Subject: Re: [bitcoin-dev] Blockchain Voluntary Fork (Split) Proposal (Chaofan Li)

From: Chaofan Li <[email-masked]>
Date: Mon, 29 Jan 2018 22:20:35 -0800

Hi ZmnSCPxj,

On Mon, Jan 29, 2018 at 9:32 PM, ZmnSCPxj wrote:
>What ensures that a paper money with "10 Dollar" on it, is same as 10
coins each with "1 Dollar" on it?
>This is the principle of fungibility, and means I can exchange a paper
with "10 Dollar" on it for 10 coins with "1 Dollar" on it, because by
government fiat, such an exchange is valid for all cases.
>What ensures that btc.0 and btc.1 are indistinguishable from a human
perception?

This is a good question. Does anyone think about why the bitcoins generated
from different blocks have the same value? Some of them are still
distinguishable ( if they are not combined with others sent out).  Would
the bitcoins that can be traced back to the block where it was generated
be worth different from others ?   If one day Satoshi released
his/her/their bitcoins  , would the bitcoins from the first several blocks
mined by Satoshi be worth more?

I think for fungibility, it is not like either it has fungibility or it has
no fungibility. There should be a value of fungibility (e.g. from 0 to 1)
that can be measured or evaluated.

Chaofan