“Money” is not quite fungible. While any $ is interchangeable with any other $, 3 aspects create a kind of meta-infungibility
1. Cost of capital (interest-rate non-fungibility)
2. “Smarts” of source (embodied information non-fungibility)
3. Scale (aggregation non-fungibility)
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The third feature is hardest to think about. Two investments of 1m each don’t behave the same way as 1 investment of 2m. A legible example is a startup selling 51% of itself for 2m. 2x1 leaves you mostly in control unless the 2 investors team up, but 1x2 cedes control.
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Exactly. Some sort of irony here.
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Replying to @vgr
I’ll tell you what I’ll give you a premium on my extrafungible cash, only $2 per dollar
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It’s all partly embodied information. Money is fungible the way a settable memory byte in a computer is fungible.
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Maybe money should be thought of as a transport element. It acquires non-fungibility in the process of moving from A to B, like an empty truck. Non-fungibility derived from payload.
Is there a “empty backhaul” problem for money? I think that maps to taxes somehow.
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Replying to
I’ll tell you what I’ll give you a premium on my extrafungible cash, only $2 per dollar
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