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.
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Keybase chooses Zcash
51–60 of 167 posts
Re: Keybase chooses Zcash
#52The 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 billionaire ran a lemonade stand for an afternoon and steadfastly demanded payment with no free handouts, people would criticize that. But it should be expected that normal people get paid for doing real work.
Re: Keybase chooses Zcash
#53Earlier 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.
Have you heard of Monero?
Re: Keybase chooses Zcash
#54Is there any way to mimic Zcash's z-addresses in Bitcoin? 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.
If I recall correctly, more than 500btc was traded when the price was over 100 btc per Zcash - $350,000 in trade volume at a price exceeding $70,000 per token, when the price today has fallen to about $100 per token. Max price was almost $2,000,000 per token, someone actually literally spent that much.
Perhaps the greatest example I've ever seen of tulip mania. And I'm fairly confident those were real trades, as they occurred on a public exchange where anyone with money or zcash was able to buy or sell at any time. Granted, at this point there were only dozens of people with the asset, but anyone was able to mine the currency and blocks were being found every 2.5 minutes using commodity hardware (e.g. laptops and desktops).
Re: Keybase chooses Zcash
#55Author 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…
Have you considered supporting a stealth address scheme for Bitcoin? The problem is reuse of addresses, period. Bitcoin has solutions for this.
Re: Keybase chooses Zcash
#56I 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.
I'd rather own the taxed coin. It's a great model to align the interests of the developers and the coin owners. When new features are introduced by the core team it may result in a fork. The z-cash alts may not fork the exact same way, and wallet makers most likely won’t support all forks - making a market for z-cash alts less likely.
Re: Keybase chooses Zcash
#57Earlier quoted context omitted.
Prices were very high on day one due to an extremely limited supply and a lot of (warranted) attention. They've since normalized.
ZEC is currently down 14.24% on the day. 8 days ago, Daily volume exceeded the market cap. I don't think that qualifies as normalized by most standards. [0] https://coinmarketcap.com/currencies/zcash/
"Normalized" is spin control. "Screaming dive" is more like it. From $6000 to $92 in a month, and dropping about 10% per day. Zcash is on its way to joining the other 700 dead and dying altcoins. Right now, it's the 43rd most valuable altcoin, and dropping in rank.
Mining is generating Zcash way too fast for the market to absorb. The "market cap" has been holding steady as the priced dropped over 99%.
Re: Keybase chooses Zcash
#58I 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.
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…
> There's too much of it, it's too new, and it's too interesting (e.g. a lot of aspiring undergrads and grads are looking to make their mark on the world, and breaking Zcash would be a great way to do that). I believe that your privacy will be compromised retroactively, and not due to bugs but due to actual cryptographic breaks. And then you're back to the Bitcoin network where everyone can see everything, and you're vulnerable.
Which component do you think is most likely to break?
Re: Keybase chooses Zcash
#59I 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.
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…
> Mostly, I would urge people not to use Zcash for situations that require real anonymity. E.g. wikileaks accepting donations, or routing around captial controls in oppressive countries. And this is because I do not believe that the cryptography will hold up. There's too much of it, it's too new, and it's too interesting
I would disagree; the cryptography that people are more skeptical of in Zcash involves soundness of the zero-knowledge proofs. (i.e., if counterfeiting could occur) Privacy is protected by standard cryptographic assumptions that are relied on in other systems.
Re: Keybase chooses Zcash
#60I think Keybase is making a mistake in choosing Zcash over Monero - especially so soon after Zcash's launch. But that's okay - they'll come around soon enough. Zcash has been fantastic advertising for Monero.