Why Bitcoin Fungibility is Essential - CoinDesk

Monero: the secure, private, untraceable currency

This is the official subreddit of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
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People are Power

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.
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Masari: Simple Private Money

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.
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What does it mean that bitcoin is not fungible?

When they say that Bitcoin is non fungible, what does it mean exactly?
submitted by tsabo187 to Bitcoin [link] [comments]

09-12 14:25 - 'Bitcoin is not fungible. Buy XMR if you actually want a cash-like crypto currency.' by /u/padolyf removed from /r/Bitcoin within 181-191min

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Bitcoin is not fungible. Buy XMR if you actually want a cash-like crypto currency.
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Author: padolyf
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What does it mean that bitcoin is not fungible? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Bitcoin is not fungible, but maybe that's ok

Bitcoin is not fungible, but maybe that's ok submitted by benjamin_dwight to Bitcoin [link] [comments]

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.
submitted by americanpegasus to Bitcoin [link] [comments]

Bitcoin is not fungible, should it be?

Bitcoin is not fungible, should it be? submitted by Sparsedonkey to Monero [link] [comments]

REWRITE: Bitcoin is Not Fungible, Should It Be?

Upon request, I have elaborated further in this post, moved it from Steemit to my real blog, and made a dope-ass animated gif for it.
Bitcoin is Not Fungible, Should It Be? http://www.bitcoinerrorlog.com/2016/08/08/bitcoin-is-not-fungible-should-it-be/
submitted by Bitcoin_Error_Log to Bitcoin [link] [comments]

Trader charged with money laundering because Bitcoin is not fungible and not private

Trader charged with money laundering because Bitcoin is not fungible and not private submitted by qertoip to Bitcoin [link] [comments]

Bitcoin is not fungible, but maybe that's ok

Bitcoin is not fungible, but maybe that's ok submitted by benjamin_dwight to fintech [link] [comments]

Bitcoin is not fungible, but maybe that's ok

Bitcoin is not fungible, but maybe that's ok submitted by benjamin_dwight to CryptoCurrency [link] [comments]

REWRITE: Bitcoin is Not Fungible, Should It Be?

Upon request, I have elaborated further in this post, moved it from Steemit to my real blog, and made a dope-ass animated gif for it.
Bitcoin is Not Fungible, Should It Be? http://www.bitcoinerrorlog.com/2016/08/08/bitcoin-is-not-fungible-should-it-be/
submitted by Bitcoin_Error_Log to btc [link] [comments]

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

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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.
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Author: jadedlion
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REWRITE: Bitcoin is Not Fungible, Should It Be? /r/Bitcoin

REWRITE: Bitcoin is Not Fungible, Should It Be? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Trader charged with money laundering because Bitcoin is not fungible and not private

Trader charged with money laundering because Bitcoin is not fungible and not private submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin is not fungible, but maybe that's ok

Bitcoin is not fungible, but maybe that's ok submitted by BitcoinAllBot to BitcoinAll [link] [comments]

REWRITE: Bitcoin is Not Fungible, Should It Be? /r/btc

REWRITE: Bitcoin is Not Fungible, Should It Be? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

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:
  1. The US captures an evildoer bitcoin private key with a million dollars in it.
  2. The US government forbids Walmart (and other large stores) from accepting bitcoins linked in any way to this evildoer address.
  3. Now you can spend some bitcoins at Walmart, unless they are linked to the evildoer bitcoins.
  4. 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.
submitted by 69520d0f929aeac8 to Bitcoin [link] [comments]

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.
submitted by hoiru to Bitcoin [link] [comments]

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

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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.
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Author: mrelevenoutoften
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10-12 08:55 - 'I see what you’re saying; bitcoin’s transparency is also why its not totally fungible. This has me wondering why wasabi exists. / In your opinion will there be any benefit to my bitcoin privacy if I move btc from my...' by /u/qualitycannabisnw removed from /r/Bitcoin within 623-633min

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I see what you’re saying; bitcoin’s transparency is also why its not totally fungible. This has me wondering why wasabi exists.
In your opinion will there be any benefit to my bitcoin privacy if I move btc from my current hardware wallet to wasabi, execute a coinjoin, then move coinjoined funds directly to a new hard wallet?
As a fun aside, maybe in the near future people will figure out the path their bitcoin has taken to them and share. Similar to numismatics where the real (and imagined) histories of physical coins are shared and enjoyed.
Anyways, the time/ideas/advice is greatly appreciated from anyone who chimes in.
Edit: it’s not that I need privacy. I’m boring, my sats just sit in a hardware wallet. But I see no harm in being as prepared and possible. If I can put in a little time and figure out a way to increase fungibility/privacy/security I might as well. So that’s where I’m coming from.
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Author: qualitycannabisnw
submitted by removalbot to removalbot [link] [comments]

08-31 07:54 - 'Sound money is fungible, like Monero. BTC is not sound money. / r/moonero/comments/hkrhpp/is_it_though' by /u/Kukri4321 removed from /r/Bitcoin within 528-538min

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Sound money is fungible, like Monero. BTC is not sound money.
/moonero/comments/hkrhpp/is_it_though/
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Author: Kukri4321
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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

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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;)
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Author: Davethebrave111
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Sell Fungible and Non-Fungible Blockchain Assets Through ANY WordPress Site! How to Avoid Bitcoin and Cryptocurrency Scams Nike On The Blockchain And The Rise Of Non-Fungible Tokens BITCOIN ¿Fungible o no? Bitcoin Q&A: How is fungibility tied to privacy? - YouTube

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. However, there are digital currencies designed ... However, Bitcoin has never been fungible. Public Ledgers & Fungibility Are Incompatible After having been kicked off of Coinbase for using their exchange too much, and off of Circle for selling th With legacy currency, your bank balance—and the ability of a store or creditor to verify it—is your proof of asset ownership. Trust is at the center of this verification. You and your creditor each trust the bank to: a) properly account for asset ... Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all ... However, do not worry, for bitcoin fungibility is inherently protected by design. If all else fails, there is always the ultimate solution to “fork off” the debilitating, validation-seeking ...

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Trading con Margin (Solo para Usuarios Avanzados) 10% de descuento en costo de trades por 6 meses http://bit.ly/TradingEnBitmex Para comprar bitcoin http... ¿Qué significa fungible en este ecosistema? Esta es una de las discusiones que se presenta más a menudo con este instrumento financiero llamado, muchas personas afirman que no lo es. En este ... Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence, Bitcoin technology “cuts out the middleman”. Bitcoin is ... 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 ... Fungibility is simply that it doesn't matter where any given unit of currency came from; one unit is worth as much as any other unit. For example, it doesn't...

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