Z-CASH is probably a Scam!

in money •  3 years ago 

Zcash-logo-black.png

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:
    https://www.reddit.com/r/Monero/comments/59zr1b/funny_the_largest_zcash_mining_pool_was_debunked/

  • But the biggest redflag is the black box structure, 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 setup the 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):

idiot.png

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!


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Good article. Last time i was buying newborn coins was 2015

Yeah, those times are over, and people should really learn from all these scams. There comes a point where even the most gullible should stop being scammed.

Nope. Not a scam. Not worthy of the hype, but it's legit. Coin supply is definitely known.

Ok but what about the trusted setup? If I understand it correctly, any code can be passed into it that could create hidden inflation, or so I read on a blog that debunked it.

The zero-knowledge proof required trust in the setup, and multiple setup keys have supposedly been discarded as "toxic waste" and almost certainly were. This will be a persistent issue with the protocol, but doesn't make it a scam. Ironically, billions already participate freely in a monetary system that IS a proven scam - fiat money. If you have concern about Zcash, you don't need to use it. Stick to Bitcoin.

Yeah but no fiat currency crashes 99% in 1 day, not even the Zimbabwean hyperinflated dollar.

if you use fiat, you're just helping the rich globalist bankers

Everywhere I go I see ZCoin! Felt like a pump n dump the whole time.

Of course all coins get hyped, out of excitement, and some do need real funding, but this 20% tax thing is a big red flag to me, and the pump and dump looks very very orchestrated. So if you put the puzzle together, all arrows point to a scam.

Great thread. I was about to start a similair discussion. The amount of scammy coins out there that get blind 10m+ usd investments are facinating to me. This is quite an interesting website I found: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto.

Nice post. Nice to see I'm not the only one who thinks like this. Most of the coins might not even know they are a scam. I'm sure they have good ambitions but they simply don't have the team to conquer those ambitions. Do your research properly. Does anyone know about: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes. For example: https://www.coincheckup.com/coins/Zcash#analysis To see the: Zcash Detailed report.