No freedom is so passionately defended in rhetoric, yet so passively surrendered, as the right to privacy. Rooted in self-sovereignty, it is our natural right. If we own our bodies and are free to do as we wish with our private property, then we can logically derive that we possess the right to conceal our personal information and actions from the prying eyes of others—whether governments, corporations, or simply our fellow man. This ability to step outside public view is fundamental to a flourishing civilization. Beyond censorship, beyond the control of the state, privacy facilitates voluntary exchange. A society without financial privacy is a society where freedom and autonomy are absent.
Money in the Digital Age
As privacy erodes across all facets of life, the financial realm has emerged as a critical battleground—one that could usher in a technocratic nightmare. In this new reality, as societies move toward cashless economies, individuals face an opportunity to reconsider their preferred form of money.
Digital currencies can be viewed as concentric rings of exposure, each representing a different level of transparency. As one moves outward through the model, privacy increases, illustrating the transition from total transparency to complete anonymity.
Personal identity is intrinsically tied to each unit of a transparent currency. While proponents claim transparency reduces illicit activity, the consequences for liberty are catastrophic. Through the eyes of the surveillance state, a central bank digital currency (CBDC) is fully transparent. With the push of a button, authorities can punish non-compliance and confiscate the assets of dissidents. Worse still, CBDCs form the backbone of social credit systems, turning economic self-censorship into the norm. Under constant surveillance, individuals must refrain from “unacceptable” purchases or supporting controversial causes.
Severing direct links to identity, pseudo-anonymous coins such as Bitcoin (BTC) and Ethereum (ETH) use alphanumeric strings for addresses. However, both BTC and ETH operate on transparent ledgers, enabling blockchain surveillance firms to trace transactions. If identity can be linked to an address, these blockchains become fully transparent to such firms. That said, BTC users can send coins privately through CoinJoins and mixing services, while privacy-enhancing tools similarly exist for ETH users. For pseudo-anonymous coins, the categorical boundaries between transparency and privacy can be blurry. …
When privacy vanishes, threats to personal safety become an ever-present and unavoidable reality. Drawing on a 2009 XKCD comic, the term “wrench attack” refers to the physical targeting and extortion of cryptocurrency holders through force or threats. As an asset class, crypto is an ideal target for theft. Not only are major crypto-assets highly liquid, but life-changing fortunes can be accessed in minutes with a private key alone.
The first reported wrench attack occurred in 2014. Hal Finney—the recipient of the historic first BTC transaction from Satoshi Nakamoto—was also its first victim. As of July 15, 2025, at least 239 such attacks have been reported worldwide, though it’s safe to assume that many more have gone unreported. A study of the BitcoinTalk message boards identified 62 posts referencing attacks. Citing concerns about security and privacy, fear of further complications, or a lack of faith in law enforcement, most of the contacted victims chose not to report the incident. This reluctance to report is compounded by a troubling history of corruption when law enforcement enters the picture. During the Silk Road investigation of Ross Ulbricht, two US federal agents were charged with stealing BTC. Similarly, in the UK, a National Crime Agency officer involved in the Silk Road 2.0 investigation was arrested for committing the same crime. …
The notion that transparency fosters trust fails to account for the indispensable role of privacy. Privacy is not merely a personal preference—it is the guarantor of fungibility, a cornerstone of sound money. And sound money, in turn, safeguards us against inflation and the creeping shadow of authoritarianism. By preserving personal autonomy, private digital cash removes barriers to voluntary exchange and empowers us to associate, think, and speak without constraint. Visibility stifles; flourishing markets and free societies demand the preservation of privacy.
It looks like you get to make a choice: transparency in the currency or privacy. Cash has privacy but no transparency; e-coins of almost all types have transparency but no privacy. You makes your choice and pays your money!! Notice, though, the transparency model, like CBDCs or the usual coins leave you open to some heavy duty surveillance and open for “wrench attacks”. I like my privacy, so cash and minero are good for me, unless BTC has a way to grant total privacy and anonymity. I doubt that will happen with open, public, transparent ledgers. FTS and its surveillance of everyone and everything.
A good suggestion would be to make any money given to the state and any politician a CBDC as the pilot project for five or ten years and see how they appreciate such openness!