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ZCash Will Be a Truly Anonymous Blockchain-Based Currency
81–90 of 285 posts
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#82Earlier 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/
xkcd standards
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#83Another 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…
Or it's like Gulden (NLG) [0] which went times 30 over the last months. Currently they are installing terminals in parts of the Netherlands, some in Taxis.
Edit: This altcoin also seems to provide anonymity [1]
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#84Another 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…
> Another altcoin. This one has a 10% pre-mining cut for the founders
The way the "10%" is done is that it's really 20% for the first 4 years then 0%. Given the past history of premined altcoins I wouldn't weigh the odds that this specific system really lasting more than 4 years out especially high.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#85Earlier quoted context omitted.
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 m…
The Zcash additions are significantly less complex than the Bitcoin system overall especially once accepting the ZKP as a tidy black box with clear boundaries.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#86Earlier quoted context omitted.
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
No, it's 20% of the first 4 years' reward, which is equal to 10% of all time's reward.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#87"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.
> the miners only get to keep ninety percent of those coins
It's 80% for the first four years then all after.
The fact that this isn't completely clear to people is another reason to be skeptical.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#88Another 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…
Or it's like Gulden (NLG) [0] which went times 30 over the last months. Currently they are installing terminals in parts of the Netherlands, some in Taxis. Edit: This altcoin also seems to provide anonymity [1] [0] https://bittrex.com/Market/Index?MarketName=BTC-NLG [1] https://shadowproject.io/en
Already down 50% from the peak one week ago.
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#89Earlier quoted context omitted.
"ZCash looks like a promising tool to prevent civil forfeiture and legalized theft." How does it prevent civil forfeiture specifically? Can you elaborate?
Not familiar with Zcash specifically, but it should work the same as Bitcoin. You cannot initiate a transaction without the (password protected) private key of the wallet containing BTC. If the victim of civil forfeiture refuses to provide the password and private key there is nothing that can be done to acquire the money. This is good because it changes the game from the "government takes your money and you have to…
Yes, I see your point. Thanks for the clarification.
For anyone who's interested about the practice of "civil forfeiture" in the U.S. and why its so concerning. This is decent introductory read:
https://priceonomics.com/how-police-officers-seize-cash-from...
Re: ZCash Will Be a Truly Anonymous Blockchain-Based Currency
#90Earlier 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.
The only way I could foresee a cryptocurrency where, by its nature, the early adopters would not have a significant amount of money in the eventual economy, is to make the rate of money generation grow with participation and / or transaction rates. The former is effectively impossible to judge, unless you use the block difficulty as a measure of popularity, and the later seems like it doesn't accurately reflect the market cap - coins like doge had much higher velocities than btc at unique times despite being a fraction the size.
The other option might be a blockchain that doesn't do time based payouts but does volume based payouts. Rather than having blocks issued on fixed intervals you could have them dynamically issued and computed based on the previous blocks time to reach a calculated size threshold to hash. Unless you were psychic and could guarantee your coin would take off, investing the electricity to generate bogus volume would be a tremendous gamble in resources to try to beat the market.