People on HN often dismiss the "nothing to hide" argument as invalid when it comes to strong privacy rights, but... the fact remains that those who very much want to hide their illegal activities and ill-gotten gains are first in line to the banks/services with the strongest privacy guarantees (swiss banks, cryptocurrencies, e2e chat apps, etc).
It's a hard problem and I don't think saying "oh well, having human traffickers and terrorists use the service to enable their activities is just the cost of privacy rights" is going to fly any more than "oh well, having tons of criminals use guns for murder is just the cost of the second amendment" flies. The latter argument used to fly, but it's increasingly unpopular to say that these days, and I suspect the same will happen when it comes to services with strong privacy guarantees.
It's a hard problem and I don't think saying "oh well, having human traffickers and terrorists use the service to enable their activities is just the cost of privacy rights" is going to fly any more than "oh well, having tons of criminals use guns for murder is just the cost of the second amendment" flies. The latter argument used to fly, but it's increasingly unpopular to say that these days, and I suspect the same will happen when it comes to services with strong privacy guarantees.