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{{def|Fungible|/fʌnʤəbl/|adj|}}In all respects other than its most basic [[ontology]], identical. For all intents and purposes, to all men and women | {{def|Fungible|/fʌnʤəbl/|adj|}} | ||
In all respects other than its most basic [[ontology]], identical. For all intents and purposes, to all men and women ''who are not pedants'', entirely interchangeable. Interchangeable; undifferentiable, sure: ''but not the same thing''. The same, but not, if you see, the ''same''. | |||
Until recently, the word “fungible” only really found purchase in the world of transferable [[securities]], where it denotes distinct securities of the same issue, and having the same securities identification number — thus satisfying all the world bar those concerned with what is on or off one’s [[balance sheet]] and how one’s [[financial reporting]] should reflect it, who like the comfort of knowing that the security which comes back to you, which is economically identical to the one you sent out, might not ''be'' the one you sent out, but that is still okay. Two fungible instruments are distinct but nevertheless indistinguishable in legal and economic terms. | |||
So, the key takeaway for nervous types is this: “Fungible” does not mean “somewhat like”. It means ''identical''. The term of securities transfer art “[[equivalent]]” means “entirely fungible”. Not just “broadly similar”. | So, the key takeaway for nervous types is this: “Fungible” does not mean “somewhat like”. It means ''identical''. The term of securities transfer art “[[equivalent]]” means “entirely fungible”. Not just “broadly similar”. | ||
I said until recently. Recently we have witnessed the emergence of the non-fungible token. These things are like the dark inversion of fungible things. Where fungible securities are ''the same, but not the same'', NFTs are ''not the same, but the same''. | |||
There are great divides in the bedeviling [[pedantry]] of law, between things that are the ''same'' but somehow, over a period of time, ''different''; things that are ''different'' but nonetheless at a given point in time, the same; and — in recent days — things that don’t exist at all, but being unique representations of that nothing on a [[blockchain]], in a [[Cartesian]] sense ''do'' exist, but weakly, and only along the very single fragile dimension that they are [[ontologically]] distinct. [[Amend]]ment describes that first class; [[fungibility]] the second; credulous gulls the third. | There are great divides in the bedeviling [[pedantry]] of law, between things that are the ''same'' but somehow, over a period of time, ''different''; things that are ''different'' but nonetheless at a given point in time, the same; and — in recent days — things that don’t exist at all, but being unique representations of that nothing on a [[blockchain]], in a [[Cartesian]] sense ''do'' exist, but weakly, and only along the very single fragile dimension that they are [[ontologically]] distinct. [[Amend]]ment describes that first class; [[fungibility]] the second; credulous gulls the third. | ||
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*'''Fungible''': Individual securities comprising part of a single series (and having a the same [[ISIN]] ''are'' fungible with each other. | *'''Fungible''': Individual securities comprising part of a single series (and having a the same [[ISIN]] ''are'' fungible with each other. | ||
*'''''Not'' fungible''': Securities from different series, even if issued by the same issuer, are ''not'' fungible with each other. | *'''''Not'' fungible''': Securities from different series, even if issued by the same issuer, are ''not'' fungible with each other. | ||
*'''[[Non-fungible|''Non''-fungible]]''': Tokenised representations of meritless gobbets of intellectual property (Banksy prints, memes, tweets etc.) that are created on a [[blockchain]] and sold to stupids are unique, by design, representations of the empty set. ''This'' picture with the lens cap on is different from ''that'' picture with the lens cap on. A non- | *'''[[Non-fungible|''Non''-fungible]]''': Tokenised representations of meritless gobbets of intellectual property (Banksy prints, memes, tweets etc.) that are created on a [[blockchain]] and sold to stupids are unique, by design, representations of the empty set. ''This'' picture with the lens cap on is different from ''that'' picture with the lens cap on. A non- | ||