I am by no stretch of the imagination a cryptography genius. I have however been following and speculating on the crypto currency market since Bitcoin was worth a couple of dollars.
Can someone please explain to me why people still think Zcash is a good thing? Please dispute the following facts, because from my layman understanding of the situation its worthless:
"The ceremony used a multi-party computation protocol with the property that the resulting parameters are secure unless all of the participants were dishonest or compromised during the ceremony."
Anything that relies on trust is fundamentally flawed.
"And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible." - Zooko Wilcox, ZCash founder.
The founder talking about making Zcash traceable in certain instances, rendering the whole concept fundamentally flawed.
Alphabay goes down the same moment they were supposedly implementing Zcash. Whether you believe in coincidences or not, its certainly is very suspicious.
ZCash is run by an American company with American investors. Conceptually, to me, this is a fundamentally flawed approach to privacy focused digital currency.
That is the double edged sword of Zcash. In theory, its transactions are truly anonymous and fungible, above everything else including Monero.
But the downside is, you are operating under the assumption that the "ceremony" was done the right way. The entire system could be compromised for all we know, and there's no way to ever know that because of the anonymity of it, which is why I never invested (and also due the disastrous coin release which caused a massive initial bubble)
