<p>加密货币的早期承诺建立在激进透明的基础上。这种设计赋予了区块链可审计性，但也创造了一个行业从未解决的问题：大多数人不希望每一笔支付、工资转账、捐款或商业交易都永远可见。隐私币正是从这种不安中应运而生。</p>
<p>它们承诺在公共网络上提供接近数字现金的体验。用户可以进行交易，而无需将他们的全部财务生活暴露给账本、分析公司或未来的对手。</p>
<h2>隐私币作为加密货币对激进透明的首次回应</h2>
<p>隐私币是将隐私重新引入透明区块链的早期尝试。Zcash 仍然是最清晰的例子，因为它将零知识密码学引入了一个实时货币网络。它使用透明和保护地址。在完全隐蔽的保护到保护交易中，发送者、接收者和金额 被加密，尽管网络仍然可以检查交易是否遵循规则。</p>
<p>用户可以证明某件事情是有效的，而无需透露证明背后的私人信息。这就是零知识证明的核心思想。它们允许在不暴露交易本身的情况下检查交易的有效性，这也是 Zcash 成为密码隐私早期重要测试案例的原因。</p>
<p>这种吸引力显而易见。公共货币网络不应要求公开财务生活。</p>
<p>然而，隐私币现在面临来自三个方面的压力：监管机构、监控工具以及密码学本身的长久记忆。</p>
<h2>立法者正在收紧匿名的空间</h2>
<p>监管机构一直将隐私币视为一个特殊类别。如果金融系统阻止可追溯性，就会使调查犯罪、制裁逃避、欺诈和非法流动变得更加困难。</p>
<p>伪匿名和增强匿名的交易 被指出 为高风险，因为它们限制了服务提供商识别受益人的能力。</p>
<p>欧洲对此进一步加大力度。欧盟 2024 年的反洗钱法规将 “增强匿名的币” 定义为具有使转账信息匿名特征的加密资产，无论是系统性还是可选的。第 79 条还 禁止 信贷机构、金融机构和加密资产服务提供商保留允许通过增强匿名币进行匿名化或增加模糊化的账户。</p>
<p>在这种环境下，一种币仍然可以在技术上存在，但失去进入提供流动性、可见性和机构舒适度的场所。</p>
<p>交易所的行为已经显示出这种风险。Kraken表示 由于监管变化，它 “别无选择” 只能在欧洲经济区下架 Monero。</p>
<p>这不是一个次要问题。流动性是资产的一部分。</p>
<p>一枚被排斥于受监管场所的隐私币变得更难交易、保管、定价和整合。隐私理论可能仍然完好，但围绕它的市场结构变得更加脆弱。</p>
<h2>隐私并不意味着隐形</h2>
<p>第二个压力更为安静：区块链监控技术有所改善。</p>
<p>隐私币确实提高了分析的成本。它们可以隐藏交易细节，减少可追溯性，并以普通透明链无法做到的方式保护用户。但它们并不能消除每一个信号。</p>
<p>这个概念应该让投资者停下来思考。一个协议可以保护交易数据，但用户仍然通过钱包、交易所、桥接、浏览器、IP 地址和银行网络移动。</p>
<p>一个保护交易的交易可能在密码学层面上很强，但一个粗心的入口仍然可能削弱其匿名性。</p>
<p>隐私币出售的是数学保护。真正的隐私依赖于行为、工具、基础设施和操作纪律。</p>
<p>这对普通用户来说是一个困难的产品。对被动投资者来说也是一个困难的资产。</p>
<h2>量子风险使隐私币更加脆弱</h2>
<p>第三个压力是时间，加上技术进步。</p>
<p>量子计算在加密领域通常被讨论为一个保管问题。如果未来的机器能够破解当前的公钥系统，签名和钱包可能会暴露。</p>
<p>这一风险足够真实，以至于主要安全机构现在就开始准备。CISA、NSA 和 NIST已敦促 组织制定量子准备路线图，因为攻击者可能今天就收集敏感数据，并在以后解密。</p>
<p>NIST 还 在 2024 年最终确定 其首个后量子加密标准。它鼓励系统管理员尽快开始转向新标准。</p>
<p>隐私币面临着更尖锐的这个问题。它们可以将密文永久放置在链上。大多数密码系统假设密钥是临时的——它们会轮换、过期或被替换，因此一旦被破解就有一定的限制。</p>
<p>公共区块链并不是这样工作的。如果加密的交易数据被永久记录，那么未来加密方案的破裂可能会暴露旧的活动以及新的活动。这创造了一个长期的密码风险：不仅未来的支付变得可见，甚至整个私人历史在事后变得可读。</p>
<p>用户可能认为他们今天购买了隐私。十年后，他们可能会发现自己只得到了临时的保护。</p>
<p>隐私币承载的不仅是波动风险——它们还承载着密码学持续时间的风险。</p>
<p>投资者正在押注当前的隐私系统将保持强大，足够安全地迁移。他们还在押注开发者能够在未来威胁到来之前将用户迁移。</p>
<h2>为什么投资者应该将隐私币视为结构性投资</h2>
<p>隐私币并不是简单的加密货币代码。它们是对监管、流动性、用户行为、密码学耐久性和公众对金融隐私需求的综合押注。</p>
<p>这使得它们成为高信念和高脆弱性的资产。</p>
<p>信念的基础依然严峻，透明的账本暴露了过多信息。个人需要金融隐私，而企业需要保密。活动家、捐赠者和脆弱用户可能需要比普通支付系统提供的更强保护。</p>
<p>脆弱性源于同一来源——隐私主张越强，资产所承受的压力就越大。</p>
<p>对于一小部分投资者来说，这种复杂性可能是可以接受的。这个头寸必须像投机性卫星一样进行配置，而不是核心配置。对于许多人来说，更清晰的暴露可能通过零知识基础设施、隐私保护工具或用户控制披露而不是事先放弃可见性来实现。</p>
<p>隐私正变得更加深入、更加选择性，并且与现实世界的合规性更加紧密相连。</p>
<p>隐私币证明了公共区块链不必暴露一切。那么，独立的隐私资产能否在市场、监管机构和密码学不断发展中保持其地位？</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

MARA

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GLXY

<p>隐私币旨在解决加密货币中极端透明性的问题，使用户能够在不暴露财务细节的情况下进行交易。然而，它们现在面临来自监管机构的挑战、改进的区块链监控以及潜在的量子计算风险。监管压力限制了它们的流动性和可见性，而监控工具仍然能够追踪交易。此外，公共区块链上加密数据的永久性在未来如果加密方法被破解时，可能会带来长期风险</p>

<p>Crypto's early promise rested on radical transparency. That design gave blockchains their auditability, but it also created a problem the industry has never solved: most people don't want every payment, salary transfer, donation, or business transaction visible forever. Privacy coins emerged from that discomfort.</p>
<div class="lb-trans"><p>加密货币的早期承诺建立在激进透明的基础上。这种设计赋予了区块链可审计性，但也创造了一个行业从未解决的问题：大多数人不希望每一笔支付、工资转账、捐款或商业交易都永远可见。隐私币正是从这种不安中应运而生。</p>
</div><p>They promised something close to digital cash on public rails. Users could transact without exposing their full financial lives to a ledger, an analytics firm, or a future adversary.</p>
<div class="lb-trans"><p>它们承诺在公共网络上提供接近数字现金的体验。用户可以进行交易，而无需将他们的全部财务生活暴露给账本、分析公司或未来的对手。</p>
</div><h2>Privacy coins as crypto's first answer to radical transparency</h2>
<div class="lb-trans"><h2>隐私币作为加密货币对激进透明的首次回应</h2>
</div><p>Privacy coins were an early attempt to put privacy back into transparent blockchains. Zcash remains the clearest example because it brought zero-knowledge cryptography into a live monetary network. It uses transparent and shielded addresses. In fully concealed shielded-to-shielded transactions, the sender, the receiver, and the amount are encrypted, even though the network can still check that the transaction follows the rules.</p>
<div class="lb-trans"><p>隐私币是将隐私重新引入透明区块链的早期尝试。Zcash 仍然是最清晰的例子，因为它将零知识密码学引入了一个实时货币网络。它使用透明和保护地址。在完全隐蔽的保护到保护交易中，发送者、接收者和金额 被加密，尽管网络仍然可以检查交易是否遵循规则。</p>
</div><p>A user can prove that something is valid without revealing the private information behind the proof. That's the core idea behind zero-knowledge proofs. They allow the validity of transactions to be checked without exposing the transaction itself, which is why Zcash became such an important early test case for cryptographic privacy.</p>
<div class="lb-trans"><p>用户可以证明某件事情是有效的，而无需透露证明背后的私人信息。这就是零知识证明的核心思想。它们允许在不暴露交易本身的情况下检查交易的有效性，这也是 Zcash 成为密码隐私早期重要测试案例的原因。</p>
</div><p>The appeal is obvious. Public money rails should not require public financial lives.</p>
<div class="lb-trans"><p>这种吸引力显而易见。公共货币网络不应要求公开财务生活。</p>
</div><p>Yet privacy coins now face pressure from three sides at once: regulators, surveillance tools, and the long memory of cryptography itself.</p>
<div class="lb-trans"><p>然而，隐私币现在面临来自三个方面的压力：监管机构、监控工具以及密码学本身的长久记忆。</p>
</div><h2>Legislators are closing the room around anonymity</h2>
<div class="lb-trans"><h2>立法者正在收紧匿名的空间</h2>
</div><p>Regulators have always treated privacy coins as a special category. If a financial system blocks traceability, it becomes harder to investigate crime, sanctions evasion, fraud, and illicit flows.</p>
<div class="lb-trans"><p>监管机构一直将隐私币视为一个特殊类别。如果金融系统阻止可追溯性，就会使调查犯罪、制裁逃避、欺诈和非法流动变得更加困难。</p>
</div><p>Pseudonymous and anonymity-enhanced transactions are pointed as higher-risk when they limit a service provider's ability to identify beneficiaries.</p>
<div class="lb-trans"><p>伪匿名和增强匿名的交易 被指出 为高风险，因为它们限制了服务提供商识别受益人的能力。</p>
</div><p>Europe takes this further. The EU's 2024 anti-money laundering regulation defines &#34;anonymity-enhancing coins&#34; as crypto-assets with features that make transfer information anonymous, either systematically or optionally. Article 79 also prohibits credit institutions, financial institutions, and crypto-asset service providers from keeping accounts that allow anonymization or increased obfuscation through anonymity-enhancing coins.</p>
<div class="lb-trans"><p>欧洲对此进一步加大力度。欧盟 2024 年的反洗钱法规将 “增强匿名的币” 定义为具有使转账信息匿名特征的加密资产，无论是系统性还是可选的。第 79 条还 禁止 信贷机构、金融机构和加密资产服务提供商保留允许通过增强匿名币进行匿名化或增加模糊化的账户。</p>
</div><p>In this environment, a coin can still exist technically, yet lose access to the venues that give it liquidity, visibility, and institutional comfort.</p>
<div class="lb-trans"><p>在这种环境下，一种币仍然可以在技术上存在，但失去进入提供流动性、可见性和机构舒适度的场所。</p>
</div><p>Exchange behavior already shows the risk. Kraken said it had &#34;no choice&#34; but to delist Monero in the European Economic Area due to regulatory changes.</p>
<div class="lb-trans"><p>交易所的行为已经显示出这种风险。Kraken表示 由于监管变化，它 “别无选择” 只能在欧洲经济区下架 Monero。</p>
</div><p>That's not a side issue. Liquidity is part of the asset.</p>
<div class="lb-trans"><p>这不是一个次要问题。流动性是资产的一部分。</p>
</div><p>A privacy coin pushed away from regulated venues becomes harder to trade, custody, price, and integrate. The privacy thesis may remain intact, but the market structure around it becomes thinner.</p>
<div class="lb-trans"><p>一枚被排斥于受监管场所的隐私币变得更难交易、保管、定价和整合。隐私理论可能仍然完好，但围绕它的市场结构变得更加脆弱。</p>
</div><h2>Privacy doesn't mean invisibility</h2>
<div class="lb-trans"><h2>隐私并不意味着隐形</h2>
</div><p>The second pressure is quieter: blockchain surveillance has improved.</p>
<div class="lb-trans"><p>第二个压力更为安静：区块链监控技术有所改善。</p>
</div><p>Privacy coins do raise the cost of analysis. They can hide transaction details, reduce traceability, and protect users in ways ordinary transparent chains cannot. But they don’t erase every signal.</p>
<div class="lb-trans"><p>隐私币确实提高了分析的成本。它们可以隐藏交易细节，减少可追溯性，并以普通透明链无法做到的方式保护用户。但它们并不能消除每一个信号。</p>
</div><p>That notion should make investors pause. A protocol can protect transaction data, but users still move through wallets, exchanges, bridges, browsers, IP addresses, and banking rails.</p>
<div class="lb-trans"><p>这个概念应该让投资者停下来思考。一个协议可以保护交易数据，但用户仍然通过钱包、交易所、桥接、浏览器、IP 地址和银行网络移动。</p>
</div><p>A shielded transaction may be strong at the cryptographic layer, and a sloppy on-ramp can still weaken its anonymity.</p>
<div class="lb-trans"><p>一个保护交易的交易可能在密码学层面上很强，但一个粗心的入口仍然可能削弱其匿名性。</p>
</div><p>Privacy coins sell mathematical protection. Real privacy depends on behavior, tooling, infrastructure, and operational discipline.</p>
<div class="lb-trans"><p>隐私币出售的是数学保护。真正的隐私依赖于行为、工具、基础设施和操作纪律。</p>
</div><p>That is a difficult product for ordinary users. It's a difficult asset for passive investors as well.</p>
<div class="lb-trans"><p>这对普通用户来说是一个困难的产品。对被动投资者来说也是一个困难的资产。</p>
</div><h2>Quantum risk makes privacy coins more fragile</h2>
<div class="lb-trans"><h2>量子风险使隐私币更加脆弱</h2>
</div><p>The third pressure is time, coupled with technological progress.</p>
<div class="lb-trans"><p>第三个压力是时间，加上技术进步。</p>
</div><p>Quantum computing is often discussed in crypto as a custody problem. If future machines can break current public-key systems, signatures and wallets may be exposed.</p>
<div class="lb-trans"><p>量子计算在加密领域通常被讨论为一个保管问题。如果未来的机器能够破解当前的公钥系统，签名和钱包可能会暴露。</p>
</div><p>The risk is real enough for major security agencies to prepare now. CISA, NSA, and NIST have urged organizations to build quantum-readiness roadmaps because attackers may collect sensitive data today and decrypt it later.</p>
<div class="lb-trans"><p>这一风险足够真实，以至于主要安全机构现在就开始准备。CISA、NSA 和 NIST已敦促 组织制定量子准备路线图，因为攻击者可能今天就收集敏感数据，并在以后解密。</p>
</div><p>NIST also finalized its first post-quantum encryption standards in 2024. It encouraged system administrators to begin moving to the new standards as soon as possible.</p>
<div class="lb-trans"><p>NIST 还 在 2024 年最终确定 其首个后量子加密标准。它鼓励系统管理员尽快开始转向新标准。</p>
</div><p>Privacy coins have a sharper version of this problem. They can place ciphertext on-chain forever. Most cryptographic systems assume keys are temporary – they rotate, expire, or get replaced, so a compromise has some limit.</p>
<div class="lb-trans"><p>隐私币面临着更尖锐的这个问题。它们可以将密文永久放置在链上。大多数密码系统假设密钥是临时的——它们会轮换、过期或被替换，因此一旦被破解就有一定的限制。</p>
</div><p>Public blockchains do not work that way. If encrypted transaction data is recorded permanently, then a future break in the encryption scheme can expose old activity as well as new activity. This creates a long-tail cryptographic risk: not just future payments becoming visible, but an entire private history becoming readable after the fact.</p>
<div class="lb-trans"><p>公共区块链并不是这样工作的。如果加密的交易数据被永久记录，那么未来加密方案的破裂可能会暴露旧的活动以及新的活动。这创造了一个长期的密码风险：不仅未来的支付变得可见，甚至整个私人历史在事后变得可读。</p>
</div><p>A user may think they bought privacy today. Ten years later, they may learn they only had temporary cover.</p>
<div class="lb-trans"><p>用户可能认为他们今天购买了隐私。十年后，他们可能会发现自己只得到了临时的保护。</p>
</div><p>Privacy coins carry more than volatility risk – they carry cryptographic-duration ones.</p>
<div class="lb-trans"><p>隐私币承载的不仅是波动风险——它们还承载着密码学持续时间的风险。</p>
</div><p>Investors are betting that current privacy systems will stay strong long enough for safe migration. They are also betting that developers can move users before future threats arrive.</p>
<div class="lb-trans"><p>投资者正在押注当前的隐私系统将保持强大，足够安全地迁移。他们还在押注开发者能够在未来威胁到来之前将用户迁移。</p>
</div><h2>Why investors should treat privacy coins as structural bets</h2>
<div class="lb-trans"><h2>为什么投资者应该将隐私币视为结构性投资</h2>
</div><p>Privacy coins are not simple crypto tickers. They are bundled bets on regulation, liquidity, user behavior, cryptographic durability, and public demand for financial privacy.</p>
<div class="lb-trans"><p>隐私币并不是简单的加密货币代码。它们是对监管、流动性、用户行为、密码学耐久性和公众对金融隐私需求的综合押注。</p>
</div><p>That makes them high-conviction and high-fragility assets.</p>
<div class="lb-trans"><p>这使得它们成为高信念和高脆弱性的资产。</p>
</div><p>The conviction case is still serious, with transparent ledgers exposing too much. Individuals need financial privacy, while businesses need confidentiality. Activists, donors, and vulnerable users may need stronger protection than ordinary payment systems offer.</p>
<div class="lb-trans"><p>信念的基础依然严峻，透明的账本暴露了过多信息。个人需要金融隐私，而企业需要保密。活动家、捐赠者和脆弱用户可能需要比普通支付系统提供的更强保护。</p>
</div><p>The fragility comes from the same source – the stronger the privacy claim, the more pressure the asset can attract.</p>
<div class="lb-trans"><p>脆弱性源于同一来源——隐私主张越强，资产所承受的压力就越大。</p>
</div><p>For a narrow group of investors, the complexity may be acceptable. The position has to be sized like a speculative satellite, not a core allocation. For many others, the cleaner exposure may come through ZK infrastructure, privacy-preserving tools, or systems with users controlling disclosure instead of surrendering visibility upfront.</p>
<div class="lb-trans"><p>对于一小部分投资者来说，这种复杂性可能是可以接受的。这个头寸必须像投机性卫星一样进行配置，而不是核心配置。对于许多人来说，更清晰的暴露可能通过零知识基础设施、隐私保护工具或用户控制披露而不是事先放弃可见性来实现。</p>
</div><p>Privacy is becoming more embedded, more selective, and more tied to real-world compliance.</p>
<div class="lb-trans"><p>隐私正变得更加深入、更加选择性，并且与现实世界的合规性更加紧密相连。</p>
</div><p>Privacy coins proved that public blockchains don’t have to expose everything. So, can standalone privacy assets keep their place as the market, regulators, and cryptography all move on?</p>
<div class="lb-trans"><p>隐私币证明了公共区块链不必暴露一切。那么，独立的隐私资产能否在市场、监管机构和密码学不断发展中保持其地位？</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Privacy Coins Were Built On The Right Idea, But A Fragile Foundation

- 隐私币是为了应对区块链的透明性问题而产生的。  
- 目前，隐私币面临来自监管、监控工具及量子计算的三重压力。  
- 投资者需将隐私币视为对监管、流动性及加密耐久性的结构性投资。

隐私币的理念是正确的，但其基础却很脆弱