If you’ve seen an inordinate number of pirate-themed memes connected to cryptocurrency lately, that’s because 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 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 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 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 it’s 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 like 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?
Well, here’s an easy answer for you: I have nothing to hide when I go to the bathroom either, but I still don’t want anyone in there knowing my business…
Get it? Nothing nefarious going on here, just exercising my right to privacy, or in other words, read 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 when it comes to 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 are 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.