TLDR: Privacy-tokens only account for 0.59% of the total crypto market cap. Privacy token communities are full of sh*t and in denial. There are real problems we face and privacy coins like Monero are 1-trick ponies that CANNOT solve ALL these problems.
This post is to do with a broader picture of CBDC’s, privacy and what we need to do in order to retain our privacy and freedom both IRL but also on the web. Specifically I want to show you that the privacy token communities are full of sh*t and arer leading people down a path that leads to nowhere.
CBDC’s have become such a common talking point in our space but especially in the off-shoot world of privacy tokens because well problems need solutions, but also, solutions need problems.
If you Google ‘CBDC’ you get about 8,400,000 results and if you click ‘News’ you get about 401,000 results. Sort by 24 hours and you get about 150 results for the search term ‘CBDC’ when refining by ‘News’.
When reading about and talking about CBDC’s, many people’s minds naturally begin thinking about a potential for a social credit system, not unlike China’s where if the state does not approve of something you did or said they can revoke your access to transport, entertainment, basic amenities and more.
A lot of us in the space are genuinely concerned this will be rolled our right across the west and in other places. This is a real thing people are thinking about and it’s causing some angst or outright disgust and anger among some of us in our crypto community.
Personally, I’ve been in the crypto-privacy space for a while now. I won’t go into a long rant about why and or debate things like taxation. I just think my money is for me to do with what I want, it’s no one else’s business.
Recently I was working with a friend from DecentraWorld on an article and I came across this feature on CoinMarketCap. It collects all of the top privacy tokens by market capitalization. If you calculate the percentage of the privacy mcap (7.5B) from the total mcap (1.2T) it works out to be 0.59%. I have been looking at this page for sometime and its fairly consistent.
This list does not show ALL of the privacy tokens and projects. I get that. But even if you were to throw a completely ridiculous figure on top of this to try to account for the un-accounted tokens and smaller projects, lets say for shits & gigs you double it, you might reach 1% assuming a whole bunch of other things.
This was kind of freaky to me. I’ll be honest. For whatever reason I had never thought about comparing the privacy focused side of crypto currency with the rest of the space. Talk about being inside of an echo-chamber. And by that I mean me. I honestly believed that privacy-tokens where the answer to CBDC’s, tracking, tracing, Big Brother and the potential social credit system.
After discovering this, I went to the privacy-token communities that I was a part of, to ask them what they thought. I won’t shit on any particular community or group but I will say that these die-hard evangelical privacy coin advocates, as much as I love them and love what they are doing, they are in f*cking denial.
Let me explain…
They think and believe that the way forward, the only way forward, and around the coming CBDC’s, potential social credit system and tentacle like digital grid system we all agree is very likely coming is privacy coins.
That is it.
That is their only solution.
They will say things like “Use Monero”, “Use Pirate chain”, “Zcash” etc. That is literally their only solution. Yet they will talk about the problems endlessly.
In a perfect world using private and anonymous tokens would work…however the market as I’ve just shown and as I have showed them, is telling them the exact f*cking opposite, not even 1-single-f*cking-percent of the money in our industry, if we can call it that, resides in the privacy space. But none of them want to see it, none of them want to admit it, they don’t even want to discuss it.
They have a 1-tool solution and that is it.
I have come to realise that some of these communities and projects are 1-trick ponies.
I’ll be honest with you, when I first started having these discussions with these folks I was honestly confused with the response. I thought, maybe they don’t understand what I am saying. Maybe the message is not getting through…
The truth is they know. They just do not care.
It is my honest opinion, after many dozens of discussions, questions, answers, debates and thought, that these people, the majority of them, value money and gains more than they do the so called ‘privacy’ that they apparently value and demand so much. I say this because I know for a FACT many of them BUY, HOLD and even PROMOTE the very spy-coins that they say that they are against. The coins that they say are leading us into a tyrannical digital dystopia are being actively bought, traded and are invested in by these same people.
This is the very definition of hypocrisy.
Another way to put it, they are full of shit.
So what is the way forward?
I don’t know.
I don’t claim to know.
If I had to speculate, I think privacy must be built into and on top of the current largest networks. If that is where the money is, if that is where retail investors, traders and users are, then that is where privacy must go.
I think privacy, just like in the real world, can be built by using various different methods or tools.
It’s ridiculous to me to say that the only solution for the potential dystopic future we all feel might become a reality is to use Monero or some other privacy-token. And sorry to sh*t on Monero, it’s just the biggest one in the space.
Personally, I still like the idea of a SAFE network or a DecentraWorld, I am actively looking at amny different things, another is Aztec. I am looking at maaaaaaany solutions for the very simple reason that privacy doesn’t have one solution. Meaning, when you go to the bathroom you shut the door, the door is your privacy-tool, when you go to bed you close the blinds, the blinds are the privacy-enabling-tool, you wear clothes, you hide your PIN, you use an avatar instead of a profile picture of yourself. We live in a world where there is not one solution because we don’t live in a 1-dimensional space.
It’s silly to me to hear privacy-token advocates say that the only solution is to use their token FFS.
I want to know what you all think, I want to know what the privacy token advocates think, I want to know what your solutions are, I want to know if you think I am wrong about all this, or am I right?
EDIT: u/SendPicks brought up transactions and said that mcap does not equal transactions. This is true, obviously, but lets look at transactions. 26k monero v 266k bitcoin v 1mil ethereum. This info tells is the same story.