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only the amounts
Both amount and asset being transferred is hidden.
Simplified version of coinjoin (as equal amounts in outputs isn't needed anymore) could be built on top of that. With JoinMarket style market taker / market maker model.
I don't argue assets or amounts are hidden, but one can trace the chain of addresses. Just like in bitcoin, they are pseudonymous, not anonymous. If something comes to me from an address in a blacklist I will see that:
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