Zcash Minus 20% "Genius Tax"

[everettforth]

Suprnova Mining Pools controls over 51% of the mining power on Zcash.

It is trivial to remove the 20% Founders Reward in Zcash with a hardfork, as I describe here.: https://medium.com/@heyrhett/zcash-miners-stop-paying-20-genius-tax-486d9f40884f

[bathrobehero]

20% is ridiculous.

I don't think it should be removed though, but reduced to something like 0.5%

[everettforth]

It could easily be removed, and then negotiated up.

[Greenenergy]

You make me laugh. Those guys need to be paid. A big team of renowned cryptographers at full time isn't free ...

[xhomerx10]

There sure are a lot of mouths to feed: https://z.cash/team.html

A+ for implementation Z- for launch. Reminds me of the Pascal coin launch but in that case there was only 1 dev and then Vorsholk jumped in to help afterwards with some decent mining software.

[bathrobehero]

Lot of people for sure, but 20% for 4 years is a ridiculous amount.

That's 2,0852,400 ZEC ignoring the ramp up period.

Even if the price drops to 0.01 BTC that's still over $14mil with current prices, at 0.1 BTC that's $140mil, etc.


Also it gets in the way of good distribution.

[cryptohunter]

yeah reduce their tax down to 10 % that is plenty

[ratatatat]

fork it hard

lmao

[David Walters]

reduce to 1% atleast for sure

[everettforth]

Just an update, I talked to SuprNova pool, who controls 51%+ of Zcash Mining.

They don't want to piss off miners, so they aren't switching anything.  I think the only option would be if someone makes a new mining pool called Zcash-fork or something, and let the miners switch if they want.

[abel1337]

Just an update, I talked to SuprNova pool, who controls 51%+ of Zcash Mining.

They don't want to piss off miners, so they aren't switching anything.  I think the only option would be if someone makes a new mining pool called Zcash-fork or something, and let the miners switch if they want.

Hope that they will add a new mining site of zcash soon.

How much is the price of each zcash in the market? Im planning to mine it  if I see a good future in its platform

[kenscho]

we have to stop this shitty 20%! we dont mine for the founders! they can mine for they self!

[Rabinovitch]

20% should be cancelled. 1% is enough. Please someone set up a pool for ZCH (Honest Zcash).  

p.s. the fork is on it's way: https://bitcointalk.org/index.php?topic=1664835.0

[Videodrome]

Fork and made a Zcash classic please!! 

[vlom]

Suprnova Mining Pools controls over 51% of the mining power on Zcash.

It is trivial to remove the 20% Founders Reward in Zcash with a hardfork, as I describe here.: https://medium.com/@heyrhett/zcash-miners-stop-paying-20-genius-tax-486d9f40884f

this is really so easy? why wouldn't miners do this. and what happens afterwards? what will the devs do after the hard fork?

[poncho32]

Suprnova Mining Pools controls over 51% of the mining power on Zcash.

It is trivial to remove the 20% Founders Reward in Zcash with a hardfork, as I describe here.: https://medium.com/@heyrhett/zcash-miners-stop-paying-20-genius-tax-486d9f40884f

this is really so easy? why wouldn't miners do this. and what happens afterwards? what will the devs do after the hard fork?

The founding devs would most probably stop working on zcash, but there would be new ones queuing up to do a takeover. The ethereum devs were greedy, but 20% is so greedy that zcash probably won't have much of a future if it isn't changed.

I first heard zcash has a new fangled alternative to POW and POS that was touted as assisting decentralization. If GPU mining it through pools has given one pool over 51% of the mining power the new algo hasn't helped decentralization at all.

[Rabinovitch]

I first heard zcash has a new fangled alternative to POW and POS that was touted as assisting decentralization. If GPU mining it through pools has given one pool over 51% of the mining power the new algo hasn't helped decentralization at all.

Devs made all possible to achieve such a situation. No GPU miners from devs, no Windows wallet from devs, no p2pool nodes available to end users (I mean miners here)... Looks like they don't care about decentralisatiion. They care about 20% of coins for 4 years.

[bathrobehero]

I first heard zcash has a new fangled alternative to POW and POS that was touted as assisting decentralization. If GPU mining it through pools has given one pool over 51% of the mining power the new algo hasn't helped decentralization at all.

Devs made all possible to achieve such a situation. No GPU miners from devs, no Windows wallet from devs, no p2pool nodes available to end users (I mean miners here)... Looks like they don't care about decentralisatiion. They care about 20% of coins for 4 years.

Exactly. All of your points mean decentralization and good distribution is far from being their priority.

In fact, I find it ridiculous and I have never understood why major coins would ever get released without linux+windows+mac+android wallets and AMD+Nvidia miners?

Even most shitty scamcoins are doing a much better job at that.

[Tmdz]

I first heard zcash has a new fangled alternative to POW and POS that was touted as assisting decentralization. If GPU mining it through pools has given one pool over 51% of the mining power the new algo hasn't helped decentralization at all.

Devs made all possible to achieve such a situation. No GPU miners from devs, no Windows wallet from devs, no p2pool nodes available to end users (I mean miners here)... Looks like they don't care about decentralisatiion. They care about 20% of coins for 4 years.

Exactly. All of your points mean decentralization and good distribution is far from being their priority.

In fact, I find it ridiculous and I have never understood why major coins would ever get released without linux+windows+mac+android wallets and AMD+Nvidia miners?

Even most shitty scamcoins are doing a much better job at that.

The folks behind Zcash is a company so really it is all about money for them, they have not done much at all to earn all this crazy money getting dumped on their door steps.

If it wasn't for the Amazing people in the community we would be shit out of luck for mining and handed over to corporate farms.

They completely botched the release for the wallet, should of had a day 1 patch.  Also no windows or native gui is inexcusable for a major release.

[monsanto]

That would be funny if a forked version ended up being worth more than the original 20% taxed version.