yes, speculators like myself mostly go by utility than technical prowess, and while it may take some advanced technical prowess to effectively provide privacy on blockchain, the utility of privacy is not worth anything speculatively because of so many coins who claim to have or will have privacy, steem included https://steem.io/roadmap/confidential/
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You may be right, except ONLY those that have been proven to have the best rock-solid privacy will become the ones that rich people with $Millions will store their money. For example if you have money you wish o hide from your wife because of divorce laws in your country, you will not risk that by using a coin that "claims to have" privacy or has weak privacy and/or security (for example Dashcoin). For the majority of saving accounts which will not have much money, yeah, most people will not care and good-enough privacy is OK. So there will be different coins with different use-cases. Both may gain sizeable market cap but for different reasons - different users and use cases.