Topic: ZCash backdoor? (Read 2848 times)
a nice tweet but what does he wants us to think?
Invalidating inactive wallets means stealing your life savings.
Right! So much for store of wealth use case.
Invalidating inactive wallets means stealing your life savings.
Glad to hear something that contradicts the 'Zcash took alpabay down' rumours.
If bitcoin transactions increasingly get traced, it might push more people to coins like Monero and Zcash.
But why should anybody use Zcash if their developers freely and repeatedly confess that they want to make Zcash transactions transparent afterwards if neccessary through a backdoor implementation? It is not like someone makes assumptions and speculations that they will do it, but the developers themselve say it openly. So why should anybody use Zcash?
Also Zokoo said now (Twitter) they will implement an option to invalidate not active accounts/wallets.
So lets summarize:
Means the Zcash company will have the power to:
- print tons of Zcash (trusted setup)
- will have the power to selectively deanonymize transactions
- and will have the power to invalidate your Zcash account and the money you have on it
Add the massive inflation to this, for me only a complete stupid investor would put his money into Zcash. Which degree of stupidity is neccessary to put ones money into Zcash? I am amazed every day how people just want other people to take their money without doing any kind of research. Amazing.
Glad to hear something that contradicts the 'Zcash took alpabay down' rumours.
If bitcoin transactions increasingly get traced, it might push more people to coins like Monero and Zcash.
What does it have to do with ZCash ?
So a backdoor in an anonymous coin ,i knew this will be a shit coin with all the hype it had and the team behind it ,it is good that they revealed the facts about how anonymous they are,still i do not understand why the coin is trading at this price,it should go down and people should avoid these shit coins ,the developers made a lot of money with it cheating every investor.
Zcash problems so far.
1) Backdoor built by developers for government snooping. This is no different now than any other bitcoin core clone.
2) Trusted setup issues where devs need to be trusted not to create zcash out of thin air, as much as they want, hidden from everyone. Nobody would know.. hmm.. thats asking for a lot of trust.
3) 20% of mined rewards go to devs. Thats like a 20% premine. Shitcoins have that much premine.
Dash is also an overpriced shitcoin with crappy anonymity. You need to trust nodes to mix your coins while anyone could own these nodes including governments.
So what is left? MONERO! underpriced at 38.00 compared to the above shitcoins. What coin do you think will dethrone these two jackasses above? MONERO that's who. December 2017 will see Monero in the top 5 and those two fake anon coins way below it.
1) Backdoor built by developers for government snooping. This is no different now than any other bitcoin core clone.
2) Trusted setup issues where devs need to be trusted not to create zcash out of thin air, as much as they want, hidden from everyone. Nobody would know.. hmm.. thats asking for a lot of trust.
3) 20% of mined rewards go to devs. Thats like a 20% premine. Shitcoins have that much premine.
Dash is also an overpriced shitcoin with crappy anonymity. You need to trust nodes to mix your coins while anyone could own these nodes including governments.
So what is left? MONERO! underpriced at 38.00 compared to the above shitcoins. What coin do you think will dethrone these two jackasses above? MONERO that's who. December 2017 will see Monero in the top 5 and those two fake anon coins way below it.
You know, and I know that a backdoor would have been sealed long ago, if it had even a chance of existing.
Wrong. Why is it so difficult to understand that the main people behind Zcash (Zooko, Green) openly confirm a backdoor in Zcash without even hiding their plans?
So no, they wont seal it but open the backdoor it by themself. Also a backdoor does not need to be lot of code but simply a vulnerability. This makes Zcash worthless.
Im hoping coins like XSPEC can step up and deliver where other privacy based coins have been failing.
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ZEC will be completely secure as it's all encrypted. It helps us to hide the transaction amount and related parties.
No it wont be secure because the developers will have the option to deanonymize every Zcash transaction they choose, through a backdoor.
This is a false promise of security. But at least the Zcash developers do not hide their plans.
I think it can not come back, not only it, most of the altcoins are down in the same direction as bitcoin, bitcoin is affecting the whole virtual currency market. This only ends until bitcoin increases.
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ZEC will be completely secure as it's all encrypted. It helps us to hide the transaction amount and related parties.
No it wont be secure because the developers will have the option to deanonymize every Zcash transaction they choose, through a backdoor.
This is a false promise of security. But at least the Zcash developers do not hide their plans.
Alphabay implement Zcash and they are down?
Coincidence or backdoor?
Alphabay implement Zcash and they are down?
Coincidence or backdoor?
So the DEvs claim they have an annon coin, but they get to decide who is not trustworthy and allow the authorities to move on them. So i see a coin dev team playing judge or police.
Right. Zcash is the special coin where the user has to trust the Zcash company who could print endless money or deanonymize some transactions through a backdoor.
In Zcash you do not have trustless cryptography but need trust in a new authority. 100% unlike other coins. So basically you can instead of Zcash use fiat, banks and PayPal.
Very interesting statement. So the DEvs claim they have an annon coin, but they get to decide who is not trustworthy and allow the authorities to move on them. So i see a coin dev team playing judge or police. Crypto is the wild west, this is what was missing in the picture....
Your theory is absolutely absurd. ZCash has been on the market for a long time now, and any backdoors would have been immediately noticed by other contributors.
Very, very few people truly understand how Zcash works. Even Zooko can't explain it. A backdoor could be something as simple as a vulnerability that they either accidentally found, or intentionally placed, and then kept secret. It's not like there's a big "THIS IS THE BACKDOOR!" comment in the code. It would be an extremely obscure vulnerability, that could then be used to deanonymize transactions. Considering that the founder essentially admitted there are ways for them to make Zcash useless for criminals, it's far from absurd to say that Zcash has backdoors. To me, it's practically 100% certain that they're there.
Maybe you can explain it to us then.
Right: This is a "possible backdoor. ZKsnarks technology required a kind of "key" to "start" the network. If you look to the history of Zcash, they really knew how sensible this topic is and spend hundred thousands of dollars to make the "start procedure" safe (in easy words: they split this "starting key" so that all team members have only fragments - and they involved civil law notary. The "key fragments" were later on destroyed).
So, yes, this is a possible backdoor - but the ZKsnarks technology requires this. I think they took care that everything runs safe.
People are finally starting to see what a hoax ZCash really is, only purpose it has is to make quick buck for its founders.
How about we don't be early 1900s Europe style racist towards Jews? Just a thought. For sure, if you're doing small to medium business ethnic loyalty might cross your mind - "I'm not Chinese, but they all are, will they favour themselves over me?" sort of thing. I think that's completely irrelevant to holding a cryptocurrency that the developers obviously want to rise given their 20 per cent stake.
I know of no ZCash back door. I do know there is no chance of a cinder in snow that governments around the world will allow large-scale, untraceable money transfer. It's called money laundering, and they seem not to like it. The easiest thing would be just to ban possession of a cryptocurrency if it got out of control. Or they might just regulate the gateway where it turns back in to fiat, which would irritate people less. They'll probably start with this less drastic measure.
I know of no ZCash back door. I do know there is no chance of a cinder in snow that governments around the world will allow large-scale, untraceable money transfer. It's called money laundering, and they seem not to like it. The easiest thing would be just to ban possession of a cryptocurrency if it got out of control. Or they might just regulate the gateway where it turns back in to fiat, which would irritate people less. They'll probably start with this less drastic measure.
As if we needed any more reasons to boycott ZionistCash and it's 20% premine.
You know, and I know that a backdoor would have been sealed long ago, if it had even a chance of existing.
Wrong. Why is it so difficult to understand that the main people behind Zcash (Zooko, Green) openly confirm a backdoor in Zcash without even hiding their plans?
So no, they wont seal it but open the backdoor it by themself. Also a backdoor does not need to be lot of code but simply a vulnerability. This makes Zcash worthless.
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