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If I care which sats or which $20 I'm receiving in trade, then they are not fungible. If I don't care, then they are.
The rational buyer cares about which path he pays and the rational seller cares about from which channel he receives.
it's fungible because I don't care which barrel I receive
Fungibility is indifference and indifference is a property of individuals, not a property of goods.
Fungibility is not subjective. Oil is fungible because the hydrocarbons are identical, not because of your apathy.
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Fungibility is not subjective.
All values are subjective and fungibility is a property of consumer valuation. The hydrocarbon mixtures in oil are not identical. They're close enough for the purposes of the consumer.
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I suspect you're impervious to reason or evidence, but here you go. It took like three seconds to look this up for you.
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Fungibility means a consumer doesn't care which unit he receives. Oil isn't fungible because it's worth the same amount everywhere, it's fungible because I don't care which barrel I receive (provided it's the grade and quality specified yada yada yada).
If I care which sats or which $20 I'm receiving in trade, then they are not fungible. If I don't care, then they are.
Fungibility is indifference and indifference is a property of individuals, not a property of goods.