Privacy Is Vital to Crypto – And the Global Economy

Imagine if flour millers insisted on knowing the precise identity and originating farm of each grain of wheat delivered to them.

It would render the global wholesale crop market dysfunctional. That market depends on buyers accepting products from warehouses and shippers even though they don't know their origins.

At the heart of this system is the ancient principle of fungibility: the idea that one unit of a particular product is perfectly interchangeable with another.

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