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I have seen a recent service advertising that users can turn their Electrum Wallets in to a "Cold Wallet" by providing the 3rd party service the Master Public Key from the Electrum wallet.

Ignoring the "Cold Wallet" aspect, and besides turning over complete wallet privacy to a third party what other reasons should users be encouraged to do this or not do this?

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Users should be strongly discouraged from doing this because it makes them targets for robbery and extortion. Knowing a user's Electrum Master Public Key is equivalent to knowing all of their addresses and being able to look on the blockchain to see if they're worth robbing.

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