ZCash: What's the point?

[Shiroslullaby]

A master key and the fact that some of the developers have done work for the Israeli government are somewhat troubling.
Also, aren't there rumors that they may have received some government funding on the project?
(Not sure if that is true but people have mentioned it before. I don't think anything was ever proven, just speculation based off the work people had done in the past.)

I need to do more research about this 'master key' and what it really does before I make up my mind I guess...

[electronicash]

A master key and the fact that some of the developers have done work for the Israeli government are somewhat troubling.
Also, aren't there rumors that they may have received some government funding on the project?
(Not sure if that is true but people have mentioned it before. I don't think anything was ever proven, just speculation based off the work people had done in the past.)

I need to do more research about this 'master key' and what it really does before I make up my mind I guess...

really? thats something to look forward to. 
But if its true don't you think they need to put it on their ANN thread as well? this should help them gain more support.  but then again it all has to impress the community by its features.

[c789]

Monero just implemented RingCT with full implementation scheduled for January...and no trusted setup is required.

EDIT: RingCT info here: https://getmonero.org/2016/09/19/monero-0.10.0-released.html

[sui_generis]

Monero just implemented RingCT with full implementation scheduled for January...and no trusted setup is required.

But what if I don't want to send a transaction instantly? What if I want to wait 5 + minutes? Zcash takes a nice, long time to generate a transaction. I also like that it requires 8GB+ of memory, making it effectively impossible to use on any mobile device.

[c789]

Monero just implemented RingCT with full implementation scheduled for January...and no trusted setup is required.

But what if I don't want to send a transaction instantly? What if I want to wait 5+ minutes ? Zcash takes a nice, long time to generate a transaction. I also like that it requires 8GB+ of memory, making it effectively impossible to use on any mobile device.

I have to admit that it took me a few seconds to catch the sarcasm...well done 

[Shiroslullaby]

Wait, what?
It requires 8GB of memory?
I haven't heard that.
If so that would mean it can't run on mobile devices, tablets, and many computers...
I see dozens of laptops and PCs every day that still come with 4GB of memory installed.

[sui_generis]

Wait, what?
It requires 8GB of memory?
I haven't heard that.
If so that would mean it can't run on mobile devices, tablets, and many computers...
I see dozens of laptops and PCs every day that still come with 4GB of memory installed.

That's what I've heard from those who tried out the testnet. Not certain whether that's something they can optimize.

[mogrith]

Yeah, inherently zero-knowledge is superior to anything else but if you investigate Zcash its like a bitcoin sidechain with zerocoin, they even copied the bitcoin core, nothing evil about that but this means you have 2 systems: one with the trusted-setup to generate anonymous transaction (which take several minutes and need 8 GB RAM or more btw) and the transparent bitcoin system, also 20% of mining goes to the founders. I will wait for the future if some smart guy figures out how to make this without trusted setup and without the transparent bitcoin core.

Take a look at NAV
navcoin.org
https://bitcointalk.org/index.php?topic=679791.0

[c789]

Yeah, inherently zero-knowledge is superior to anything else but if you investigate Zcash its like a bitcoin sidechain with zerocoin, they even copied the bitcoin core, nothing evil about that but this means you have 2 systems: one with the trusted-setup to generate anonymous transaction (which take several minutes and need 8 GB RAM or more btw) and the transparent bitcoin system, also 20% of mining goes to the founders. I will wait for the future if some smart guy figures out how to make this without trusted setup and without the transparent bitcoin core.

Take a look at NAV
navcoin.org
https://bitcointalk.org/index.php?topic=679791.0

I just checked out that link. In part, it says under the WHY OUR TECH IS PRETTY COOL section, "Nav Coin is the first cryptocurrency to be fully anonymous."

How do they explain this?  https://chainz.cryptoid.info/nav/#!rich

Compare that to Monero's Rich List:  http://moneroblocks.info/richlist

[LiberOptions]

Wut??? I hate those Israeli Sionist Bastards. Working for Israel is no good thing I tell you. Of course that not every israeli think alike and many are against their governement ideology. But, if the guys got funded from the Israeli governement I'm out...

[jeffthebaker]

Saw a reddit advertisement for ZCash recently that only announced it as a crypto that has appreciated 5x in value. That's enough for me to never ever invest. No thanks.

[Bitcoinorama]

 zcash is will be everything bitcoin is not.  

• zcash will have a blockchain that cannot be audited which means there is no way to find hacks or track the true circulation.
• zcash will charge a tax on miners to pay investors - 2.1 million coins across 4 years
• zcash is a corporation with share holders in the company - what will happen when the corporation needs more money and needs to pay investors?
• zcash is a privacy focused currency with known knowns based in the privacy friendly US

Bitcoin's blockchain was revolutionary in that it solved an issue that plagued digital currencies; trustless verification to prevent double spending. Without this one needed to trust centralised parties not to deceive or be coerced.

With Zcash you need to trust Zooko and co not to deceive you to increase the money supply (you wouldnt know otherwise) and not to be coerced (for instance by government), bearing in mind the company Zooko moves with (look at his investors and advisors - the who's who of alt pump and dumps) trust is crucial.

Fact is Zcash is a privacy orientated digital currency that requires complete trust.

Bitcoin is a digital currency where privacy can be incorporated and it trustless.

[25hashcoin]

Zcash is a complete scam. Plain and simple. https://medium.com/@yobanjo/zcash-founders-might-make-60-million-in-first-year-2c9658b2dc5d#.9f2ot0y2h

[LiberOptions]

zcash is will be everything bitcoin is not.  

• zcash will have a blockchain that cannot be audited which means there is no way to find hacks or track the true circulation.
• zcash will charge a tax on miners to pay investors - 2.1 million coins across 4 years
• zcash is a corporation with share holders in the company - what will happen when the corporation needs more money and needs to pay investors?
• zcash is a privacy focused currency with known knowns based in the privacy friendly US

Bitcoin's blockchain was revolutionary in that it solved an issue that plagued digital currencies; trustless verification to prevent double spending. Without this one needed to trust centralised parties not to deceive or be coerced.

With Zcash you need to trust Zooko and co not to deceive you to increase the money supply (you wouldnt know otherwise) and not to be coerced (for instance by government), bearing in mind the company Zooko moves with (look at his investors and advisors - the who's who of alt pump and dumps) trust is crucial.

Fact is Zcash is a privacy orientated digital currency that requires complete trust.

Bitcoin is a digital currency where privacy can be incorporated and it trustless.

Meaning that Bitcoin is still far better than Zcash. I wouldn't trust my money to invest in zcash at this point, it is all becoming too fishy. beware guys.

[Eroina]

Because nobody believes in this idea, developers also have solved pump it
Only the great idea will be able to draw attention of people.
For example have acted wings and Waves this way

[Joel_Jantsen]

From what I've read, Zcash (formerly ZeroCoin) generates a masterkey that the devs have access to, that allows access to the complete blockchain, so you are trusting that the devs don't take advantage of this and delete the masterkey.

How retarded is that? Who would trust such technology?

-Where are you getting this information from ? Mind linking me to the source ?

-If somehow your information is true,aren't they being hypocrites for doing exactly what they promised not to?After-all,the hype is all about making the transactions anonymous as possible.

[c789]

https://blog.okturtles.com/2016/03/the-zcash-catch/   and see the comments section at the bottom. The Zcash team repeatedly gives half-answers and refuses to completely answer questions.

http://weuse.cash/2016/06/09/btc-xmr-zcash/

[FruitBucket]

The technology behind ZCash is revolutionary. And while some argue it is new crypto ZK-snarks have been peer reviewed for some 5+ years now by the best security researchers.

I agree with the general sentiment that the trusted setup could have been more detailed, open and document and also should have included more people. Why would you only use 6 people for key generation - this is a very small sample and it is quite easy to collude here. More info here: https://github.com/zcash/mpc

[dinofelis]

Why would you only use 6 people for key generation

At 3000 BTC/ZEC, the temptation not to throw away that key must be tremendous !

[densuj]

For today ZCash is just for trading altcoins on poloniex and making profit or making lost into it, still there are no clear of point from the developer of ZCash, we must wait until there are updating from developers because it is new coin. There are no people know is it will be survive on markets or not.