How does crypto-currency ensure privacy?
The entire lifetime and every transaction of each crypto-coin is tracked by an immutable blockchain ledger.
Cash on the other hand can be very private.
Cryptocurrency trust-networks are decentralized but in order for the system to work in the long run, additional centralized management or oversight (e.g., SEC, et al) will have to be developed. Which in the end will be just like our current banking systems.
Anyone who actually thinks bitcoin or other ‘crypto currencies’ aren’t capable of being tracked is crazy.
This is why governments and banks hate cryptocurrencies.
Governments and leftists/democrats want centralized control of everything and money which is socialism (ownership of the means of production ) because it ensures slavery of the population owned by the government master as in Venezuela and North Korea
Crypto currencies like Monero are decentralized. Governments and leftist hast decentralization. leftists/democrats hate freedom.
I certainly understand why governments and banks want centralized management for crypto, but why is that necessary to make crypto work in the long run? I see a role for such management/oversight when there is custodial control such as crypto banks and inventments in companies via crypto (ICOs). But that's quite different from needing such control to make crypto work in the long run as a currency.
WRT privacy, yes cash is more private than crypto, but crypto is more private than payments via banks.