If you’ve seen an inordinate number of pirate-themed memes connected to cryptocurrency lately, this past week has been a triumph for privacy coins.
Wondering why so many of these coins are flying a figurative skull & crossbones flag? In very simplified terms, it’s because of privacy cryptocurrencies like Monero (XMR), ZCash, Dash, Pirate Chain, and Wownero ARRR:
- Untraceable; and
- Fungible (meaning the booty could be traded for something of equal value).
Just like the buccaneers of old. Or corsairs if you were marauding on the Barbary coast.
Unlike privateers, who were really just pirates, but looting and raiding under a recognizable flag and authorized by the government. Dare we say…erm…Bitcoin? In the spirit of transparency, Bitcoin and other non-privacy blockchains allow anyone to view public addresses and transactions in their network, which makes it relatively simple to track someone's deposits and withdrawals.
Another thing privacy coins have in common with real pirate money is their increase in value. While most genuine Spanish doubloons are museum pieces, each one was minted as a 7-gram piece of gold, which at today's rates would sell for about $289. However, various dealers offer pieces from a wide range of dates at prices ranging from $2,500 to $4,500. (If you’ve been speculating with ARRR and bought when it was 5c as I did, you’ll know exactly what I mean by this!)
Enter the old bootlegging son-of-a-smuggling-sea-wolf argument:
Why do you need privacy coins if you have nothing to hide?
Here’s an easy answer: I have nothing to hide when I go to the bathroom, but I still don’t want anyone there to know my business…
Get it? Nothing nefarious going on here; just exercising my right to privacy, or in other words, reading the KEEP OUT sign on my door.
For more crypto info, here are the Top 5 Crypto Predictions you need to be aware of when putting together or reorganizing your crypto portfolio:
Of course, if you don’t care about always-on privacy or untraceability regarding your personal finances, you could just buy NFTs for fun, not fungibility. Chances are you’re gonna make a lot of money anyway because I promise you –– there is a shitload of other people who care deeply, and they’re all heavily invested in crypto.
Thomas Jefferson said, “When tyranny becomes law, rebellion becomes duty.”
Full steam ahead.