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Joined 2 years ago
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Cake day: August 13th, 2023

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  • kattfisk@lemmy.dbzer0.comtomemes@lemmy.worldFTs
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    21 days ago

    Being “fungible” means that something is functionally equivalent with something else.

    For example even though every dollar bill is unique (they have unique serial numbers), they are all fungible. If you deposit $100 in the bank, then withdraw $100 later, you are not getting the same bills, maybe not even the same denominations, but you don’t care because it doesn’t matter.

    In the digital world copies are cheap and perfect. There is literally no way to tell a copy of an image from “the original”. So in the digital world all copies of something are fungible, and originals don’t meaningfully exist.

    NFTs try to introduce artificial scarcity to the digital space by creating a distinction between “the original” of something and the copies, by introducing a sort of chain of custody tracking system.


  • kattfisk@lemmy.dbzer0.comtomemes@lemmy.worldFTs
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    21 days ago

    What if we took the art market, where prices can be whatever, so it’s really easy to launder money. Then we let people easily set up multiple accounts for wash trading. And we supported currencies held in stupidly large amounts by people who can’t legally use them for anything useful.