{"paper":{"title":"Privacy is Fungibility: Why Endogenous Tokens Are Not Money","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["cs.CY"],"primary_cat":"cs.CR","authors_text":"Alex Lynham, Geoffrey Goodell","submitted_at":"2026-05-15T13:15:32Z","abstract_excerpt":"In this paper, we make a case that endogenous tokens such as cryptoassets are not money. First, we define and classify tokens found on public, permissionless ledgers, contrasting them with privately issued stablecoins and proposed CBDC designs. We then discuss the work of Kahn et al in Money is Privacy on cash versus simplified credit, and we extend their analysis to the situation found on most public, permissionless ledgers. Many public, permissionless ledgers utilize an account-based abstraction for balances, resulting in a default state that maps onto the most harmful models of agent intera"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2605.15934","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2605.15934/integrity.json","findings":[],"available":true,"detectors_run":[{"name":"ai_meta_artifact","ran_at":"2026-05-19T17:33:46.539830Z","status":"skipped","version":"1.0.0","findings_count":0},{"name":"claim_evidence","ran_at":"2026-05-19T17:01:55.734850Z","status":"completed","version":"1.0.0","findings_count":0}],"snapshot_sha256":"fb2bbe86227f3b975e8d062117fdfd52c0b26109e272fc6d7735dfa0f196fb91"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}