So… BTC is rising like crazy and ZEC… slowly dropping down. What ur thoughts? And question regarding rising difficulty is interesting for me. Can some1 explain why is that?
A lot of people sold BTC before June 31st in fear of the uncertainty regarding the SegWit split, driving the market down. After the August 1st Y2K doomsday scare proved to be FUD, people regained confidence in BTC and the market in general, causing people to re-enter, buy BTC, and make trades.
Regarding ZEC, the JPMorgan Chase press release was an incredibly strong buy signal which drove the price up dramatically on May 22nd, with June 15th seeing the end of the peak after 31 days. Since June 15th there haven’t really been, to my opinion, any other newsworthy events to inspire an upward trend, thus the steady decline towards and below May 22nd prices.
I’m curious to see how/if the version 1.0.11 release affects the market.
One last note, Zcash has an open position for a Chief Marketing Officer. I’m seeing good things to come.
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But, main question is why difficulty rising while price dropping?
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Thank you for reply.
More people are mining it but not enough people think its value is any more valuable than it is right now. With bitcoin increasing in value, other currencies are decreasing in value.
I dont think that’s a case. When profitability dropping, miners are moving to more profitable coin. It’s very rare that profitability droping, and more people are mining??? It’s senceless!
There is a lot of backing behind Zcash. More and more people are believing that Zcash has the potential for a price jump. Zcash has hit a very low point today. Many new miners also use mining calculators to see what is the most profitable. They see that maybe monacoin or zen are theoretically more profitable to mine but they see that Zcash is valued more AND is relatively cheap from its history. So they mine Zcash. This is my theory to help me rationalize why the difficulty has almost doubled the last time Zcash was this cheap.
You would think this is how it works, but it doesn’t. In June, for the Flypool ZCash mining pool, the total pool hashrate was roughly 90 Mh/s. Currently, the rate is 120 Mh/s, so more people are definitely mining ZCash then previously.
@W1nn1ng1
Yes, but i’m talking about last 7 days. Also, many miners migrate to Flypool becouse hush power, so it’s not correct comparation. Flypool gets more hush power, but some of pools lost it.
@Blue
I uderstand that miners are expecting price rising, but it is right if diff is low. In present situation, if you still mining Zec and price rise up, you will just cover your loss, without earning.
There is no direct correlation between price and difficulty. It’s an indirect affected. Just because price is down and difficulty is up does not mean miners won’t keep on mining Zcash. It’s just that the majority clearly do not think it is of ____ BTC valuation right now.
I recommend you to blur it
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Good call. Thanks 20
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Zcash will not, probably, ever get a momentum, since it keeps on trying to seat on two chairs. World may well need 2 separately marketed ZEC forks: a pure crypto-anarchist underground version, & a transparent fully gov. regulations compliant version - with a snitch to tax authorities directly built-in into Zcash selective disclosure feature. This & only this way clear market positioning would become possible, banks & invest-funds would receive a strong signal !
But, i’m really disapointed with indiference of ZcashCo members to comunicate with mining community. Basically, we are mining “in dark”.
@Blue
I think you didn’t understand me. I fully understand diff mechanism. But, for miners is devastating price drop with increased diff. Also, it is dangerous for coin himself.
Oh okay haha. Sorry. Yes it is bad for miners. That I can agree on.
am I the only one mining much more zec than yesterday?
I’m pretty happy for what is going on in the crypto realm, market cap is almost at 140 billion, and that is soooo satisfying. Making money and all is fun and creating a “great income from thin-air” is a pleasure, but let’s not forget our goal, or the real purpose of the block chain technology: overcoming the rules of the game.
Everyday we are closer to a real paradigm shift, sooner than expected the people are going to be in control of the market and the very nerdy-wise man are the one’s that are going to decide, collectevly, and finally, very transparently how things are going to work out.
Inside trading, class actions, off shore? Soon, optimistically speaking, something of the past.
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I think people are buying bitcoin and selling everything they have (zcash too), that’s why price is dropped. I think when BTC will stay stable people will start buying zcash and price will rise. Hope so :)) i will keep my zcash coins to sell it later with high price.
Suprnova seems to have a bit more luck yesterday, 3 blocks found in under a minute or so, and a block almost each hour or so with ~ 8000 kSol/s @johnwisdom
I disagree with your assessment and think that you’re misrepresenting the facts.
Understanding Zero Knowledge Blockchains written by Gideon Greenspan, a PhD computer scientist, university lecturer, and multichain platform developer:
Talking about regulation brings up another practical issue with zero knowledge blockchains. Anonymous transactions in a blockchain contain statements regarding asset transfers and ownership, but those statements are only visible to selected parties (namely, those directly involved). Even if we give a regulator full visibility into a zero knowledge blockchain and its participants’ identities, it has no way of knowing what is truly happening within. Of course, the regulator could ask all of the participants to identify and reveal their transactions, and they can do this efficiently using Zcash-style “viewing keys”. Nonetheless, if the parties to any particular transaction want to keep it secret, the regulator is stuck, and does not know who to fine. There is no custodial bank from whom it can obtain the full picture, and the only option for enforcement is to shut down the entire chain.
So what’s the bottom line? For now at least, I suggest simply following the progress of the public Zcash blockchain, to see how it develops and grows. If the history of Ethereum is repeated, there will be surprises and vulnerabilities lurking under the surface, waiting to be exploited by greedy opportunists. Nonetheless, in the longer term, make no mistake: zero knowledge transactions are a game-changing breakthrough for blockchains. If the underlying cryptographic principles prove sound, expect them to significantly broaden the range of use cases to which blockchains can be applied.
U.S. hegemony and their militaristic use of law inevitably poses a risk to all unregulated crypto currency exchanges. I think that Zcash is ahead of the curve in being able to meet regulations and beat them at their own game.
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Probably, you’re right.
A selective disclosure feature, however, has yet to be released by Zcash. Will see how does it, actually, work. Whatever the Zcash team stance on the regulation compliance is, I do believe, Zcash would only benefit if it is clearly & officially stated in the FAQ section.