Topic: Zcash = major SCAM (Read 5458 times)
yeah thanks for the screenshot from 2016, helpful.
https://medium.com/@yobanjo/zcash-founders-might-make-60-million-in-first-year-2c9658b2dc5d#.9f2ot0y2h
Quote
If you really thought Zcash is all about some new cool coin you’re wrong. Tim Berners-Lee invented the World Wide Web and gave the technology away for free. No millions needed. Now fast forward to today…
In a few days Zcash will be the new hot thing in crypto. A close look at their website shows some interesting details:
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”.
Notice how they talk about “10% of that reward”. The devil is in the details with this one. In the first 4 years the founders will take 20% of all coins mined. Yup that’s right, they’ll surf the hype and make most money in the beginning. So let’s see how this adds up:
At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders.
So, that’s 2.628.000 coins in the first year alone…… And the founders will take 20% of that? That’s 525.600 ZEC even while they sleep and do nothing. If this coin becomes hyped (like the team already tries to do) we might see a $300 million marketcap in year 1 quite easily. That’s $114.15 per ZEC on your favorite crypto exchange. And guess what? The founders own 20% of that. And the bigger the hype, the more they will make. Think about that when you plan on buying your ZEC at a “nice price”. This thing becomes even more funny when you look at their investment:
With the plan above, a dream team of investors stepped up to fund the Zcash Company, because they believe in our mission, and in the value of this technology for all kinds of people and industries. We have closed a $1M funding round with these investors.
These devs are even more dumb than I expected. They got $1 million while giving away 20% mining rewards in the first 4 years which could easily be worth 60 times that number. And they call their investor “a dream team” for being ripped off like that. Don’t be fooled, this is the biggest scam since Ethereum. A bunch of greedy people talk about “decentralization” and “community” while filling their pockets with “dumb” crypto money.
Don’t believe the hype
In a few days Zcash will be the new hot thing in crypto. A close look at their website shows some interesting details:
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”.
Notice how they talk about “10% of that reward”. The devil is in the details with this one. In the first 4 years the founders will take 20% of all coins mined. Yup that’s right, they’ll surf the hype and make most money in the beginning. So let’s see how this adds up:
At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders.
So, that’s 2.628.000 coins in the first year alone…… And the founders will take 20% of that? That’s 525.600 ZEC even while they sleep and do nothing. If this coin becomes hyped (like the team already tries to do) we might see a $300 million marketcap in year 1 quite easily. That’s $114.15 per ZEC on your favorite crypto exchange. And guess what? The founders own 20% of that. And the bigger the hype, the more they will make. Think about that when you plan on buying your ZEC at a “nice price”. This thing becomes even more funny when you look at their investment:
With the plan above, a dream team of investors stepped up to fund the Zcash Company, because they believe in our mission, and in the value of this technology for all kinds of people and industries. We have closed a $1M funding round with these investors.
These devs are even more dumb than I expected. They got $1 million while giving away 20% mining rewards in the first 4 years which could easily be worth 60 times that number. And they call their investor “a dream team” for being ripped off like that. Don’t be fooled, this is the biggest scam since Ethereum. A bunch of greedy people talk about “decentralization” and “community” while filling their pockets with “dumb” crypto money.
Don’t believe the hype
i told that from the begining this is an empty IT system, it doesnt has an obligation, of course they scam you, i told this like 20 times over multiple month and now you wonder why they sold their premine for money people still sell their work time for, and leave you with empy token they made out of thin air.
omg
well you deserved this.
im in on this, despite hating the attitude of teh developer/founder.
This is a good long term hold
This is a good long term hold
Yepp. Total bullshit. It is a scam and a ponzi. Just like ethereum.
nobody has idea on how they hardcoded the 20% "founders block reward" in an opensource software ??
I know myself i am sick of looking at the scam code after all these years.
What's the point this will play out as predicted then another one will be rolled out.
nobody has idea on how they hardcoded the 20% "founders block reward" in an opensource software ??
Why is anybody even talking about this? It's ranked 99th in market cap not even over a million.
cuz this was obviously big scam of fund lots buy from 100 to 1000 btc per coin and then what happen in matter of second price went down below 100 btc per coin
i didn't see how much the price is right now but i had bad felling about this coin from start
i hope that no one here didn't lose anything just stay as it it on balance
Why is anybody even talking about this? It's ranked 99th in market cap not even over a million.
Fuck the zero-sum, its all heavily manipulated by several whales. Why do you think Ethereum, Monero and Dash are tanking? Because of ZCash. I was expecting a huge pump (https://twitter.com/bulgar1an/status/791970268768075777), but come on, this is not serious. I am genuinely scared about our future here...
Agreed and you have to see that it's cemented in greed.
The machine is designed and it works one way and that is not going to change.
All we see is people with lots of spare money setting up scams then the poor pricks piling onto them for chump change profits.
While pretending to be against these very same people..
When in essence all they are doing is supporting them for a cut.
I have long said there is no stopping the silly bullshit.
Regulations is the only thing that will realistically stop any of it.
And guess who doesn't want that ? ROFL
..i wonder why hahahha
I gave up hope on all these idiot dregs here long ago and said they are a lost cause.
The titanic is being steered by the blind & dumb and there is 0 life boats.
There will be no govt bail out packages.. just richer whales.
PS:
Years ago it would have been impossible for Zcash to even get listed on an exchange let alone supported by anyone in crypto.
Times have changed.. it's 1,0000000 more scammy now.
It's just another *rigged* scam coin.
The new alt-coin dev's average office:
Fuck the zero-sum, its all heavily manipulated by several whales. Why do you think Ethereum, Monero and Dash are tanking? Because of ZCash. I was expecting a huge pump (https://twitter.com/bulgar1an/status/791970268768075777), but come on, this is not serious. I am genuinely scared about our future here...
Agreed and you have to see that it's cemented in greed.
The machine is designed and it works one way and that is not going to change.
All we see is people with lots of spare money setting up scams then the poor pricks piling onto them for chump change profits.
While pretending to be against these very same people..
When in essence all they are doing is supporting them for a cut.
I have long said there is no stopping the silly bullshit.
Regulations is the only thing that will realistically stop any of it.
And guess who doesn't want that ? ROFL
..i wonder why hahahha
I gave up hope on all these idiot dregs here long ago and said they are a lost cause.
The titanic is being steered by the blind & dumb and there is 0 life boats.
There will be no govt bail out packages.. just richer whales.
PS:
Years ago it would have been impossible for Zcash to even get listed on an exchange let alone supported by anyone in crypto.
Times have changed.. it's 1,0000000 more scammy now.
It's just another *rigged* scam coin.
Don't you think they bought from themselves ?
What moron would have paid FOR REAL 3000 btc for an altcoin that was projected to start out at $15 or so ?
Yes mostly.The buyers are no one but their own shills to create the hype and get everybody like people are buying it so we must buy too.It's marketing to pump up the crap.Anyone buying the coin for more than 2 satoshi's is going to regret it bad. What moron would have paid FOR REAL 3000 btc for an altcoin that was projected to start out at $15 or so ?
i still dont understand why people were buying at some point tho... like 100btc+ and that was "cheap" (ATH 3299)
Don't you think they bought from themselves ? If I would have mined 3 ZEC, and I would have owned 10 000 BTC, I wouldn't mind paying 3000 btc/ZEC to myself to obtain my own 3 ZEC. I would have to pay a big fee to poloniex, but in the mean time, I make the news and I set a very high price for ZEC, which, even if it cools down a 1000-fold, is way, way higher (3 BTC for a ZEC !) than what could have been obtained with a real market.
What moron would have paid FOR REAL 3000 btc for an altcoin that was projected to start out at $15 or so ?
Fuck the zero-sum, its all heavily manipulated by several whales. Why do you think Ethereum, Monero and Dash are tanking? Because of ZCash. I was expecting a huge pump (https://twitter.com/bulgar1an/status/791970268768075777), but come on, this is not serious. I am genuinely scared about our future here...
Indeed, it is hopeless. Satoshi created a free money (free as in freedom, not as in beer) in order to get rid of the corrupt financial world, and 7 years later, the ecosystem is worse than what classical finance ever did.
That said, the amount of ridicule with ZCASH is indeed so high that it kills itself. This is people selling the few officially existing coins to themselves at ridiculous prices. As I didn't see the happening of the "to be trusted setup", I think that the amount of non-officially existing ZEC will be way way higher than announced... I'm sure that at a few thousand bitcoin a ZEC, the temptation not to throw away the golden key that can make a lot of them must be tremendous...
I will wait until couple months later, is zcash scam or not because for today everything is fine. If always updating from the developer and there are many investors i think it is not scam coin, but actually i can not give all of my opinion because zcash is still new.
this was all about supply vs demand.
a big FOMO without a premine to dump the price = price going full retard.
i still dont understand why people were buying at some point tho... like 100btc+ and that was "cheap" (ATH 3299)
a big FOMO without a premine to dump the price = price going full retard.
i still dont understand why people were buying at some point tho... like 100btc+ and that was "cheap" (ATH 3299)
Possibly new money into cryptos. Anyone who has been here since about 2013 will have seen hundreds of new alts launched , hyped and then fall as their devs cash out. It happens so frequently, no-one knows why noobs fall for it anymore - I can only think they haven't researched how previous alts have behaved.
this was all about supply vs demand.
a big FOMO without a premine to dump the price = price going full retard.
i still dont understand why people were buying at some point tho... like 100btc+ and that was "cheap" (ATH 3299)
a big FOMO without a premine to dump the price = price going full retard.
i still dont understand why people were buying at some point tho... like 100btc+ and that was "cheap" (ATH 3299)
I am genuinely scared about our future here...
Maybe you need to get out more!
Seriously though, this coin (or the protocol it is based on) has been anticipated for YEARS on this forum. Given the slow POW start and all the hype - it's little wonder that zec got pumped to the moon. However, ignoring the overall BTC volume, most of the silly prices were a result of very small BTC transactions. We will get a better idea how the dust will settle come January when the block rewards are normal and there is much more zec liquidity.
Fuck the zero-sum, its all heavily manipulated by several whales. Why do you think Ethereum, Monero and Dash are tanking? Because of ZCash. I was expecting a huge pump (https://twitter.com/bulgar1an/status/791970268768075777), but come on, this is not serious. I am genuinely scared about our future here...
I believe Zcash so called founders reward is a new way to design pre-mined coins for developers, that is not even the main issue if not for the gullible traders trading their BTC for Zcash at that insane value, Can anybody tell me what gives this coin more value that Monero or Dash.
The value is just created by HYPE, nothing other than that. I feel the valuation is ridiculous and we can see it fall drastically in the coming days. This seems like a well executed plan by exchanges and the team to get maximum amount of cash from the community and be rich quick. Anyways, if you can mine some, go ahead and mine and cash in some coins and hold the rest.
Jeezus you all still don't get it..
You will find out later ? What when you check your "ROI" ?
Uhhhhh you can find out right now.. simply look at how the coin was designed to FUNCTION.
Coin + profit = legit
Coin + loss = scam
AKA: you're idiots.
You will find out later ? What when you check your "ROI" ?
Uhhhhh you can find out right now.. simply look at how the coin was designed to FUNCTION.
Coin + profit = legit
Coin + loss = scam
AKA: you're idiots.
Indeed, and the fundamental principle is that for everyone in your first equation, there's a corresponding fool in the second equation. Because zero-sum.
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