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ZCash Will Be a Truly Anonymous Blockchain-Based Currency

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Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#111

Post by bryondowd »

stale2002 wrote: post #67
fleitz wrote: post #28

Earlier quoted context omitted.

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.

Well, this only holds so far as you live like someone who doesn't have millions hidden away. It would be difficult to turn this hidden currency into an appreciable lifestyle improvement in a way that wouldn't be observable and result in an audit that could prove that your observed expenditures exceed your claimed resources. At best, you could make a bunch of minor improvements that aren't easily observed.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#112

Post by moyix »

I'm kind of confused by the tenor of the comments in here. I'll admit I haven't been following cryptocurrencies closely, but there seem to be a large number of comments suggesting that ZCash is a scam and that Monero is better (without any concrete arguments).

Could someone enlighten me as to why that's the case? I know of ZCash via the academic papers on it, and because the people involved – Zooko Wilcox, Matthew Green, etc. – are extremely well known and trusted in the security community. I've heard basically nothing about Monero.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#113

Post by SEK3NLM »

echelon wrote: post #102
zekevermillion wrote: post #92

Earlier quoted context omitted.

"Premined" is not strictly accurate. 1/10 of the mining reward will eventually go toward a wallet controlled by the developers. The rate of the incentive payments starts out high and decreases over time. [1] This is different from a premine or instamine, where the devs begin life with a stash of protocol tokens, which they then have a strong inclination to dump on the market. Zcash 10% vig is an improvement over inst…

Did anyone fork or clone Ethereum to cut out the developer's premine? I'd be interested in an Ethereum-like, but only without the politics of forking based on protecting assets of the original developers.

There are several, there's Lisk and Expanse and at least one other that's probably more significant than those two but whose name escapes me for the moment.

Note all of them are also doing work to improve on ethereum.

While there was an age where people would just fork a codebase and try to hype up a coin (doge is the biggest example) nowadays if you want to capture any value, you have to actually add functionality or differentiating features.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#114

Post by SEK3NLM »

Animats wrote: post #39

Another 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…

This is not pre-mined. They get a cut of the mining rewards for the first four years. This is a big improvement over the common practice of having ICOs. In an ICO the developers get bitcoin, and don't even have to make their coin a success. With Z.cash the development team has an incentive to make their coin worth something.

Further, I'll take a serious development effort like Zcash over almost all the alt coins. Having worked in this space, there are maybe 5-6 realy teams-- Bitcoin core, Ethereum, Synereo, MaidSafe, Factom and Z.cash. All of those are professional teams focusing on differentiating features. None of them are just clones of something else.

Not all altcoins are created equal and to compare this to coins that are weekend efforts isn't very fair.

But then, one of the great things about the original bitcoin is people underestimated it for years.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#115

Post by SEK3NLM »

problems wrote: post #71
earlz wrote: post #63

Earlier quoted context omitted.

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 m…

I wouldn't be so sure of that, there already exist some alternatives which seem better in some ways like Monero. I have very low trust for scam developers like the ZCash ones, I'm sure someone quite capable could take it up.

Whoa, Monero is weak, while Z.cash has a top flight team. This isn't the poloniex trollbox. No need to talk up your investment. All of the HN crowd are quite capable of seeing the team at https://z.cash/team.html

Are Vitalik and Gavin Anderson "Scam developers"? Matthew Green? Is he a "scam cryptographer"?

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#116

Post by SEK3NLM »

colanderman wrote: post #100
omouse wrote: post #77

Earlier quoted context omitted.

What's the problem with that? It seems to be working so far.

It incentivizes hoarding over spending, especially in the face of an expanding economy. Though to be fair, the rate at which new cryptocurrency pools are being created seems to more than keep up with the growth of the economy. Who needs the government to print money when anybody can?

This is true when the rate of interest in the new currency exceeds the rate of inflation, but as the adoption starts reaching diminishing returns (you can't add %100 more users every year) this will diminish and it will just be a currency.

Bitcoin is like the internet-- for many years it wasn't really known or understood by the general population. A look at mainstream impressions and articles about it seems to indicate this is still the case.

I've never seen a convincing argument that the low rate of inflation (bitcoin isn't deflationary, just fixed ultimate supply) is a problem.

Personally, I have spent a fair bit of my bitcoin buying things on purse.io.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#117

Post by SEK3NLM »

colanderman wrote: post #99
imaginenore wrote: post #94

Earlier quoted context omitted.

The whole electronics market is deflationary, and it's doing just fine.

I don't see anyone seriously suggesting to use electronics as a trade medium.

The point is that your US Dollars, which are a trade medium, are increasing in purchasing power vs. electronics every year, yet people still buy electronics and computers.

So the claim that people won't spend a currency because they can hold onto it and buy more of that same good, is debunked by the success of electronics and particularly computers and smart phones.

The iPhone 7 is three times faster than the one 2 years ago. People have worked out that there's value in having the product even though a cheaper one will come in the future.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#119

Post by kobeya »

colanderman wrote: post #64
Animats wrote: post #39

Another 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.

There's Freicoin.

Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency

#120

Post by 45h34jh53k4j »

colanderman wrote: post #99
imaginenore wrote: post #94

Earlier quoted context omitted.

The whole electronics market is deflationary, and it's doing just fine.

I don't see anyone seriously suggesting to use electronics as a trade medium.

nah ach, swift, amex, visa, mastercard, unionpay, ebay, paypal, venmo, facebook, wechat; wont ever catch on
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