Crypto expert on private coins: the apocalypse is canceled

Kai Sedgwick, a crypto expert and author of numerous whitepapers for Blockchain startups, published a material in which he sharply condemns the negative assessment of private cryptocurrencies by rating agencies, in particular the Weiss agency, the government and some of the users. The critic strongly condemns calls to de-anonymize cryptocurrencies, as well as not to use the private currencies Monero and Zcash, insisting that we all have the right to anonymity:

Bitcoin is a permissionless ledger. This means you don't have to run out and ask someone if you can use it. There are no terms of use, no boxes to check, no forms to fill out. You can receive and send Bitcoin once you have downloaded the wallet. Some people believe that using anonymous cryptocurrencies like Monero requires government permission. And they're wrong.

It's easy to follow bad advice

Ever since Bitcoin officially became cool last year, hordes of haters have appeared out of nowhere and started imposing their opinions and ideas on everyone else everywhere. It looks funny when all sorts of “experts” insist that they know better than others what needs to be done. 

Weiss, founded in 1971, gave Bitcoin a “C+” rating - mediocre - in January. The agency then conducted another cryptocurrency review in May, in which BTC received a “B-.” Weiss' latest statement focused on private and confidential cryptocurrencies, which the agency advised to be wary of. It's hard to say whether Weiss really believes what they're saying or whether it's just a vicious attack on digital assets. What is clear is that Weiss' expertise ends where cryptocurrencies begin.

A new report from Martin D. Weiss highlights the government's problems with privacy coins, but also suggests that the technology behind them could bring a lot of benefits. It states that governments fear that private cryptocurrencies will be used for illegal purposes - drugs, child porn, terrorism - but recognize that few people currently use them. Similar thoughts were voiced in a report by the US Drug Enforcement Administration (DEA). According to agents, currencies like Monero and Zcash are not liquid enough, so “the lion's share of criminals still prefer Bitcoin.” Weiss is certainly right in voicing the idea that cryptocurrencies still do not pose a threat to the government. However, his next statement makes no sense at all. According to him, “cryptocurrencies that adhere to the high standards set by Bitcoin can provide decent resistance to censorship.. Thus, efforts to prevent the use of private currencies will not harm the cryptocurrency industry in any way, nor will it in any way deprive citizens of the right to protection from invasion of their privacy."

You read that correctly: Weiss believes that banning private cryptocurrencies will benefit everyone, since there is enough Bitcoin. In his opinion, censoring privacy coins does not in any way violate the citizens' right to privacy. We are dealing with a rather perverse situation here. logic.

Always do the opposite of what Weiss says

What you do with your money - paper, digital, anonymous - is your own business. Although Weiss in his report is not an inveterate opponent of cryptocurrencies, his thoughts about the fact that people do not need private cryptocurrencies are simply ridiculous. And as evidence of how little the agency knows about cryptocurrencies, the report ends with the following: “The public. should avoid private cryptocurrencies until the controversy surrounding their use is resolved."

Fun fact: there will never be a time when private cryptocurrencies will no longer be controversial. Currencies like Monero and Zcash work, they work great, and this is what makes governments and rating agencies so angry. Instead of private currencies, Weiss recommends using “cryptocurrencies that have greater scalability and transaction volume. The best options are those with a Weiss rating greater than B- (good) or higher, such as Cardano (B), EOS (B), and Stellar Lumens (B-).”

Although While diversifying your investment list with both private and non-private cryptocurrencies is always a good idea, anyone who wants to remain anonymous should use a digital currency created specifically for this purpose. The author also urged to “ignore Weiss ratings and not wait for the government to give you permission to use cryptocurrencies, because that day will never come.”

According to https://news.bitcoin.com