The one where you get paid more. When you let some other guy do all the work and then steal the fruits of his labor, you can afford to pay your mercs better. Piracy is profitable without some sort of overwhelmingly present and powerful force to dissuade it. Somalians wouldn't do it if it didn't work sometimes, and they've got everyone on their ass - if the US, now, can't functionally stop their piracy, what stops people from piracy in AnCapistan, when there's no monolithic centralized army? I'm assuming anonymity is going to be trivial in this scenario - blackface and skimasks, burned off fingerprints, blank eye contacts, padding, second skin (latex paint to prevent skin flakes) and complete waxing ( no loose hairs.) Could even do funky things like mixed blood transfusions to prevent single-sourcing DNA origins.

The risk/reward factor has to be accounted for, too. The cost of bullets will always be cheaper than the cost of honest labor.