What's all this hype about Z-CASH, literally I go on Reddit and browse some posts here on Steemit, and I see a lot of posts about it. There are many suspicions around Z-CASH, despite the hype, and in the crypto world the scams are not uncommon, in fact, almost every altcoin is a scam. So what looks like, smells like, tastes like a scam, is usually a scam.
Z-CASH has been hyped as a 100% anonymous currency, this should already be a red flag. There is no such thing as 100% anonymity on the internet.
They will also tax miners 20% if I understand correctly, wow not greedy at all. We all love taxes so nothing to see here....
Biggest mining pool debunked as allegedly being a scam:
But the biggest redflag is the
black boxstructure, so that it's so private that you don't even know the total coin supply. Man this sounds totally like a joke. Given that it has a
trusted setupthe devs could insert a hidden backdoor in the code, and nobody could verify it.
So what if the devs start printing up bunch of coins and start selling them. This is what allegedly could have happened today, the devs could allegedly be total scammers, who just allegedly pump & dump this coin, and laugh at the faces of the idiots who buy it up.
This is what could have happened today (via Poloniex.com):
Z-Cash started tanking, we don't know the coin supply, so investors are screwed. Well what can I say:
You wanted total secrecy, you get it!
In fact if you want total secrecy, why not use Federal Reserve Notes? After all the Fed doesn't show you the USD supply either:
http://www.federalreserve.gov/releases/h6/discm3.htm (Totally Private & we Love it!)
I always thought that cryptocurrency was about transparency first and privacy second, but who knows maybe I am wrong, but nontheless, enjoy your inflation Z-Cashers!