Fascinating through-back to when @NickSzabo4 blogged about #bitgold way back in 2008.
https://unenumerated.blogspot.com/2005/12/bit-gold.html …
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I don't understand how Bitcoin solved bit gold's fungibility problem? Is it the difficulty adjustment that does the trick? A bitcoin mined today requires magnitudes more energy to produce than one mined in 2010, yet we treat them as equal - why?
That's a good question. It's a matter of convention: wallets, exchanges, etc. treat it that way, and the bit gold markets and bundlers do not (yet) exist, nor does the non-trivial software that would be needed to compute original cost of UTXOs.
