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40 sats \ 5 replies \ @guts 30 Jun 2023 \ on: Let's hear your controversial Bitcoin take. I'll go first: bitcoin
Bitcoin is not fungible.
This is only true within the fiat system. Every sat "banned" by fiat bros is permanently destined for the #Bitcoin only economy.
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Care to elaborate? is the angle here that their are "dirty coins" out there that aren't as fungible as the next?
bitcoin the asset is completely fungible. The network doesn't actually care how any particular person or group of persons feels toward a particular coins. If is isn't bitcoin, it can't be sent to a bitcoin address.
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Would you accept sats knowing they were used by criminals or traffickers?. Knowing where they come from using an open ledger makes the difference for some people. Note I don't mind or care.
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I don't want to accept stolen bitcoin, but that's not a fungibility issue, that's a social issue.
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A $20 bill with the N-word written on it in big bold letters probably isn't likely to be accepted at a Walmart, but the bank will have to take it, because it is fungible currency.
Similarly, regardless of how anyone feels about any particular set of sats, If a transaction is broadcast, and a fee is paid, the bitcoin asset can be transacted across the Bitcoin network to a bitcoin address, because it is entirely fungible.
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