What I keep coming back to with @Dusk is that "transparency where useful" is doing a lot of work in its framing, and it's worth asking what "useful" means to different stakeholders. Useful to a regulator, an auditor, and a retail investor aren't the same thing, and a single privacy model has to satisfy all three without becoming a compromise that satisfies none of them.

The mechanic bet is deterministic settlement as the anchor.....whatever the privacy configuration, finality stays predictable, which regulated markets require regardless of confidentiality level.

So now I'm watching whether deterministic settlement times hold steady as transaction complexity and privacy requirements increase, not just in simple transfers. @Dusk
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