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It became even harder once Ethereum became non-fungible thanks to Tornado Cash and OFAC.
by tazu 2y ago
It became even harder once Ethereum became non-fungible thanks to Tornado Cash and OFAC.
- Dibby053 2y ago>Ethereum became non-fungible What do you mean by this? I haven't been following this space for a long time and searching only brings up NFT stuff.
- hughesjj 2y agoI don't understand how Tornado Cash (DPRK tool to evade sanctions) + Office of Foreign Assets control made Etherum non-fungible either, sounds like rambling to me
- tazu 2y agoEthereum (+tokens) that go through Tornado Cash are "tainted" and sometimes censored [1]. This means not all Ethereum are equal. Btw, calling Tornado Cash a "DPRK tool" is disingenuous. It's a privacy tool. [1]: https://www.mevwatch.info/ https://www.mevwatch.info/
- lagniappe 2y agoFungibility means that one thing can be differentiated from another. In a basic sense, drops of water are fungible. Dollars are non-fungible, because 1 dollar is not equal to another cash dollar. That other cash dollar could be from a set of marked bills stolen during a drug buy, or it could be a rare serial number making it more valuable. It's a binary state of "is this thing completely indistinguishable from another of thing of its kind" fwiw, the person you're responding to doesn't seem to be using the word in this manner.
- tazu 2y agoI am using it in that manner. Ethereum OFAC compliance is enforced at the protocol level [1] so not all Ethereum are equal. Just like your "drug buy" example, some Ethereum are tainted. In fact, thanks to the public blockchain, I would argue crypto is far more "non-fungible" than marked cash. [1]: https://www.mevwatch.info/ https://www.mevwatch.info/
- lagniappe 2y ago> I would argue crypto is far more "non-fungible" than marked cash. There are no shades of fungibility, it's a binary state.
- tazu 2y agoIn general, cash is fungible. You gave an example of a "shade of fungibility" with marked cash used in crimes. Unfortunately, reality is not binary. Ethereum is fungible to the (increasingly small) non-OFAC compliant nodes, but non-fungible to the OFAC compliant nodes.