The home page also follows a similar pattern: just beautiful, uncluttered, no bullshit design, that gets straight to the point. Why can't more websites do this? A+++ would browse again.
Keybase chooses Zcash
131–140 of 167 posts
Re: Keybase chooses Zcash
#132The "zaddress" is already implemented in Bitcoin in the form of a stealth address, pioneered by libbitcoin [1]. This news spurred me to delete my Keybase account. I regret ever giving a corporation that much control over my personal privacy. [1] https://github.com/libbitcoin/libbitcoin-explorer/wiki/Steal...
Re: Keybase chooses Zcash
#133Earlier quoted context omitted.
You're almost there, but not quite. Since Monero outputs go to dual-key stealth addresses, outputs are effectively paid to a random 256-bit "address". So if you use a mixin of 50, in a transaction with 1 input, an external observer can say "this illicit transaction spends funds from 1 of 50 possible transactions", but then you need to go to those 50 and work your way back till eventually you find a needle, in a very…
I like both Monero and zCash. As technologies they both have different advantages and they are both pushing the state of the art in privacy cryptocurrencies. As a researcher it makes me optimistic that we are pursuing multiple paths to the goal of "digital cash". >Using zCash requires 8gb+ of RAM, and takes over a minute on a Xeon processor. Cryptography in this area is rapidly advancing, we have seen dramatic speed…
Thus X grows at a rate that is useless for its intended purpose: getting lost in the dust of millions of others.
But to make matters worse, ZCash is grossly irresponsible by not making private transactions mandatory, as people will use t-address transactions and think they're safe. Pools pay out to t-addresses, exchanges only accept t-address deposits, and lightweight clients will all end up being t-address only as it's the quick win.
Claiming that it's "just an experiment" is not acceptable when people's money is on the line, at best, and where their lives might hang in the balance, at worst. The disgusting and dangerous approach taken by the for-profit US company behind ZCash, that of fast-tracking the launch of massively immature technology due to investor pressure, is something that should lead to grave consequences for them because of the nature of this technology.
I greatly respect the work of Ben-Sasson, Green, Garman, Miers, et. al., but even they have been complicit in the rush hack-job that is ZCash. We would do well to consider what advantage a nation state attacker would have in encouraging adoption of this immature and likely broken system, over alternatives that are FOSS and have prolific contributor communities.
Re: Keybase chooses Zcash
#134Consider that after by end of this month there will be 200,000 ZEC released following every month with 20% going to the founder's coffers after 4 years. Extreme inflation will continue sending prices crashing. Recall early this month prices were hovering around 2 Ferrari 458 and now it's tanked to under a 100 dollars. If we were to assume that in 48 months X 200,000 ZEC = ~100,000,000 ZEC with 20,000,000 ZEC belongin…
It's important to consider the pros and cons about the Founder's Reward with Zcash, and I appreciate you trying to start a discussion, but I just wanted to clarify that your numbers are slightly off. 20% for the next 4 years goes to the "founders" (which is not just the developers, but investors as well). But much like Bitcoin the total monetary base is fixed at 21,000,000 ZEC. And also like Bitcoin, the total mining…
Re: Keybase chooses Zcash
#135Earlier quoted context omitted.
The slow start was a good way to avoid unfair distribution in the beginning phase when miner implementations were still being written, deployed, tested, debugged, ported and optimized. In fact I would advocate for a zero-day start, where the first few hundred blocks following genesis have exactly 0 reward, coupled with an overestimated initial difficulty, so people have some less stress-full time to get set up and so…
Thinking further, you could have achieved something similar by refusing to allow coins to be traded for X weeks. E.g. no coins at all can be sold until the first 2 weeks of mining become available all at once. It's fair-ish distribution, without the absurd trading game that followed the Zcash release.
Re: Keybase chooses Zcash
#136Earlier quoted context omitted.
You're some random on HN. Peter Todd is a core developer who works on software that runs a billion Dollar economy (Bitcoin), and is also one of the 6 people involved in the ZCash trusted setup. I think you need to stop talking and start listening, because the economics at play and the framing of the founder's reward is critical. Downplaying the 20%, when it is a massive sum that could be used to significantly bolster…
It wouldn't be a cryptocurrency post without someone invoking the cult of personality.
Re: Keybase chooses Zcash
#137Earlier quoted context omitted.
I think it's worth paying the "genius" tax. Though controversial, the tax manifests in the form of inflation and will help fund a company that can get things running and stable. Of all the qualms I have with Zcash, I think that their mining fee is one of the cleaner ways in the ecosystem to fund altcoin development. This technology takes a lot of effort, and a lot of salary money to develop. And then you have to do m…
Privacy of ZCash is not affected by the underlying cryptography; the zero knowledge proofs used enjoy perfect zero knowledge, which does not rely on any cryptographic assumptions.
Re: Keybase chooses Zcash
#138The biggest criticism of Zcash is the Founder's Reward. Some people say it's greedy, that they should have given away their work for free. I disagree. I think it's great that they will get paid for their work, and it also gives me confidence for the future of the coin. They have an incentive to make Zcash a long-term success. Getting paid for work done should be the default, of course. I could understand that if a bi…
The founders reward is extremely high, so high that the founders have a significant ability to manipulate the market. This is a concern in part because the founders may be forced to do that - the actual implementation is with a single address, rotated periodically, which means that address is a single-point-of-failure for the whole currency in the sense that compromising it can be used to crash the price. Finally, 20…
Re: Keybase chooses Zcash
#139I have read almost all comments, and it seems like nobody has pointed out that the supposedly anonymous transactions (using z addresses) are still not working. All mining pools are warning about it. For example: http://zcash.flypool.org If anonymity is so important for people, there are already excellent solutions, Monero being one of the best, if not the best, with a strong and serious dev team. Disclaimer: I am not…
Re: Keybase chooses Zcash
#140Earlier quoted context omitted.
How large is the overhead in numbers? I tried to search but didn't find any clear examples. EDIT: found some data in the ceremony report linked elsewhere in this discussion: https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trust...
Sending takes a few minutes of computation on your wallet - but that's not such a big deal as it's comparable to the time it takes for block confirmations anyway. The problem is verification of private transactions is very slow by cryptocoin standards, and verification is something that every full node and miner must do. Zcash would fail if private transactions were used in large numbers, as blocks would take too lon…