Comment by berkes

pseudonyms are fine until the moment they can be linked to real identities.

At which point, because of the public, mathematical provable, ledger, the pseudonyms become concrete evidence, often in a "viral" way, i.e. through transactions a pseudonym can be linked to other pseudonyms and events.

In crypto, pseudonyms are a real and high risk threat. Not all, e.g. Monero internally "launders the coins" for you (technically not at all correct term, but you get the point...) so diminishes that risk. But even there, its there.

Edit: and while cash comes with serial numbers that can be used to trace transactions, crypto is only serial numbers that are precisely there to trace all transactions publically.