What the hell is going on with ZCash?

[pereira4]

Im looking at the Poloniex ZEC/BTC trade and 1 ZEC is worth 1.19 BTC... why? and the all time high was 3300+ BTC per ZEC? I mean that's nonsense. Who would buy this thing?

I have concluded that ZCoin is trash since you have to trust the devs into deleting the masterkey, I have no idea what ZCash is all about to be honest.

[Msile]

Im looking at the Poloniex ZEC/BTC trade and 1 ZEC is worth 1.19 BTC... why? and the all time high was 3300+ BTC per ZEC? I mean that's nonsense. Who would buy this thing?

I have concluded that ZCoin is trash since you have to trust the devs into deleting the masterkey, I have no idea what ZCash is all about to be honest.

This is simply a matter of low supply.  The Zcash mining cleverly designed to have 21 million bitcoins just like bitcoin, with a halving every 4 year, but one BIG difference, the first 34 days, the block reward starts at 0 end ends up at 12.5 ZEC per block (50 ZEC per 4 blocks of 2.5 minutes is comparable to 50 BTC per block per 10 minutes)


so on the first day, only 104 (or 83, if you don't count the 20% going to the devs) was mined, and in the first few hours, even less, so  some people pumped it up to 3300 btc, and keep it above 1000 for a few hours, since there was no one to sell it any significant quantity. Now it's like day 3 (or 4, I'm not counting) and the supply is still relatively low, and so a price above 1 BTC is only expected, it will slowly fade, and if you find a platform to short, shorting would be very wise, because for the next 30 days, the mining supply will increase rapidly.

[tunctioncloud]

What made that coin to spike to high was that there was 10 coins in the exchange and more than 1000BTC of buying orders. Don't buy it until the full block reward is reached, or you'll lose all your precious bitcoins.

[Ridley69]

I can remember Lisk was traded at 448BTC per lisk just after its release

[leowonderful]

It's just a cleverly designed coin that has exponentially decreasing prices due to the block reward. It was pretty much made to have an insanely high price, and then drop as time goes on due to the supply rising. Don't buy into it; unless some enormous dark market uses it as their main method of payment, It'll fade into oblivion.

[NorrisK]

Those highs are simply from buy orders of say 0.1 BTC at a 1000 BTC/ZEC price.

It doesn't cost a lot of bitcoin and you can fill the order for the lulz of messing with the statistics for one day.

Never look at the day 1 statistics to determine the price of a coin.

[ajareselde]

What made that coin to spike to high was that there was 10 coins in the exchange and more than 1000BTC of buying orders. Don't buy it until the full block reward is reached, or you'll lose all your precious bitcoins.

That, plus those trades we're probably made by same people aka. they bought their own coins just to show false image of price, to lure people into believing it's worth more.
Looking at it, just dropping straight down tho, with little dead cat bounces, makes me think that atleast in some point, there will be a chance to earn something on it daytrading,
but for the long run - i don't think much of it , despite all the hype.

[azguard]

What made that coin to spike to high was that there was 10 coins in the exchange and more than 1000BTC of buying orders. Don't buy it until the full block reward is reached, or you'll lose all your precious bitcoins.

That, plus those trades we're probably made by same people aka. they bought their own coins just to show false image of price, to lure people into believing it's worth more.
Looking at it, just dropping straight down tho, with little dead cat bounces, makes me think that atleast in some point, there will be a chance to earn something on it daytrading,
but for the long run - i don't think much of it , despite all the hype.

that is true and when they saw that users got the bait they went down with the price
for me i didnt want to take any chances with this seem to fishy from the start to much for this to be true in my opinion
think that the price for this coin after all thing were settled and made like it should be will be around 0.1 btc max by me

[hasiramasenju]

the price of ZEC is still going crazy and yesterday this coin has reach the high price since first launch 3.58 BTC per 1 ZEC and in my opinion currently is the right time to trade this coin because the movement price and volume market is pretty good and i think i would go to poloniex and trade ZEC and i would not missed this chance

[tunctioncloud]

Price, after going below 1BTC, has now climbed back to 2BTC+. That's however certainly not viable and just a price manipulation.

[glerant]

but for the long run - i don't think much of it , despite all the hype.

Don't confuse with some coin you only heard about in August, rushed out a white paper and ico in September and started trading in October - zec and the protocol zerocash has been awaited and discussed on this forum alone since 2014.

Still, you'd be mad to buy any at this time - wait until the supply ramps up and zec enters an accumulation phase. This will be accompanied by lots of troll and fud threads about zec here - orchestrated by the accumulating whales. 

[TrueAnon]

Stupidity, that's what!

[Kashim]

its weird guys. who the hell would buy an fresh coin for this ridc. price?? smells fishy to me

[Emperor of Man]

Stupidity, that's what!

+1

Stupid speculators! Stupid speculators everywhere! 

[NUFCrichard]

I can't imagine that the price will be higher than 1btc for long, but it is good for speculation in the meantime!

[samson]

I won't be buying any of this 

[JeffBrad12]

Price, after going below 1BTC, has now climbed back to 2BTC+. That's however certainly not viable and just a price manipulation.

The whales are using their strong muscle and trying for punch the zcash, All of this are the scenario and about at the first placed zcash are worth for 3300btc and totally it's already making a lot of the whales are lost. believe me some days later will below 1 btc again and got pumped again.

[The Sceptical Chymist]

Im looking at the Poloniex ZEC/BTC trade and 1 ZEC is worth 1.19 BTC... why? and the all time high was 3300+ BTC per ZEC? I mean that's nonsense. Who would buy this thing?

I have concluded that ZCoin is trash since you have to trust the devs into deleting the masterkey, I have no idea what ZCash is all about to be honest.

This is simply a matter of low supply.  The Zcash mining cleverly designed to have 21 million bitcoins just like bitcoin, with a halving every 4 year, but one BIG difference, the first 34 days, the block reward starts at 0 end ends up at 12.5 ZEC per block (50 ZEC per 4 blocks of 2.5 minutes is comparable to 50 BTC per block per 10 minutes)


so on the first day, only 104 (or 83, if you don't count the 20% going to the devs) was mined, and in the first few hours, even less, so  some people pumped it up to 3300 btc, and keep it above 1000 for a few hours, since there was no one to sell it any significant quantity. Now it's like day 3 (or 4, I'm not counting) and the supply is still relatively low, and so a price above 1 BTC is only expected, it will slowly fade, and if you find a platform to short, shorting would be very wise, because for the next 30 days, the mining supply will increase rapidly.

What the hell does supply matter with a coin as shitty as this?  If there is no demand, there's really no reason for it to have such an absurd valuation.

People are total suckers if they buy this crap, I'm sorry.  All the threads that got started for this piece of dung are probably all one buffet of alts created just to pump all the suckers out of their money.  Don't buy this shits.

[TrueAnon]

Im looking at the Poloniex ZEC/BTC trade and 1 ZEC is worth 1.19 BTC... why? and the all time high was 3300+ BTC per ZEC? I mean that's nonsense. Who would buy this thing?

I have concluded that ZCoin is trash since you have to trust the devs into deleting the masterkey, I have no idea what ZCash is all about to be honest.

This is simply a matter of low supply.  The Zcash mining cleverly designed to have 21 million bitcoins just like bitcoin, with a halving every 4 year, but one BIG difference, the first 34 days, the block reward starts at 0 end ends up at 12.5 ZEC per block (50 ZEC per 4 blocks of 2.5 minutes is comparable to 50 BTC per block per 10 minutes)


so on the first day, only 104 (or 83, if you don't count the 20% going to the devs) was mined, and in the first few hours, even less, so  some people pumped it up to 3300 btc, and keep it above 1000 for a few hours, since there was no one to sell it any significant quantity. Now it's like day 3 (or 4, I'm not counting) and the supply is still relatively low, and so a price above 1 BTC is only expected, it will slowly fade, and if you find a platform to short, shorting would be very wise, because for the next 30 days, the mining supply will increase rapidly.

What the hell does supply matter with a coin as shitty as this?  If there is no demand, there's really no reason for it to have such an absurd valuation.

People are total suckers if they buy this crap, I'm sorry.  All the threads that got started for this piece of dung are probably all one buffet of alts created just to pump all the suckers out of their money.  Don't buy this shits.

+100

[CroDam]

I will skip this one.