Source: Michael S Milano
“Long before the Blockchain Era, a landmark Scottish lawsuit posed a question that still echoes today: Can money carry memory — or must it forget? In 1748, Hew Crawfurd — a lawyer in Edinburgh — signed and recorded the serial numbers of two £20 notes before mailing them to a merchant in Glasgow. When the letter failed to arrive, Crawfurd notified the bank and publicized the theft. Months later, one note resurfaced at the Royal Bank’s office. In Crawfurd v. The Royal Bank, the Court ruled that if Crawfurd could vindicate the banknote, commerce would cease, since the entire history of every note involved in a transaction would need to be disclosed. … As in the case of Crawfurd v. The Royal Bank, a lack of fungibility threatens the usability of a medium of exchange. The Bitcoin blockchain is permissionless, but also transparent.” (07/05/25)
https://mises.org/mises-wire/privacy-and-fungibility-forgotten-virtues-sound-money