Gold’s Fungibility Faces Diplomatic Scrutiny While Bitcoin Stands As A Safe H...
The fungibility of the legacy sound money has come under fire as Western nations seek to delegitimize gold mined in Russia.At the 48th annual Group of Seven (G7) summit, held June 26 - June 28, 2022, in the Bavarian Alps of Germany at the stunning Schloss Elmau, President Joe Biden stated that the United States and three other G7 members will seek to ban importing newly refined or mined Russian gold. The ban follows a string of sanctions that have sought to economically damage Russia in retaliation against their 2022 invasion of Ukraine. Of note:The United States is accompanied by fellow....
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Fungibility, put simply, is the idea that every item in a set is worth exactly the same amount. In bitcoin, fungibility means that all bitcoins have the same value, regardless of who owns them or what their history is – and fungibility is extremely important to the success of a decentralized network. To understand why, we have to analyze how bitcoin's current limited fungibility is creating real problems in the marketplace. For example, it's common for exchanges and merchants to discriminate between bitcoins based on the owner or their history. An example is that exchanges will attempt to....
Fungibility is often held as a crucial characteristic of sound money. But what happens when money has a public record of every transaction, and morally questionable trades can be identified? Is bitcoin headed for a break in fungibility? The debate about whether Bitcoin is fit to be a currency rather than a payment layer between currencies is as alive as it has ever been. Many of these tensions about what Bitcoin is or should be have been aired and discussed during the blocksize debate and are ongoing. One essential element of a money which has not particularly been illustrated is how....
What is the essence of bitcoin fungibility and why is it so important? Fungibility refers to the concept that every unit or subunit remains equivalent and identical to any other unit or subunit. It is the property of a good or commodity whose individual units are capable of mutual substitution. For instance, one bitcoin is considered the same as any other bitcoin when it comes to price and acceptance. Gold bullion has fungibility with identical degrees of fineness or purity. Government paper cash has fungibility provided that the bills have not been marked or serial numbers have not been....
Tesla is facing more scrutiny over its $1.5 billion dollar bitcoin purchase. A Tesla board member who reportedly approved the company’s bitcoin buy deal is a cryptocurrency investor who also sits on the boards of two major crypto firms. Experts Question Conflict of Interest in Tesla’s Bitcoin Purchase Tesla is further under scrutiny over its bitcoin purchase as experts now question whether there is a conflict of interest surrounding a director who approved the company’s big bitcoin purchase, the Telegraph reported Tuesday. Tesla recently revealed that it bought $1.5....
As gold continues to set new all-time highs (ATH) – trading at $3,333 per ounce at the time of writing – Bitcoin (BTC) has seen more subdued price action, consolidating in the mid-$80,000 range. However, analysts suggest that the top digital asset may soon mirror gold’s recent momentum. Bitcoin Set To Follow Gold’s Momentum? In a recent post on X, crypto trading account Cryptollica hinted that BTC may be poised to replicate gold’s historic price movement seen over the past few months. The account shared the following chart, highlighting the striking similarities between the....