The beauty of transparent blockchains is that EVERYONE has the same view.

Where obscured-tech goes wrong is that it creates a gaping great asymmetry between holders and non-holders which kind of makes a mockery of its claim to "fungibility".

To compound that problem, it's the non-holders who support the value (being on the bid side of every transaction) and they're the group locked out of that blockchain's transparency. Even the verification of individual transactions is asymmetric between sender and receiver leaving the a prospective economy based on such a system wide open to social engineering attacks.

It's a tech that's based on an ownership record keeping archetype for 3rd-party backed money, not unbacked monetary assets.