That's my point.

You DO want to see that. You want to see the blockcain in operation - every single aspect of it and every address. You just don't want to be able to know who's controlling those addresses. That's where the fungibility comes in. How do you think people have been getting away with all these Bitcoin heists lately without every being found ?

Making it invisible isn't an option - because it ceases to have any monetary value. Visibility is an essential element of monetary value since most forms of money are some kind of 'call' on a common resource and that common resource must be out in the open - even though the private keys to control it are not.

Take a gold bar - it has value because it is part of the universally endorsed continuum known as the element with atomic number 79. The only reason it has value is because gold is an "out there" thing. Sure I can shove it under my bed but no-one's going to buy it from me unless I put it back in the public domain to have it rubber stamped as part of what everyone else agrees is that particular element of the earth's crust.

Similarly, a private key which controls part of a blockchain who's existence is only implicit will always be worth less than one that controls part of a blockchain thats explicit.

In both cases - as long as the tokens are sufficiently fungible - privacy is preserved because my private key is...."private"