Low supply, total supply of only 25,000,000, making Iridium the rarest CryptoNight coin available. Iridium has all the properties of CryptoNight coin, and therefore, is secure, private, untraceable, and fungible.High emission rate, with 18,750,000 coins being rewarded in the first year to incentivize mining and community growth. Difficulty target is 175 seconds, with difficulty adjustments to ensure transactions are always confirmed within 3 minutes.
Masari (MSR) is a scalability-focused, untraceable, secure, and fungible cryptocurrency using the RingCT protocol. Masari is the first CryptoNote coin to develop uncle mining and a fully client side web wallet.
The very existence of Satoshi's millions proves that bitcoin is not fungible.
If any of those coins ever moved, the result would be catastrophic. Would it kill bitcoin? Probably not; faith in the network would eventually recover. But one bitcoin does not, in fact, equal one bitcoin. Some are more precious than others, and some have been tainted by crime. Even if Satoshi tried to use an anonymity service, it wouldn't matter. Bitcoin has a serious fungibility problem that will only grow in magnitude as it goes forward. If it wants to play with the big boys, and be used as a currency, this needs to be solved soon.
07-06 09:02 - 'They will take Bitcoin's place. Bitcoin is not fungible so it can't be digital cash. Bitcoin has a public blockchain not anonymous. There are already cryptocurrencies that are anonymous/fungible. I wouldn't bet on Bitcoin. The...' by /u/jadedlion removed from /r/Bitcoin within 2-12min
''' They will take Bitcoin's place. Bitcoin is not fungible so it can't be digital cash. Bitcoin has a public blockchain not anonymous. There are already cryptocurrencies that are anonymous/fungible. I wouldn't bet on Bitcoin. The Bitcoin dominance index is already pretty low. It's the first but like for so many things in tech there is a lot of room for improvement. ''' Context Link Go1dfish undelete link unreddit undelete link Author: jadedlion
Why do people find it so hard to accept the irrefutable fact that Bitcoin is CURRENTLY, IN ITS PRESENT STATE, not fungible and that solving this problem is going to be very important problem going forward? Adam Back has solutions, but he hasn't had the time due to things like the blocksize debate.
Here is just one example:
The US captures an evildoer bitcoin private key with a million dollars in it.
The US government forbids Walmart (and other large stores) from accepting bitcoins linked in any way to this evildoer address.
Now you can spend some bitcoins at Walmart, unless they are linked to the evildoer bitcoins.
QED. Bitcoin is not fungible.
Why is this so hard to see? Bitcoin simply isn't fungible YET. Let's stop debating whether or not bitcoin is fungible. That's not a very intelligent debate IMO because bitcoin isn't fungible! I mean WTF? Let's bring the debate down to a new level: HOW DO WE MAKE BITCOIN FUNGIBLE? That's the correct question to be asking at this point. Here is Adam Back's post about his solutions. He just hasn't had the time to implement them yet.
When will Bitcoin be focusing on improving privacy?
I think bitcoin has a BIG problem with fungibility and being so traceable. Will this ever be improved on the core itself or we will need workarounds offering pseudo-privacy forever which are clearly not good and most users will never use them? Bitcoin's traceablilty, lack of fungibility and it's public transparent ledger are really big problems which make it impossible to be adopted as a common currency. I can, for example, know how wealth is the person who I'm paying. Criminals could choose who they want to rob by knowing the exact ammount this person holds and who this person is paying (possible new victims). In addition, a bussiness could check your funds and raise the price based on your wealth. Also Bitcoin is not fungible which means that a bitcoin that may come from a criminal source could easily end up in your wallet; say you sell a product and this criminal buys you (nothing wrong here, you recieve a payment and he recieves a product). Now imagine the police catches this criminal and follows the trace of his payments, you could end up as suspect because you recieved a payment from his address... These problems, like the non-existent privacy, make Bitcoin a very bad option as a currency. There are few workarounds like coinjoin, but they make the system less usable.
09-14 08:15 - 'because say you have a large amount of bitcoin and you transact with someone they can pretty easily see how much bitcoin you have on the public ledger. We wouldn't be happy if every time we used our credit cards the...' by /u/mrelevenoutoften removed from /r/Bitcoin within 100-110min
''' because say you have a large amount of bitcoin and you transact with someone they can pretty easily see how much bitcoin you have on the public ledger. We wouldn't be happy if every time we used our credit cards the cashier could say our entire balance so why should we be happy about that with bitcoin? Privacy concerns are becoming more of a mainstream issue and I should expect this to be reflected in the adoption of monero. Furthermore bitcoin is not fungible. Say you receive bitcoin rather than send and the person is shady unbeknowst to you, you could now get into trouble or have your BTC seized on a centralised exchange because that bitcoin is "tainted". Due to the private nature of Monero you wouldn't have to worry about such a thing. ''' Context Link Go1dfish undelete link unreddit undelete link Author: mrelevenoutoften
07-09 18:17 - 'Actually a monero transaction is about 10x the size of a bitcoin transaction (around 2kb), so it's not "100x-1000x fewer users". Also the tx size will shrink soon with new development. / Bitcoins missing fungibility is...' by /u/Davethebrave111 removed from /r/Bitcoin within 61-71min
''' Actually a monero transaction is about 10x the size of a bitcoin transaction (around 2kb), so it's not "100x-1000x fewer users". Also the tx size will shrink soon with new development. Bitcoins missing fungibility is a very huge show stopper imo. And it doesn't matter if you make some of the transactions private, with coinjoins etc. ,which instantly triggers all red flags in the snitch companies software like chainalysis. It's ether privacy by default or no privacy. I'm don't want to shit on bitcoin, but this game is lost. Bitcoin won't ever be private, even if it's technically possible, the suits in the game will prevent this by all means because "compliance". It's too late, the time to think about this was 5 years ago. Better join the dark brother of bitcoin;) ''' Context Link Go1dfish undelete link unreddit undelete link Author: Davethebrave111
Lightning Network and other second layer networks will greatly facilitate the use of Bitcoin in everyday commerce, but will introduce a layer of politics and game playing that will be impossible for the average user to comprehend
Some tokens are fungible and others are not. Bitcoin = Fungible. Ethereum: ERC-20 = Fungible; ERC-721 ≠ Fungible. XRP = Fungible. As a medium of exchange fungibility is a necessary characteristic. As a unique value proposition or tracking in a supply chain, fungibility is not good. What is a non-fungible token (NFT) Firstly, NFT is not new. The launch of the first NFT-like token was around 2012 with the introduction of Coloured Coins, aka Bitcoin 2.x, which was to be built atop of the Bitcoin network, but the most common example of an NFT is the ERC721 that operates on the Ethereum network. Thus, Bitcoin and Ether are not fungible. Money for a free society. Thankfully, the Ethereum community is working on encryption and privacy features for the Ether currency to make it fungible. The very first part of these features were released earlier in October, but it will likely be multiple years until the Ether currency is truly fungible. While companies and merchants are not necessarily using third-party blacklist services before accepting bitcoins, it is evident there is a lot of work to be done before bitcoin can be fungible. The recent appearance of non-fungible tokens has left many in the crypto world confused regarding what these tokens are, and what do they do, which is why we will now try to answer those questions. Every currency, whether it is a crypto or a fiat, needs fungibility if it wishes to be seen and used as a medium of exchange, a unit of account, or ...
Andreas Antonopoulos explains the power of a fungible currency using the example of the M-Pesa, transferable cell phone minutes, make up 40% of the GDP in Kenya and what Bitcoin can do for the ... Meaning that if Bitcoin is fungible, then you can trade one Bitcoin for one Bitcoin and it’s equal or one ether for one ether, or one dragon coin for one dragon coin. 2. 👶🏻🤓 Bitcoin Money: A Tale of Bitville Discovering Good Money (For Kids, and adults too...) 👉 https://amzn.to/2pZnHzt (this is an affiliate link)-DISCLAIMER: This is NOT financial ... Non Fungible Tokens, NFT use cases, Ethereum advantage? - ft. Gauthier Zuppinger - Duration: 44:51. ... But how does bitcoin actually work? - Duration: 26:21. Bitcoin is somewhat fungible. What are the main concerns about fungibility and what can be done going forward? ... Life is Non-fungible: The Evolution of Ownership, Assets, and Us Roham ...