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Topic: Thoughts on Zcash? - page 43. (Read 123391 times)

legendary
Activity: 1960
Merit: 1128
October 28, 2016, 11:22:24 AM

What is an interesting question: Futures are nothing reliable, but if we think about the market-situation: There will be nearly no supply for days and weeks. After about 2 weeks just 20k Coins will exist while the first 3 days not even 1000 ZEC will be out there. Day 1: just about 100 ZEC.  I believe it's possible that some really will buy to prices like that or at least really high.

It will be like that. The buyers will be simply investors/team-Members of zcash. Hype the hype. It is so obvious. But reading some replies at btctalk and in some other boards i already see a fanbase who want to get screwed Cheesy
 
And some are ofc some miners taking advance of that situation and support the hype  Wink


I also thought about that possibility. That those, who are interested in establishing a high price, could buy at high prices for some time. And I would say mining-farms would have the most interest to do that, not necessarily the Zcash-team.

But either way: There is so much hype, this gets so much attention, I really believe that there will be some guys who will buy Zcash at ridiculous high prices. Most likely the first "supply" on the exchanges will be about 0.00x Zec... and so on. And thousands waiting and asking themselves if this will be the next big thing etc.

I really have no idea what Zcash will be. But at least it's not boring!

By the way: It just launched.
legendary
Activity: 1960
Merit: 1128
October 28, 2016, 11:19:00 AM
sr. member
Activity: 434
Merit: 250
October 28, 2016, 11:17:49 AM

What is an interesting question: Futures are nothing reliable, but if we think about the market-situation: There will be nearly no supply for days and weeks. After about 2 weeks just 20k Coins will exist while the first 3 days not even 1000 ZEC will be out there. Day 1: just about 100 ZEC.  I believe it's possible that some really will buy to prices like that or at least really high.

It will be like that. The buyers will be simply investors/team-Members of zcash. Hype the hype. It is so obvious. But reading some replies at btctalk and in some other boards i already see a fanbase who want to get screwed Cheesy
 
And some are ofc some miners taking advance of that situation and support the hype  Wink
full member
Activity: 126
Merit: 100
October 28, 2016, 11:08:04 AM
 Smiley

Live stream of the launch of the Zcash crypto-currency
https://www.youtube.com/watch?v=O8QA6Nvg8RI&feature=player_embedded
legendary
Activity: 3836
Merit: 4969
Doomed to see the future and unable to prevent it
October 28, 2016, 11:03:41 AM
hero member
Activity: 644
Merit: 501
October 28, 2016, 09:56:33 AM
Zooko doesn't even know how ZK-Snarks work.

That should say a lot.

https://www.youtube.com/watch?v=P6RLjcGVUnw&feature=youtu.be&t=17m30s

Thats why I stopped supporting SDC. Bit to yeehaaaa on the real propellerhead stuff for my liking. This thing is potentially a timebomb. Plus not in the spirit of trusted financial sovereignty. Unlike XMR
That says nothing. Majority of CEO's don't know the details of their products. That's why they hire people. You think a bank manager knows how the encryption in the banking system works ?
legendary
Activity: 1960
Merit: 1128
October 28, 2016, 09:10:28 AM
If its true that the trusted setup was done behind closed doors and with only 6 people involved then it surely cant be trusted.  Can anyone confirm how the setup was done?

Why wouldn't they use hundreds or even thousands of people generating shards of the golden key and have them all doing it in different ways to just about guarantee that there was no funny business in the setup.  Without the ability to audit the blockchain we cant know if they created a gazillion coins or just 21 million.  The technology behind Zcash whereby making the entire blockchain a black hole is great for anonymity but not so great if we cant trust how many coins are in this black hole.


I don't even think that this is the major problem. It is likely that one or more computers of them is infected. It is just to easy for professional hackers. And this not a kind of conspiracy theory. It's a honey pot for any hacker to get these data for a money printing maschine.

Exactly.  We have to trust the setup, and if this was how it was done, then that doesn't inspire a lot of confidence in it.

I'm sure that the trusted setup is all right. They did a lot to ensure it's security and also something one could call "decentralized honesty". Peter Todd was involved for example etc.

But: As far as I know it won't even be visible on the blockchain how many Coins exist at a certain point of time. It doesn't need a compromised setup but "just" a bug like it happened to Bitcoin in 2010 (*) while nobody would know about it - just the market.


At the same time: Because of this ridiculous hype I rented some hash-power at bnkofthefuture - so I hope it will be all right and people will buy this. Futures are trading at 1.5 Bitcoin right now: https://www.bitmex.com/app/trade/ZECZ16

What is an interesting question: Futures are nothing reliable, but if we think about the market-situation: There will be nearly no supply for days and weeks. After about 2 weeks just 20k Coins will exist while the first 3 days not even 1000 ZEC will be out there. Day 1: just about 100 ZEC.  I believe it's possible that some really will buy to prices like that or at least really high.



* On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or "blockchain" which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[16][17] On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.[18][19] This was the only major security flaw found and exploited in bitcoin's history.[16][17]
https://en.wikipedia.org/wiki/History_of_bitcoin
member
Activity: 90
Merit: 10
October 28, 2016, 06:12:11 AM
As long as you can get out quicker than what it took you to get in, You just might see a profit.
hero member
Activity: 725
Merit: 501
Boycott Qatar 2022
October 28, 2016, 06:02:34 AM
If its true that the trusted setup was done behind closed doors and with only 6 people involved then it surely cant be trusted.  Can anyone confirm how the setup was done?

Why wouldn't they use hundreds or even thousands of people generating shards of the golden key and have them all doing it in different ways to just about guarantee that there was no funny business in the setup.  Without the ability to audit the blockchain we cant know if they created a gazillion coins or just 21 million.  The technology behind Zcash whereby making the entire blockchain a black hole is great for anonymity but not so great if we cant trust how many coins are in this black hole.


I don't even think that this is the major problem. It is likely that one or more computers of them is infected. It is just to easy for professional hackers. And this not a kind of conspiracy theory. It's a honey pot for any hacker to get these data for a money printing maschine.

Exactly.  We have to trust the setup, and if this was how it was done, then that doesn't inspire a lot of confidence in it.
sr. member
Activity: 434
Merit: 250
October 28, 2016, 05:29:50 AM
If its true that the trusted setup was done behind closed doors and with only 6 people involved then it surely cant be trusted.  Can anyone confirm how the setup was done?

Why wouldn't they use hundreds or even thousands of people generating shards of the golden key and have them all doing it in different ways to just about guarantee that there was no funny business in the setup.  Without the ability to audit the blockchain we cant know if they created a gazillion coins or just 21 million.  The technology behind Zcash whereby making the entire blockchain a black hole is great for anonymity but not so great if we cant trust how many coins are in this black hole.


I don't even think that this is the major problem. It is likely that one or more computers of them is infected. It is just to easy for professional hackers. And this not a kind of conspiracy theory. It's a honey pot for any hacker to get these data for a money printing maschine.
full member
Activity: 136
Merit: 100
October 28, 2016, 05:22:01 AM
so with all those zcash clone recently, someone can enlighten me? zcoin, for example they said it's use a better technology than zcash, is this true or just a scam coin that want to ride the hype before the official zcash launch?

It's hard to tell which tech is better. Zcoin uses earlier more proven Zerocoin tech. Zcash uses cutting edge tech but has drawbacks as well.

Zcoin is called Zcoin cause of the use of Zerocoin paper.
Zcash is called Zcash cause of the use of Zerocash paper.

I wouldn't call it a scam coin just cause of the name.

Further reading:
http://blog.zcoin.tech/zcoin-and-zcash/

I also posted on this here: https://bitcointalksearch.org/topic/m.16708960
legendary
Activity: 1554
Merit: 1000
October 28, 2016, 05:01:06 AM
If its true that the trusted setup was done behind closed doors and with only 6 people involved then it surely cant be trusted.  Can anyone confirm how the setup was done?
Craig Wright, Gavin Andresen , and Jon Matonis over saw it all. Just believe.  Tongue
sr. member
Activity: 378
Merit: 251
October 28, 2016, 04:53:58 AM
Total amount of ZCash will be ?

whatever you would like it to be. Feeling down and out and need a pump? just say you own 10,000...who the hell can tell you different?
full member
Activity: 205
Merit: 100
October 28, 2016, 04:39:36 AM
Why wouldn't they use hundreds or even thousands of people generating shards of the golden key and have them all doing it in different ways to just about guarantee that there was no funny business in the setup.

Because

they created a gazillion coins
hero member
Activity: 725
Merit: 501
Boycott Qatar 2022
October 28, 2016, 04:31:16 AM
If its true that the trusted setup was done behind closed doors and with only 6 people involved then it surely cant be trusted.  Can anyone confirm how the setup was done?

Why wouldn't they use hundreds or even thousands of people generating shards of the golden key and have them all doing it in different ways to just about guarantee that there was no funny business in the setup.  Without the ability to audit the blockchain we cant know if they created a gazillion coins or just 21 million.  The technology behind Zcash whereby making the entire blockchain a black hole is great for anonymity but not so great if we cant trust how many coins are in this black hole.
legendary
Activity: 1414
Merit: 1000
October 28, 2016, 04:22:48 AM
What cloud mining service would you guys prefer? Zcash-miner(for 1 year contract) or Nicehash?
Nicehash is not a cloudminer. At least not in the traditional way.

My mistake, it is a hashes rental service. Which one of these mining services including genesis-mining would you recommend?
legendary
Activity: 1554
Merit: 1000
October 28, 2016, 04:17:44 AM
The more i read, the more i dont get. Fireworks and tears incoming.
legendary
Activity: 1554
Merit: 1014
Make Bitcoin glow with ENIAC
October 28, 2016, 04:06:11 AM

This thread is an orgy of xmr butthurt
legendary
Activity: 1890
Merit: 1031
October 28, 2016, 03:22:47 AM
What cloud mining service would you guys prefer? Zcash-miner(for 1 year contract) or Nicehash?
Nicehash is not a cloudminer. At least not in the traditional way.
legendary
Activity: 1414
Merit: 1000
October 28, 2016, 02:51:35 AM
What cloud mining service would you guys prefer? Zcash-miner(for 1 year contract) or Nicehash?
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