Apocalyptic Predictions About Privacy Coins Are Wrong
Cryptocurrencies do not need permission to be used. Surely, governments can try to regulate them, but the truth is that you do not really need to ask permission to use because they are permissionless ledgers. No terms and conditions, no checkbox to tick. Cryptos are all about freedom.
However, some people do not like this, especially in the case of privacy coins like Monero, which some argue that should only be used with the permission of the government. Are this people right?
Weiss Against The Privacy Coins
Some last year, Bitcoin started to be cool. The whole world ignored this technology, but now it started to see it. Some saw the crypto space as revolutionary, as most of the people who knew Bitcoin for years did, some others were afraid of what could be done with these tokens. Some even became outspoken haters.
Bankers, regulators and other agents of the financial system disliked Bitcoin and what it stood for. While it is OK to disagree, some institutions are simply having a nonsensical approach to this market and a very emblematic case of this is Weiss.
Weiss is a rating agency that was founded in 1971 and has rated more than 55,000 institutions so far. However, it only started to deal with cryptos in 2018. They did not like Bitcoin. They awarded BTC a C+ back in January and, during a review of 93 cryptocurrencies in May, BTC scored a better “B-”.
More recently, Weiss released an article explaining that people should not use privacy coins. On the report, Martin D. Weiss addresses concerns over privacy coins. He observes that their technology is interesting and can bring some benefits to society but at the same time he fears that they might be used for drugs, terrorism and child pornography, which are, indeed, issues.
However, he then states that due to their low usage and low liquidity, they do not represent a threat to governments. As most people are still dealing in Bitcoin, these privacy coins are very much a small concern at the moment. Even after stating this, he says that the high standards of Bitcoin are enough and that people should not use privacy coins and their use should be discouraged.
Even in an era of unprecedented surveillance, Weiss advises people to give up on their privacy coins and forget their right to privacy.
Do The Opposite Of What Weiss Says
Unless you are breaking the law, it is no one’s business how you spend your money. Whether it is paper or digital money, do not listen to Weiss. While “experts” are against using privacy tokens, no one knows better than yourself if you should do it or not. Weiss does not understand the benefits of using Monero, for instance.
You do not need permission to use privacy coins. If they are not forbidden by the government by law, you are doing nothing wrong. It is not a decision that ratings agencies can do alone whether you invest in privacy coins or not, only you can know whether you want to use them or not.
Sure, you can stick to Cardano, Stellar and other tokens recommended by the agencies, but they do not offer real privacy, so if you use them, you should really take that into account. In the end, it is really up to you and no one else.