[ZEC] ZCASH - All coins are created equal. Discussion Thread (Unofficial)

[loremipsum]

where is the official thread?

There is no official thread here in bitcointalk - the official forum is here https://forum.z.cash

[zamatoshi]

https://medium.com/@yobanjo/zcash-founders-might-make-60-million-in-first-year-2c9658b2dc5d#.wzw3wjhas

Zcash founders might make $60 million in first year.

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

can someone from team reply please? is this tru? Wy so much money?

[cointrader83]

Hi!

Can somebody give me a tutorial for the linux miner config and setup?

[str4wm4n]

What time will mining start on the 28th? at midnight? noon? what time zone?

[St.Stephan]

https://medium.com/@yobanjo/zcash-founders-might-make-60-million-in-first-year-2c9658b2dc5d#.wzw3wjhas

Zcash founders might make $60 million in first year.

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

can someone from team reply please? is this tru? Wy so much money?

It's all true, fact wise. What spin you put on it is another question ....

But one thing is for sure, it is designed  to be scarce and expensive for the first 30 days. It will very interesting to see how this plays out.

I agree the founders will be making out like bandits.

[St.Stephan]

What time will mining start on the 28th? at midnight? noon? what time zone?

word is it will cost almost 2000 / coin to mine the 1st coins.

[cointrader83]

Ocminer, I think this coin is not profitable to mining in the earlier days because of the slow-start mining. What is your opinion?

What is slow-start mining?

While we have taken every precaution (and subjected the code to security audits), we are unable to guarantee that the Zcash code is 100% free from bugs and security vulnerabilities. In order to minimize the impact of any unforeseen problems during the launch of Zcash, the amount of ZEC each time a block is mined will start at zero and gradually ramp up to 12.5 ZEC after 34 days.

[golfhuso]

I'm not gonna buy this coin until the demand matching with its supply.

[ocminer]

GPU + CPU Miner available (Windows):

https://github.com/ocminer/nheqminer/releases/tag/0.2a

[B-MoneyXcan]

https://www.bitmex.com/app/trade/ZECZ16

BTC0.32

[juanp11]

GPU + CPU Miner available (Windows):

https://github.com/ocminer/nheqminer/releases/tag/0.2a

Does this work with AMD based cards?

[ocminer]

GPU + CPU Miner available (Windows):

https://github.com/ocminer/nheqminer/releases/tag/0.2a

Does this work with AMD based cards?

Not yet, only CUDA, but OpenCL is next

[Piston Honda]

I'm not gonna buy this coin until the demand matching with its supply.

yeah it's gonna be hilarious to watch the fomo in/out traders at the beginning who will pretty much baghold once the quick dumps start.  it'll settle, then you buy and wait for a nice rise.

[tomsmith26]

GPU + CPU Miner available (Windows):

https://github.com/ocminer/nheqminer/releases/tag/0.2a

I have just tested this new soft. It seems the host is wrong . please check it again.

[sambiohazard]

Team genesis have new contract to buy zcash.

Yea but now- since the new open source GPU miners are out- all cloud mining companies look ridiculously expensive..

I am sure they will upgrade the hashrate as they did twice already. Its already 6x more than initial offer. If anyone is interested please use my referral to order, buy before launch and get 1 month free mining over a year.

[TeamButtcoin]

So there is no AMD gpu miner yet, that's very sadlly, I have only AMD cards so I won't be able to mine this one...

[NoobKidOnTheBlock]

So this is a whole new algo for this coin? That's sweet and when do the wallets get released? In two days??? I'm excited about this project Cheers

[bvalis]

on what timezone will be the launch?

[MineZ.cash]

"It takes some time to generate the genesis block, and build the binaries. We're going to mint the genesis block and prepare binaries and things the night before (i.e. tomorrow evening, Thursday, Oct 27). Then go to sleep. Then get up and release it the next morning, San Francisco time. Keep an eye on our twitter feed: https://twitter.com/ZcashCo"

[bvalis]

If you want to try out your CPU's mining you can use this miner:

https://github.com/ocminer/nheqminer

It's also linked at

https://zec.suprnova.cc/index.php?page=gettingstarted

Run with

Code:

nheqminer -l zec.suprnova.cc:2142 -u worker.1 -p x -t 4

@ocminer Thank you! 

What a difference between nheqminer and nheqminerSSE2?

The sse2 version is compiled for special cpus with sse2 support, just Google your cpu and you should see if sse2 is available for it

trying this version on win 7.
getting: connecting to stratum server equihash.zec.suprnova.cc:2142.sup.rnova.cc:2142
resolve: no such host is known.
reconnecting.