Ryan Sean Adams

That's where the fungibility breaks down a little bit in comparison to gold.

Is that the argument that you're making and why you give gold a higher score?

But if Ethereum was fully private, then maybe it would score more points on fungibility over Bitcoin, or if it at least had the privacy option on its base layer on-chain.

And also because of decentralized finance and the less reliance on centralized exchanges, maybe ETH gets higher points on fungibility relative to Bitcoin.

But I suppose it's kind of a close race there.

Divisibility.

Bitcoin and ETH clearly win that.

I mean, divisible up to 18 decimal points.

Gold is very hard to divide up.

And this, in fact, is why silver has been a common component.

We used to have bimetallism in the U.S.

just because...

Silver was more plentiful and it was easier, more convenient for typical transactions of a normal size that one would make.

But Bitcoin and ETH, I mean, you can divide that into any kind of unit or increment.

So, you know, quite a bit better than gold on that score.

And portability, gold is much lower than Bitcoin and ETH yet again.

This is just because we can transmit Bitcoin and ETH kind of over the internet, money over IP, essentially.

Whereas gold, I mean, yeah, very difficult to transport, brings trucks and 747s protected by an air force in order to move it from one destination to another.

Is that the reason why?

Okay, there are still some more Menger criteria.