ZCASH - What is this shit?

[flipme]

Are you kidding me?

- Nobody knows how many coins are in existence
- We only have the word of the "devs" that everything is hunky dory
- We only have their word that a certain amount got premined

- Some real devs I talked to said, that it has fundamental flaws
- They said, its already compromised and broken
- They said everybody could instamine as many coins as they want

Nevertheless, I'm mining it on Nicehash for BTC and my rig never made that much.
Certainly I don't want to own any of that shit, though. Could evaporate any second.

[1715350971]

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[glerant]

Are you kidding me?

- Nobody knows how many coins are in existence
- We only have the word of the "devs" that everything is hunky dory
- We only have their word that a certain amount got premined

- Some real devs I talked to said, that it has fundamental flaws
- They said, its already compromised and broken
- They said everybody could instamine as many coins as they want

Nevertheless, I'm mining it on Nicehash for BTC and my rig never made that much.
Certainly I don't want to own any of that shit, though. Could evaporate any second.

I mined on nicehash all night on three rigs and got zilch - loads of shares but zilch in zec.

However - apart from the 'real' devs who you talked to who said it is 'compromised & broken' many others disagree.

All the risk & trust is a one time event and is now set in motion. It's unlike the central banks who can interfere with currency to suit their whim. The team have roots deep into academia and blockchain tech and you cannot accuse them of rushing this project! 

It looks like mining will be only profitable for botnets - especially when the higher rewards start kicking in - but that doesn't change the fundamentals. Do you trust Central Banksters or do you trust the honesty and diligence of the Zcash team?

[helloeverybody]

Im not even going to bother mining this one. Its a scam coin for sure. It seems to get worse and worse every time i hear something new. I dont want to contribute anything to this coin, its devs or its investors.

Are you kidding me?

- Nobody knows how many coins are in existence
- We only have the word of the "devs" that everything is hunky dory
- We only have their word that a certain amount got premined

- Some real devs I talked to said, that it has fundamental flaws
- They said, its already compromised and broken
- They said everybody could instamine as many coins as they want

Nevertheless, I'm mining it on Nicehash for BTC and my rig never made that much.
Certainly I don't want to own any of that shit, though. Could evaporate any second.

I mined on nicehash all night on three rigs and got zilch - loads of shares but zilch in zec.

However - apart from the 'real' devs who you talked to who said it is 'compromised & broken' many others disagree.

All the risk & trust is a one time event and is now set in motion. It's unlike the central banks who can interfere with currency to suit their whim. The team have roots deep into academia and blockchain tech and you cannot accuse them of rushing this project! 

It looks like mining will be only profitable for botnets - especially when the higher rewards start kicking in - but that doesn't change the fundamentals. Do you trust Central Banksters or do you trust the honesty and diligence of the Zcash team?

The banks are more transparant than this lot, I will take the banks on this one.

[Minecache]

Stay the fuck away from this shitcoinage. It's shite.

[Snorek]

Op, if you have even shadow of doubt concerning certain project then don't support it, don't invest in it, and don't bother.
You listed some pretty heavy accusations - if even one of these assumptions is true - this coin will fell faster than house of card during hurricane.

[Shiroslullaby]

I think the smart investors will scoop up some of the coins everyone else is dumping to buy Zcash.
At least one of the alts posting double-digit losses will bounce back.
Someone will make a lot of money, and I don't think it's the people paying multiple Bitcoin for ZEC. 

[glerant]

It seems to get worse and worse every time i hear something new.

ROFL - The devs of this coin are behind the Zerocoin protocol.

Something which has been waited for and discussed extensively on this forum, others like reddit and featured heavily in the crypto media for nearly FOUR YEARS!! 

[BiTZeD]

The instamine "idea" (how stupid it is) is already flawed, given the really little amount of coins on the exchanges.

[2Pac]

It's new dump and dump coin. Yeah you heard that right. It's not pump and dump but it's only dump and dump. Thanks to idiots who bought this from millions of dollars, mining pools made helluva money from this shit. I don't understand these people (buyers).

[cryptohunter]

1399BTC = expensive shit.

Did someone really give someone else 1399 of their BTC for 1 singe zcash token?? I suspect in reality it never happened.

If it did can someone fork bitbar to be a zcash clone. I remember those being expensive a while back. Still have a few in cold storage I need to get back in the green on.

[shield132]

They say about theirself that Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions. Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private. But I personally can't understand what they mean in public when they hide sender and recipient I really can't understand.
In google you will find full information about them.

[alyssa85]

The banks are more transparant than this lot, I will take the banks on this one.

Yup, people seem to be very confused about privacy (private details of users protected) and transparency (details of the SYSTEM everyone uses being kept open for everyone to see).

This has no transparency. It's a bit like the famous South Sea Bubble corporation of 1711, whose prospectus said

"A company for carrying out an undertaking of great advantage, but nobody to know what it is".

Three hundred years later, and lessons still haven't been learned.

[The Sceptical Chymist]

It's so shitty that it's a Russian scam and I can smell it all the way in the US.  There was just a thread related to this--basically any new altcoin coming out is going to be a shitcoin, and it's been that way for a while.  Why do you think all these coins get developed?  It's certainly not because they offer an advantage over bitcoin, because they don't.  They exist to make the developers rich and the rest of the suckers poor.

[Cavin.Me]

Nevertheless, I'm mining it on Nicehash for BTC and my rig never made that much.
Certainly I don't want to own any of that shit, though. Could evaporate any second.

How much hash power u have on NiceHash and how much Zcash u mined with it? I'm mining on www.Zcash-Miner.com and made ~0.03 ZEC in the first day with 200 hash/s.

[leowonderful]

It's a pretty mysterious coin, with not much special about it except for the fact that it's more anonymous than Bitcoin and cryptocurrencies like Monero. There doesn't seem to be much to do with it except that, which is probably why the price for the coin only held the price of 1500BTC+ for a few minutes before plunging down into the low tens and now the price of ~2.7BTC. I think it's just a rather elaborate pump-and-dump scheme.

[coinerer]

"10% of the 21m coins to be issued are earmarked for founders, investors, employees and a putative Zcash foundation."

http://www.economist.com/news/finance-and-economics/21709329-another-crypto-currency-born-known-unknown

We know that trading started with the theoretical marketcap valuation of 10-20 folds bigger than BTC marketcap I doubt some of the initial owners of 10% coins will not sell at such attractive prices for selling.

[digaran]

If price was $1 at launch we could still mine this difficult by our hashrate?
If the difficulty of mining is influenced by the price then bye decentralized and hello centralized and private(exclusive).

Why would anyone trade zcash at all? if you can mine it and sell it.

Newbies posting every where that they mined and earned is all lies.

Who is talking about zcash providing info and promote it? less than 40 people, easy peasy with a small group they managed to create a hype and a few hundreds of unsuspected forum users helped them as well.

Now GM is selling hash power again 200 H/s for $8666 dollars lol.

[Gleb Gamow]

And so the destruction of the illusion of bitcoin starts.
Bitcoin has officially been completely blown out of the water in every aspect both technically and economically by zcash.
The market clearly shows the high demand for a real working cryptocurrency.
Within one day zcash has almost overtaken bitcoin!
Welcome to the new revolution. Dump those bags before you lose it all. You have been warned.
Bitcoin has been sidelined completely in just one day.

(I feel censorship is near...)

Marketcap down from ~$1.9M USD to ~$884K USD in less than 24 hours. I'd say a better investment is selling what you've been smoking. At the rate ZCash is dropping, Chantha Owen Lueung and Leroy Fodor may be interested in taking it over to augment their portfolio alongside their venerable RateCoin where Crypto-city's 74K+ user base would finally have a choice of safe havens to store their wealth, couple with giving one of said users the incentive to give Crypto-city's Facebook page its second Like, currently stuck at one Like since Owen gave it to himself back in January 2016.

[tslimx]

Overpriced, while people dump other coins bringing their price down I'd be snatching them up.

[carlfebz2]

Zcash  is  just  like   another coins which would end  up on a  scam coin. They are  just  putting  up some  huge  hype  on this   because of the price. And I observe with this   they didn't launch an ICO supposing that  the developer are  the  ones  who  buy on  their  own  coin and  putted   a  hype   on  incredible prices for  the  to lure more people. As you can see on the price drop of each  zcash  its really a  disaster to those  who  bought  on  2 btc and  up because  price  of zcash  if continuing to decrease. Its a  huge lose.