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It's funny that no one is checking serial numbers. Nowadays it would not be too hard to look up in a database if the number was issued, is in use elsewhere, or belongs to a destroyed note.

Privacy, cost and protocol issues left as an exercise.



Why not make the serial numbers also a EC digital signature?!


Wouldn't it still be susceptible to replay attacks?


Paper-based PUFs, anyone?


> in use elsewhere

Nope. No way to do that reliably with a piece of paper.




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