31–40 of 167 posts
Earlier quoted context omitted.
"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." Seems like a good business model and a way to fund the innovation they've created.
Why don't they just mine then? Bitcoin worked just fine without Satoshi programming rewards for himself.
When I shared a draft post with some friends, a lot of them had an ah-ha moment, so I was hoping for the same from others. I was trying to illustrate 2 privacy concerns around the graph Bitcoin exposes: (1) accidental associations and (2) exposing the people you transact with to each other.
In the blog's hypothetical, you're not receiving money from some asshole because you're collecting Klan dues from him. Rather, you performed some public transaction with a stranger. For example, maybe you sold him some tickets. An external observer of the graph who knows he's a dangerous character may start applying high odds that you, too, are a dangerous character, since they don't know why he sent you money. This would suck. And, second, this character who sent you money may also be learning things about you. Since you sold tickets to a local show and mailed them to him, (1) he's likely to live near you, and (2) he knows your return address. You really don't want him seeing that you're sending money to causes he opposes. If so, he might show up at your door.
The goal was to clear up this misconception that a private cryptocurrency is there to protect criminals. This is especially important if you'd like to post a static address on a profile.
Author here. Seeing some of the discussion go down on Twitter, I feel maybe I should explain further the "white supremacist" example in the post. (one tweet at me: "So now you can hide the fact that white supremacists are sending you money? F!@#ing weird example.") When I shared a draft post with some friends, a lot of them had an ah-ha moment, so I was hoping for the same from others. I was trying to illustrate 2 pr…
We're sadly living in a society where people search high and low for grievances to publicly virtual signal over. Hopefully the Twitter-sphere will realize there's value in your example and not just clutch pearls.
Author here. Seeing some of the discussion go down on Twitter, I feel maybe I should explain further the "white supremacist" example in the post. (one tweet at me: "So now you can hide the fact that white supremacists are sending you money? F!@#ing weird example.") When I shared a draft post with some friends, a lot of them had an ah-ha moment, so I was hoping for the same from others. I was trying to illustrate 2 pr…
Thank you for explanation.
I recommend supporting Zclassic also ( http://Zclassic.org ) It's the same exact code as Zcash except there is no 20% "genius" tax for 4 years. It's the fair choice and even has the blessing of Zcash developer Zooko.
Earlier quoted context omitted.
What would you have done differently to solve the same problem they did?
If I could come up with something better, they would have done that. Absence of a better solution does not imply any fitness of the proposed solution. Until such time that someone comes up with a better idea, I am sticking to public blockchains.
Don't give up so easily! If you're going to make a stance borne out of principle, why not follow through to outperform the suboptimal solution that you dislike so much?
Innovate. Put some skin in the game. That's what I would do, anyway.
As it stands: If any of the folks involved in the trusted setup was honest, then it's secure. It takes a 100% corruption to make it insecure. I think that's acceptable until a better solution is proposed.
How do you purchase zcash with USD?
Kraken is an exchange that sells Zcash to USD holders (as long as you aren't in NY state!). Another option is to buy Bitcoin (e.g. from Coinbase) with USD, and then use shapeshift.io to convert your Bitcoin to Zcash.
You need a ton of space and/or processing power for the zero-knowledge transactions. The anonymity isn't free! In practice Zcash/zcoin (different tradeoffs) are of no use to you unless you are willing to go the extra mile to hide something (criminal activities and such). There's no point in paying for the extra effort for normal transactions.
EDIT: found some data in the ceremony report linked elsewhere in this discussion: https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trust...
I like the ideas behind Zcash and it solves important privacy issues, but I don't like the idea of a for profit company being the heavyweight behind Zcash.
From what I gather, Bitcoin is more of a community effort than most other altcoins, which inspires trust.
I looked up Zcash's price chart, it fell from ~$1300 at launch to ~$90 now. Ouch.