So 'private' from us little mindslaves, but public to government prying eyes? A government masterkey? Yikes. Call it 1984 coin. The new definition of Privacy. Privateish.
I would still mine this thing and sell quick, I'm sure there's lots of authorities that would endorse this coin. Thanks for the tip.
FYI - Bitcoin is not private.
If a user wanted privacy, he would not use bitcoin.