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Author Topic: Zcash = major SCAM  (Read 5288 times)
25hashcoin
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October 27, 2016, 10:55:01 PM
Last edit: October 27, 2016, 11:13:06 PM by 25hashcoin
 #1

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

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October 27, 2016, 11:05:16 PM
 #2

Can you post some of what it says on that link for us to read here ?
Thanks  Smiley

I also do not like ANON coins anyway LOL

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October 27, 2016, 11:13:01 PM
 #3

Can you post some of what it says on that link for us to read here ?
Thanks  Smiley

I also do not like ANON coins anyway LOL
The link says that 10% of everything mined will go the developers but that the first 4 years it will be 20%, which means they'll get rich and that it might be a scam if they don't use the funds for the project.


But I'm expecting a fork that doesn't give them a percentage.
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October 28, 2016, 04:09:16 AM
 #4

Can you post some of what it says on that link for us to read here ?
Thanks Smiley

I also do not like ANON coins anyway LOL
The link says that 10% of everything mined will go the developers but that the first 4 years it will be 20%, which means they'll get rich and that it might be a scam if they don't use the funds for the project.


But I'm expecting a fork that doesn't give them a percentage.
So the future of the project are die, and it's a huge amount totally just 4 years 20% of the amount are already hold by the dev.
In this time Zcash already makes a clear step for the bitcoiners with listing into the major exchange like polo.

 
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October 28, 2016, 04:24:05 AM
 #5

Thanks for great read man..... yes dont buy guys too much too fast dontmake hype and panic buy....

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October 28, 2016, 04:29:07 AM
 #6

JEEZUZ ..yeah that is nasty.

Did you guys know in the old days guys who made a coin simply, did shit ?
No they did not usually take a giant cut of all the money with premines etc.
Many didn't anyway and STILL managed to get shit done.. how ?

I just don't this rank vulgar obscene logic where they all hold their hands out these days.
Then run their mouth with this self entitlement routine..
Their all like do you expect me to work for free ?
YES ..i do or fuck off asshole.
You got the same advantage as all of us being here on day 1.
That is more than enough.

There is no need to pull a BlockNET and hold your hand out for 1 million god damn fucking dollars in Bitcoin with an ICO.
It's not like it's ever done any good.
The BlockNET dev cried "Smear Campaign" Google it and laugh..
After 1 year he had posted random stalling messages saying "we're working on it"
..and let hosting expire.
I guess a million dollars just don't go as far as it used to huh ?
His own supporters were asking where the money is.. so self modded dev bitch started beating down those darn trolls

..just like rpietila did on his Monero MEW topic

Guys.. STOP feeding them money for fuck sakes.



Thanks for great read man..... yes dont buy guys too much too fast dontmake hype and panic buy....

Yeah.. use Leocoin instead huh ?

Yup.. bash the ANON coin and then flog YOUR (fake) "ANON" coin  Cheesy



This guy is funny he is too busy to look at the scam topic with his name on it a few posts down but has plenty to say on this one LOL

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October 28, 2016, 09:26:41 AM
 #7

For once I believe Spoetniktard. Zcash is a vile get-rick-quick shitcoin trollscam of the first order. Stay the fuck away. If you're going to invest in Crypto invest in one of the established currencies like BTC, ETH, or MAID.

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October 28, 2016, 09:54:43 AM
 #8

Don't buy. If anything, just mine on CPU in early days, sell when it gets pumped and get out making decent profit.
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October 28, 2016, 09:56:10 AM
 #9

Guys dont get crazy, the tactic is simple, get in play with the swings and move along...
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October 28, 2016, 12:18:23 PM
 #10

Zcash as far as I know is a kind of cloud mining bitcoin. Most of the bitcoin enthusiast here majority of them they gave an advice most often about in cloud mining it is a ponzi scheme according to them. Which is through, even me I doubted in zcash also.
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October 28, 2016, 05:12:48 PM
 #11

Can you post some of what it says on that link for us to read here ?
Thanks  Smiley

I also do not like ANON coins anyway LOL
The link says that 10% of everything mined will go the developers but that the first 4 years it will be 20%, which means they'll get rich and that it might be a scam if they don't use the funds for the project.


But I'm expecting a fork that doesn't give them a percentage.

I read the same thing but most expect this to be next gold mine or something like that i read also that price for this suppose to be around 0.18-0.2 btc which is for me just tu much fishy thing
Maybe i have this feeling or i dont trust this so much but something tells me that this will be big scam at the end



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October 28, 2016, 05:51:17 PM
 #12

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.

FUD first & ask questions later™
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October 28, 2016, 06:20:23 PM
 #13

Zcash is great coin and have great future..but its just expensive coin,but for sure legit coin! good coin and we need it...

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October 28, 2016, 10:55:37 PM
 #14

Guys dont get crazy, the tactic is simple, get in play with the swings and move along...
'

Indeed,almost most coin are the same. Even bitcoin started as having no value at all. If the coin will be successful,it owes to the community who supported it,buy it and put value into it. Its in their trusts that a coin become valuable.

 
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October 29, 2016, 02:57:16 AM
 #15

This crap will be worth much much less.
I\ve just setup around 20 decent servers and only got like 300H/s, half day only got 0.05 ZIC? This is stupid.
I guessed mine and sell right now while the hype is still HAWT!!

Dual E5-2670 with 128GB RAM only got 19H/s with ocminer/nheqminer, is this normal?
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October 29, 2016, 10:25:49 AM
 #16

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.
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October 29, 2016, 10:39:49 AM
 #17

“It has not yet been determined how that foundation will be organized, ….”

I couldn’t be more surprised. Zcash is yet another scam just like Ethereum. They took millions in funding and can’t even deliver a windows version with interface at launch. Several crypto exchanges add these coins as they make money on volume. Zcash (ZEC) won’t be different, but remember who makes the market. It’s a “world-class, security-focused engineering team” that can’t deliver a GUI.

Zcash + Ethereum = ❤
https://medium.com/@yobanjo/watch-out-zcash-is-another-scam-5dc8add99f65#.7824snvk5

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SMARC token ICO

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Shiroslullaby
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October 29, 2016, 10:54:15 AM
 #18

Yeah I'm not touching this garbage with a ten foot pole unless its to short on some exchanges.
I'll just keep my money in Bitcoin. Glad I bought some before I went to sleep last night.
All this Zcash/ altcoin insanity is certainly helping the price of BTC right now.

vlight
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October 29, 2016, 11:41:31 AM
 #19

Probably not a scam. But the idea that it will replace Bitcoin is ridiculous.
Kasmetski
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October 29, 2016, 02:01:02 PM
 #20

Maybe we could see a fork like Msile said, but we will see...
Guys dont get crazy, the tactic is simple, get in play with the swings and move along...
It's not a bad idea to make some money in this pump and dumps, just newbies should be careful and cut eventual losses quick,

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