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Monero with optional privacy (frame it as optional transparency, if you prefer) is just zcash.
The reason that Monero works as a privacy coin while zcash fails is that zcash made deliberate design decisions that erode fungibility between "private" and "transparent" coins. Monero, with view-keys, is making that same decision, just without the deliberation.
Addendum: Suggestions for coins with mandatory privacy?
@bulletbill22
On the one hand, xmr and zec are leagues apart. Only xmr has asic resistant mining which protects us from regulation whereas large asic miners are vulnerable to regulation because they're big business with an industrial footprint. The xmr markets are driven by actual demand for privacy in high stakes spaces whereas the zec markets appear driven by contrived corporate interest and therefore the risk is much less quantifiable unless you are a corporate insider. You can actually buy weed with xmr.
On the other hand, yes optional transparency is a possible risk to fungibility in the long term. I've had this argument many times and nobody has managed to disprove this. I personally don't think this will be a problem because the traditional meta was never to hoard xmr. We use it to make a private transaction, and save in something else, probably btc or gold or acupuncture shops.
Obviously this is an xmr forum so nobody is gonna defend zec; have a look at their forums and decide for yourself. Don't be tempted to pick a tribe.
Coin with mandatory privacy: paper cash.
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