In the past, "fungible" applied to recordkeeping. It makes it clear that a
recordkeepor doesn't have to track the difference between "Muphy's Shiny #1"
and "Murphy's Shiny #2" once their in Murphy's pile.
But e'd *better* track the difference between Murphy's shinies and nichdel's
shinies!
An old version of the text had both concepts:
A Currency is a category of entities established by the Rules.
Each instance of a Currency is a Property. Instances of a given
Currency are fungible.
[...]
Since units of Currency are fungible, it is not necessary for
the Recordkeepor of a Currency to track the individual
ownership of each unit; rather, it is sufficient to maintain a
record of the total number of units possessed by each entity
which possesses any number of units of that Currency.
Interestingly, we had a problem with Bonds once over this. One rule said
that Bonds of the same Issue Series were fungible. But another rule said
that cancelled (redeemed) Bonds could be sold back for a different value than
unredeemed bonds.
I got a redeemed and an unredeemed bond, and then said "I transfer 1 Bond to
Murphy". It was 100% legal and successful (because the Rule explicitly
stated these were fungible) but nobody knew who held the cashable bond!
On Wed, 3 May 2017, Nic Evans wrote:
> But it does have the same value to the market, which is where
> fungibility comes in. If we both put 20 fungible shinies in a pile, mix
> the pile, and take 20 shinies out, we can be assured we both left with
> the same value we started. Whether we both pay 20 shinies to G. or I pay
> 15 and you pay 25, G. has received the same value. This wording leaves
> an argument that the current owner of a shiny changes its transactional
> value.
>
>
> On 05/03/17 11:21, Edward Murphy wrote:
> > Nicholas Evans wrote:
> >
> >> A currency is a class of asset defined as such by its backing
> >> document. Instances of a currency with the same owner are
> >> fungible.
> >>
> >>
> >> Implying instances wth different owners aren't fungible? Therefore, they
> >> aren't guaranteed to have the same value?
> >
> > Your shiny doesn't have the same value /to me/ as my shiny, as I can't
> > direct its usage (or I can only do so via a contract or something).
> >
> >
>
>
>
