In this episode, Saifedean takes questions from regular seminar attendees on bitcoin fungibility, bitcoin price models and central bank digital currencies. The discussion focusses on whether the ability of governments and private analysts to monitor on-chain bitcoin transactions poses a threat to its fungibility, and whether this matters. Saifedean also answers questions on how PlanB’s stock to flow model has so accurately predicted bitcoin price movements and what CBDCs have in common with the currency of the Soviet Union.