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Bitcoin Q&A: How is fungibility tied to privacy?
Bitcoin Q&A: How is fungibility tied to privacy?
Published: 2017/06/27
Channel: aantonop
Bitcoin Q&A: Fungibility, privacy, anonymity
Bitcoin Q&A: Fungibility, privacy, anonymity
Published: 2017/09/07
Channel: aantonop
Fungibility
Fungibility
Published: 2014/10/07
Channel: Audiopedia
WFAN
WFAN's Mike Francesa Explains "Fungibility"
Published: 2010/12/10
Channel: sportspope
Fungibility
Fungibility
Published: 2012/10/09
Channel: Christopher Hunt
Fungibility: The Planned Parenthood Method
Fungibility: The Planned Parenthood Method
Published: 2015/08/14
Channel: studentsforlife
What Is
What Is 'Fungibility'
Published: 2016/04/30
Channel: Online Beginner Academy
Black Lives Didn
Black Lives Didn't Matter: Fungibility and the Black Body | Syrus Marcus Ware | TEDxUofT
Published: 2018/07/05
Channel: TEDx Talks
More on palm oil and fungibility (economics 101)
More on palm oil and fungibility (economics 101)
Published: 2016/02/13
Channel: Unnatural Vegan
Fungibility, Privacy & Identity (Adam Back, February 2014)
Fungibility, Privacy & Identity (Adam Back, February 2014)
Published: 2014/03/06
Channel: Bitcoin Israel
Fungibility & Liquidity (Mastering the Grain Markets)
Fungibility & Liquidity (Mastering the Grain Markets)
Published: 2013/10/11
Channel: Mastering the Grain Markets
Bitcoin Fungibility and the Wasabi Wallet with NoPara73!
Bitcoin Fungibility and the Wasabi Wallet with NoPara73!
Published: 2018/07/11
Channel: Bitcoin Uncensored
Andreas Explains how Bitcoin Fungibility Creates Opportunity - Kenya M-Pesa Example
Andreas Explains how Bitcoin Fungibility Creates Opportunity - Kenya M-Pesa Example
Published: 2014/02/28
Channel: Peter Dee
Crypto Investing #44 - What Is Currency Fungibility? - By Tai Zen
Crypto Investing #44 - What Is Currency Fungibility? - By Tai Zen
Published: 2016/06/17
Channel: Cryptocurrency Market
Fungibility Overview by Adam Back and Matt Corallo (Scaling Bitcoin Milan 2016)
Fungibility Overview by Adam Back and Matt Corallo (Scaling Bitcoin Milan 2016)
Published: 2016/10/09
Channel: Kristov Atlas
Kilobar stakeholders Roundtable - Brand preference, Premium disparity and Fungibility - APPMC - 2018
Kilobar stakeholders Roundtable - Brand preference, Premium disparity and Fungibility - APPMC - 2018
Published: 2018/07/11
Channel: Foretell Business Solutions Private Limited
Zcoin with Joyce Ep01: Why Privacy and Fungibility in a Cryptocurrency is important
Zcoin with Joyce Ep01: Why Privacy and Fungibility in a Cryptocurrency is important
Published: 2017/11/06
Channel: Zcoin
Fungible Meaning
Fungible Meaning
Published: 2015/04/18
Channel: SDictionary
Fungible Goods
Fungible Goods
Published: 2009/09/23
Channel: Lynn G Chase
Cryptocurrency Anonymity, Privacy, & Fungibility
Cryptocurrency Anonymity, Privacy, & Fungibility
Published: 2018/03/18
Channel: Security, Privacy, Risk, Crypto, & Fintech
Cryptocurrency has Fungibility and is Deflationary.
Cryptocurrency has Fungibility and is Deflationary.
Published: 2018/01/06
Channel: Dexter Staples
What does fungibility mean?
What does fungibility mean?
Published: 2014/12/30
Channel: What Does That Mean?
S02 E39 GST  ITC Fungibility
S02 E39 GST ITC Fungibility
Published: 2016/08/31
Channel: S B Gabhawalla & Co
Blockchain Legislation, Mining in Quebec, CB & Lightning, Fungibility with World Crypto Network!
Blockchain Legislation, Mining in Quebec, CB & Lightning, Fungibility with World Crypto Network!
Published: 2018/02/18
Channel: Decentralized TV
Adam Back - PRIVACY, FUNGIBILITY & SCALE IN BITCOIN | HCPP17
Adam Back - PRIVACY, FUNGIBILITY & SCALE IN BITCOIN | HCPP17
Published: 2018/02/14
Channel: Paralelní Polis
Smartcash – Fungibility and Privacy
Smartcash – Fungibility and Privacy
Published: 2017/12/28
Channel: SmartCash
How to say "fungibility"! (High Quality Voices)
How to say "fungibility"! (High Quality Voices)
Published: 2017/01/29
Channel: WordBox
What is ERC-721? Non-Fungible Tokens?
What is ERC-721? Non-Fungible Tokens?
Published: 2018/05/09
Channel: Blockchain WTF
PHADA’s Voucher Fungibility Proposal
PHADA’s Voucher Fungibility Proposal
Published: 2017/02/15
Channel: PHADA
Liberty, Egality, Fraternity (or fungibility) and Bitcoin by Andreas M. Antonopoulos
Liberty, Egality, Fraternity (or fungibility) and Bitcoin by Andreas M. Antonopoulos
Published: 2016/10/11
Channel: Bitcoin fr
Ensuring Bitcoin Fungibility in 2017 (And Beyond)
Ensuring Bitcoin Fungibility in 2017 (And Beyond)
Published: 2016/12/28
Channel: IntelBite
Crypto Forks Fungibility
Crypto Forks Fungibility
Published: 2018/03/06
Channel: anuj.com
Fungibility
Fungibility
Published: 2015/10/01
Channel: FAwasright
Block Digest #5: Enigma ICO Hack - Over The Horizon with Bitcoin Fungibility
Block Digest #5: Enigma ICO Hack - Over The Horizon with Bitcoin Fungibility
Published: 2017/08/21
Channel: Block Digest
Fungibility
Fungibility
Published: 2016/12/07
Channel: Brionne Frazier
Peter Schiff on Gold Fungibility (and Bitcoin)
Peter Schiff on Gold Fungibility (and Bitcoin)
Published: 2013/12/07
Channel: Renegade
Interview with Fungible.Network founder Dan Rykhman
Interview with Fungible.Network founder Dan Rykhman
Published: 2018/03/30
Channel: IQ Coin Ventures
Bitcoin & Litecoin and Fungibility
Bitcoin & Litecoin and Fungibility
Published: 2016/10/13
Channel: Bitcoin & Litecoin
BUSINESS FRENCH = fungibility
BUSINESS FRENCH = fungibility
Published: 2011/03/25
Channel: LEARN FRENCH WITH VINCENT
How to Pronounce Fungibility
How to Pronounce Fungibility
Published: 2015/03/07
Channel: Pronunciation Guide
The importance of incentivizing fungibility in cryptocurrency projects
The importance of incentivizing fungibility in cryptocurrency projects
Published: 2018/01/17
Channel: Tech Feed
Taxpayer Funding of Abortion at Planned Parenthood
Taxpayer Funding of Abortion at Planned Parenthood
Published: 2017/06/07
Channel: Live Action
Pay extra for fungible FSI: Another con on Mumbai
Pay extra for fungible FSI: Another con on Mumbai's home-buyers?
Published: 2016/03/11
Channel: NDTV
Goodbye Fungibility: OFAC
Goodbye Fungibility: OFAC's Bitcoin Blacklist Could Remake Crypto
Published: 2018/03/24
Channel: Coin News
Equality, Fraternity, Fungibility and Bitcoin by Andreas M. Antonopoulos | Merkle Conference Paris
Equality, Fraternity, Fungibility and Bitcoin by Andreas M. Antonopoulos | Merkle Conference Paris
Published: 2016/11/15
Channel: Eureka
Bitcoin should learn from ETC/DAO fungibility issue- Good for Dash & Monero More Ethereum news
Bitcoin should learn from ETC/DAO fungibility issue- Good for Dash & Monero More Ethereum news
Published: 2016/08/13
Channel: BitcoinMeister
The Blockchain Show Ep. 8 - NON-FUNGIBLE TOKENS
The Blockchain Show Ep. 8 - NON-FUNGIBLE TOKENS
Published: 2018/05/30
Channel: Cofound.it
Cheer for homebuyers – Fungible FSI for Navi Mumbai soon - The Property News
Cheer for homebuyers – Fungible FSI for Navi Mumbai soon - The Property News
Published: 2016/03/28
Channel: Mirror Now
What If One Bitcoin Isn
What If One Bitcoin Isn't Like the Others? Fungibility Debated At Scaling Conference
Published: 2016/10/08
Channel: Cryptocurrbit
What is Fungibility   A property of Bitcoin and the other cryptocurencies
What is Fungibility A property of Bitcoin and the other cryptocurencies
Published: 2016/02/18
Channel: USBitcoinServices.Com
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WIKIPEDIA ARTICLE

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In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable.[1]

For example, since one kilogram of pure gold is equivalent to any other kilogram of pure gold, whether in the form of coins, ingots, or in other states, gold is fungible. Other fungible commodities include sweet crude oil, company shares, bonds, other precious metals, and currencies. Fungibility refers only to the equivalence of each unit of a commodity with other units of the same commodity and not to the exchange of one commodity for another, which is barter.

Etymology[edit]

The word fungibility comes from the Latin fungibilis, from the verb fungī, meaning "to perform", related to words such as "function" and "defunct".[2][1] It is unrelated to the Latin and English noun fungus or its plural, "fungi". 

Definition[edit]

Fungibility[3] is different from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. A good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time and place.

Notably, money is fungible: one US$10 banknote is interchangeable with any other genuine banknote like it.[4] It is also interchangeable with two $5s, ten $1s, or any other combination of banknotes and coins adding up to $10. Similarly, different issues of a government bond, which may have been issued at different times, are fungible with one another if they carry precisely the same rights and any of them is equally acceptable in settlement of a trade.[citation needed]

On the other hand, diamonds and other gems are not perfectly fungible because their varying cuts, colors, grades, and sizes make it difficult to find several diamonds expected to have the same value. Packaged products on a retail shelf may be considered fungible if they are of the same type and equivalent in function and form. Customers and clerks can interchange packages freely until purchase, and sometimes afterward. After one opens the package and uses the product, however, it is usually considered unique and no longer interchangeable with unopened packages outside of exceptional circumstances, such as a return or exchange. Even then, the customer might consider a swap with someone who owns the same product.[citation needed]

Fungibility does not imply liquidity, and vice versa. Diamonds, for example, can be readily bought and sold, as the trade is liquid, but individual diamonds, being unique, are not interchangeable. Therefore, diamonds are not fungible. Indian rupee banknotes, on the other hand, are mutually interchangeable, and therefore fungible, in London, but they are not easily traded there because they cannot be spent in London except at currency exchange services. In contrast to diamonds, gold coins of the same grade and weight are fungible as well as liquid.[citation needed]

Fungibility of tasks[edit]

Fungibility has been used to describe certain types of tasks that can be broken down into interchangeable pieces that are easily parallelized and are not interdependent on the other pieces. For example: If a worker can hand dig 1 meter of ditch in a day, and a 10-meter ditch needs to be dug, either that worker can be given 10 days to complete the entire project, or 9 additional workers can be hired for the project to be completed in a single day. Each worker can complete his piece of the project without interfering with the other workers, and more importantly, each worker is not dependent on the results of any of the other workers to complete his share of the total project (this would contrast with the digging of a 10-meter-deep hole). On the other hand, non-fungible tasks tend to be highly serial in nature and require the completion of earlier steps before later steps can even be started. As an example of a serial task that is not fungible: Suppose there was a group of nine newly pregnant women. After one month, these women would have experienced a total of nine months of pregnancy, but a complete baby would not have been formed.

In his 2005 book, The World Is Flat,[page needed] Thomas Friedman discusses the fungibility of jobs that involve digitizable information that can be off-shored to another country.[citation needed]

In quantum physics[edit]

Oxford theoretical physicist David Deutsch has adopted the economic term fungible to describe the physical nature of quantum particles and universes within the quantum multiverse, where, by virtue of being identical in all respects, different particles chaotically divide or combine as a result of physical interactions from a common fungible fund in superposition.[5]

In programming[edit]

In some[which?] software engineering circles,[citation needed] fungibility is used to refer to the ability of an engineer to apply their skills to different problem sets. It is used as an antonym to specialization.

In law[edit]

United States[edit]

In legal disputes in the United States, when one party is compelled to remedy another party as the result of a ruling or adjudication, the appropriate legal remedy may depend on the fungibility of the underlying right, obligation or property interest that is intended to be restored.[6] Depending on whether the interests of the aggrieved party are fungible, a determination made by the trier of fact, the appropriate remedy may change. For example, a court may require specific performance (an equitable remedy) as a remedy for breach of contract, instead of the more favored remedy of monetary damages.[7]

Fungibility is also important within the context of product liability. If a plaintiff is injured by a fungible product but is unable through no fault of his own to identify the manufacturer of the product that actually injured him, jurisdictions that follow the doctrine of market share liability can shift the burden of disproving liability to all manufacturers of that product. If the defendants fail to rebut the presumption of liability, they will be liable pro rata based on their market share during the relevant period.[citation needed]

European Union[edit]

Belgium[edit]

Belgium has adopted fungibility for its domestic central securities depository, CIK, which was set up in 1967–1968. According to royal decree No. 62, issued on 10 November 1967, depositors of fungible securities have the rights of co-ownership. This change was fundamental to the development of Euroclear, by then beginning to process Eurobonds and build systems.[8]

See also[edit]

References[edit]

  1. ^ a b Merriam-Webster. "Fungible (adjective)". Merriam-Webster Online Dictionary and Thesaurus. Merriam-Webster, Incorporated. Retrieved 22 August 2014. 
  2. ^ Etymonline.com. "fungible (adj.)". Online Etymology Dictionary. Retrieved 12 August 2017. 
  3. ^ Understanding Derivatives
  4. ^ Milton, Adam (15 February 2017). "Fungible, Trading Term Definition". The Balance. Retrieved 15 November 2015. 
  5. ^ Deutsch, David (2011). The Beginning of Infinity. London: Allen Lane. ISBN 978-0-7139-9274-8. 
  6. ^ S. Williston, The Law of Contracts § 1338 (1920); Farnsworth, E. Allan (1970). "Legal Remedies for Breach of Contract". Columbia Law Review. 70 (7): 1145–1216. doi:10.2307/1121184. JSTOR 1121184. 
  7. ^ Bunge Corp. v. Recker, U.S. Ct. of App., 8th Cir., 1975; Restatement (Second) of Contracts Ch 16. introductory note (1981)
  8. ^ Norman, Peter (February 2008), Plumbers and Visionaries, Chichester: John Wiley & Sons, p. 12, ISBN 978-0-470-72425-5 

Further reading[edit]

  1. Bartram, Söhnke M.; Fehle, Frank R. (March 2007). "Competition without Fungibility: Evidence from Alternative Market Structures for Derivatives". Journal of Banking and Finance. 31 (3): 659–677. doi:10.1016/j.jbankfin.2006.02.004. SSRN 311880Freely accessible. 

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