[Ads-l] fungibility

Barretts Mail mail.barretts at GMAIL.COM
Sat Mar 13 17:26:57 UTC 2021

Here’s an argument that cryptocoins are not equally fungible once they have been in circulation due simply to their circulation:

https://litecoin-foundation.org/the-battle-for-sound-money/ <https://litecoin-foundation.org/the-battle-for-sound-money/>
Litecoin Foundation

Due to the ease of traceability on Bitcoin and Litecoin’s blockchains, a freshly mined Litecoin is not equal to a Litecoin that has 7 years of transaction history and was used to illegally purchase firecrackers on the dark web, for example. A freshly mined Litecoin could be said to be untarnished due to its absence of history, but on the other hand, a Litecoin that was mined in 2012 and has a history of being involved in a nefarious transaction in 2014 carries that weight with it for its entire existence.

This is a promotional piece, so it must be taken with a grain of salt, but it is an interesting argument that may increase the precision of the term “fungible.” 

This nuance can be extended to fiat and casino chips, in cases where the denomination is so large as to attract attention. Here are two articles that describe this for casino chips, though they don’t use the word “fungible."

https://lasvegassun.com/news/2007/mar/09/chips-no-longer-good-cash/ <https://lasvegassun.com/news/2007/mar/09/chips-no-longer-good-cash/>
Chips no longer good as cash
Liz Benston

https://tinyurl.com/c4md873j <https://tinyurl.com/c4md873j>
Bellagio Bandit: How One Man Robbed Vegas’ Biggest Casino and Almost Got Away
Keith Romer

Benjamin Barrett (he/his/him)
Formerly of Seattle, WA
The American Dialect Society - http://www.americandialect.org

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