqueness is public on the blockchain, accessible by all. this is not complicated and you look stupid pretending it doesn't matter. View quoted note →
View quoted note →