with all due respect this whole ZCash “storyline” reminds me of the Paycoin scam that stole millions of $ from thousands of investors. Paycoin team had patented technology, massive support, hype due to they owned btc.com and then the coin just died. Trus me I was there. I have seen this play out.
This is not saying that I dont believe in the technology but just warning you guys that this coin will be trading at $1 before you know it and then all your savings are gonna be gone. Please dont get burnt. The technology is already out there so anyone can copy it, also Ethereum is working on implementing it. Also the black market has adopted Monero already and still that volume should not be increasing its price that much since those people will not be holding ZCash but will want to cash out into bitcoin or something else, so it will have the same problem that bitcoin had when it was widely adopted – aka a major downward pressure from businesses selling the coin for more stable currencies. Not to mention that investing in deepweb markets is always shaky at best with ogovernment crackdowns happening all the time. This coin will have no use.
People should be cautious, but not on the idea that this is a scam. Even Zcash the company has warned people about volatility during scarce supply and zooko has frequently on twitter noted the likelihood of failure is high for many reasons, including the use of cutting edge and less proven tech based on zksnarks. The odds of an altcoin succeeding just aren’t great, and certainly the odds of joining etherium and bitcoin at the top are slim.
However, only an idiot would hope that zcash would be adopted by illegitimate users. That market being cornered is great news for us. Zcash’s founders have shown a strong interest in the financial sector which can’t operate in many cases with an open blockchain because of privacy regulations. In other words, Zcash, which offers not just privacy, but selective transparency, actually allows certain companies to comply with the law better than alternatives, and that is its greatest strength. The much complained about corporate structure and investment style of Zcash is something those same companies will be comforted by as it’s more familiar than other structures.
But building that market is far from certain and would take years to corner even if Zcash does succeed. So do be cautious and patient. Though paranoia is as unwarranted as unbridled enthusiasm. This is about more than just the tech, which is why the Zcash company is encouraging and helping others to use and improve the tech. Every cyptocurrency is an ecosphere, and this one has a lot of potential that cannot simply be copied from github.
The coin isn’t going to drop in price so much because the technology can be copied and implemented elsewhere. The drops that are happening are due to the ramping system and the fact that it’s so profitable to mine so most of the GPU miners have pointed their miners to it.
While the warnings of a scam and a $1 ZEC seem like hyperbole, you have the right idea warning people about the price. The price will continue to decline in proportion to the increase in block reward, and $100 ZEC by the end of the month is not only likely, but highly probable.
I don’t think it will hit 1$ worth.
Right now mining with GPU is giving around 1-2€ per day. So once it drops to even less, people will most likely stop mining it and price will stabilise. And then we can maybe expect prices of ZEC to grow back up, and then people will start mining again because it will bring profit back.
And then once again it will drop in price and people will stop ming.
And so on and on and on.
That’s just my predicition.
I have no idea about any of that, but that’s what my logic tells me. Then again I don’t know anything about crypto valutes.
I guess you are right.
But there is still some hope left in me that I might be able to earn 4€ per day with my GTX 1070 on mining something. Maybe not Zcash, but something else.
It would be easy money
Well there is still some hope for AMD cards. Someone said that RX 470 will be able to get almost 80 sol/s. So you can only hope that this will come true, before Zcash price crashes.
Hi, I’m thinking about getting MSI Radeon RX 470 Gaming X 4GB. If that’s the same card you got, can you confirm that it is as silent as the review says? I’ll install it in my work machine and I don’t want a jet engine running next to me.
You have just forget to mention that Bitcoin price depends from only 2 countries in the world, Monero is simply copy/paste team of morons who criticized its competitors in dirty way. Ether is actually unable (still) to handle what it had been designed for and has been already compromised, its network is purely backed up by bank’s money to keep the price high enough for this ETH global testnet. So, what’s so risky in Zcash? What will be USD worth of in a few months, taking into account that the most richest families moved its funds into gold? Stop this please, everything is relative.
