Anyone else finds naming important for adoption? Bitcoin sounds pretty elegant to the regular Joey IMO but „ZCash“...I mean...awful. Well lets hope for a rebrand later.
Most villains have no problem with zee name.
You mean like Zoro?
ZCash Will Be a Truly Anonymous Blockchain-Based Currency
61–70 of 285 posts
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#62Earlier quoted context omitted.
It's the internet vs. intranets all over again. People have too much stock invested in "bitcoin is fundamentally flawed" and before that it was "bitcoin is a scam". Now it's "a different bitcoin is the answer". EDIT: Time and again getting downvotes because of HN's cognitive dissonance. Pathetic low-tier reddit run-off is entering HN's market share.
I really hope for some success from Interledger[1] and the Web Payments Community Group at W3C[2] to start bridging the gap and letting people exchange money (directly) with whatever currencies they want. [1] https://interledger.org/ [2] https://web-payments.org/
letting people exchange money (directly) with whatever currencies they want
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#63Another altcoin. This one has a 10% pre-mining cut for the founders: "Zcash's monetary base will be the same as Bitcoin's — 21 million Zcash currency units (ZEC, or ⓩ) will be mined over time. 10% of that reward will be distributed to the stakeholders in the Zcash Company — founders, investors, employees, and advisors. We call this the “Founders Reward”." Here's a list of the other 709 altcoins.[1] 373 of them are st…
Yup, it's a clever idea, but wait for someone to be the Litecoin to their Tenebrix.
Given how complicated the technology is that they will be working with (as someone who has attempted to read the zcash whitepaper), I find this extremely unlikely. Sure there will be clones, but no altcoin "developer" will be able to properly maintain this, so bugs won't get fixed, or it'll always be lagging behind Zcash, or worse, they introduce unintentional bugs and completely wreck their blockchain and lose the money of the few fools who thought that the developers/company running it getting some money is bad
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#64Another altcoin. This one has a 10% pre-mining cut for the founders: "Zcash's monetary base will be the same as Bitcoin's — 21 million Zcash currency units (ZEC, or ⓩ) will be mined over time. 10% of that reward will be distributed to the stakeholders in the Zcash Company — founders, investors, employees, and advisors. We call this the “Founders Reward”." Here's a list of the other 709 altcoins.[1] 373 of them are st…
Alt-coin founders are still into the whole deflationary thing I see.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#65"But in ZCash, the miners only get to keep ninety percent of those coins. The rest gets dumped into accounts controlled by the ZCash company" This alone makes me extremely sceptical.
It's worth reading the Zcash perspective:
> At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders.
> Every four years, the rate of ZEC being created will halve (again, just like in Bitcoin). After the first four years the ZEC created per ten minutes will drop to 25ⓩ, but after the first four years, 100% of it goes to the miners.
> The end result (as shown in the diagram) is that there will ultimately be 21 million ⓩ, and 10% of it, or 2.1 million ⓩ, will have been initially distributed to the founders.
> With this approach, the founders are incentivized to support Zcash for the long haul (at least for four years), and they have limited ability to pump-and-dump.
From https://z.cash/blog/funding.html.
I don't know if this makes things better or not, but it sounds reasonable to me. From what I understand, "pump-and-dump" has been a concern in cryptocurrencies.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#66Earlier quoted context omitted.
Unlike Bitcoin, where Satoshi probably mined 5% of all BTC before other people noticed? Or unlike Bitcoin, where developers get paid by layering centralized startups on top?
5% less fishy, not more.
If I recall correctly, it's not 10% of the entire supply, but rather 10% of the first 2 years worth of supply. After that, the 10% cut from miners is stopped and their 10% of the supply will slowly decrease as the overall supply increases
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#67Earlier quoted context omitted.
Given that the previous comment is referring to state actors, you have the courts to defeat the 5$ wrench. For more direct criminal elements, you can make it difficult enough that its not worth them going through the effort to use the 5$ wrench and wait while you have to fetch the key. Beyond that, you're no worse off than you were versus carrying cash. The only thing electronic cards might have advantage over this i…
Ok, so you're in court, and the courts just gonna be like, 'ok, we'll just ignore our orders to make you pay because it's crypto currency'? I don't think you understand what happens when you defy court orders... Also, mostly this will be used for tax issues, where guess what, the burden is on you to prove that your income was only X, so the more crypto shit you have the easier it is for the prosecution to say you hav…
How do they actually know that you have millions though?
Imagine the opposite scenario. The government thinks you have millions, but you genuinely do NOT have that money. How do you prove to the government that you are innocent and don't actually have the money.
You can't. You, an innocent person, are indistinguishable from a person who actually DOES have millions hidden away in crytocurrency.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#68ZCash has a myriad of fundamental issues, chief among them:
-ZCash is a US-based LLC, and given what is publicly known about the capabilities and past behavior of its intelligence apparatus I don't see how anyone can claim that such an organization can shepherd a 'truly anonymous blockchain', particularly one that is essentially a black box
-ZCash's blockchain is a black box and requires you to not only trust them with your anonymity, but also to trust them not to create coins arbitrarily - a successful attacker could also mint coins at will - as there is no way to verify circulation
-Anonymous transactions are optional and require tremendous resources to generate
-It is an innovative take on a pre-mine where insiders were given opportunity to pre-purchase coins at the expense of future miners
I suggest that anyone looking for a truly anonymous blockchain experience take a look at Monero.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#69ZCash requires a trusted setup, takes a 20% fee from miners, and active mixing requires 8GB of RAM. https://blog.okturtles.com/2016/03/the-zcash-catch/ http://weuse.cash/2016/06/09/btc-xmr-zcash/ If you are interested in anonymous blockchains, I highly encourage you to look into Monero. It meets or exceeds that of ZCash. And Monero's RingCT is currently implemented and in use on TestNet with a target "go-live" this J…
[deleted]
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#70A month ago I did a deep dive in to etherium and the 'altcoin' universe. The one thing I came out of it all with was a feeling that I had seen so much of the same sentiment and rhetoric about specific altcoins and altcoins in general as I saw with the 'HYIP' sites of two decades ago.
HYIPs were plain ponzi schemes, given the fancy name of 'high yield investment portfolio'; they promised things like "1.5% yield/day on investments of egold" but all of them would fold.