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How Private Is Dash?


I've heard a couple of criticisms towards Dash's privacy features and I was wondering if someone could address these for me.
1) Dash isn't private because masternodes can view transactions and masternodes can be traced via their IP. Is this true?
2) While there wasn't much clarification, in a video by Greg Maxwell at Coinbase, he claimed Dash wasn't cryptographically secure and that it was snake oil. The crowd laughed in what seemed to be knowing agreement. What does he mean by 'cryptographically insecure' and is there merit to this claim?

Well Maxwell & Co are most welcome to hack dash and Private Send.. nothing like putting his money where his mouth is.
I don't necessarily disagree with you in that Dash is adequately private, but my questions still remain. Can masternodes monitor transactions and can their IP be traced? This is kind of a big deal if that's the case. I'm a strong supporter of Dash and I'm vested in it fairly heavily but I don't want my enthusiasm to be blind. I want to know the real and honest weaknesses of Dash.