This argument is retarded as shit.
Being able to audit a ledger isn't a novel idea, it's just an idea that scares [them] because we cannot currently audit the Federal Reserve.
YOU WANT TO AUDIT YOUR CURRENCY!
That's how you can determine without doubt its true value. Privacy in the Blockchain world was a meme the whole fucking time, at least in the way you normalfags perceive it.
Read the Cypherpunk Manifesto. This really isn't complicated.