3 ms·
>Max price was almost $2,000,000 per token, someone actually literally spent that much. No. When zcash was trading at such a price, it was less than a single z
by hackinthebochs 10y ago
>Max price was almost $2,000,000 per token, someone actually literally spent that much.
No. When zcash was trading at such a price, it was less than a single zcash coin in total. So a few people were paying significant sums for very small fractions of a zcash coin, but no one payed 2,000,000 for a single coin. The price has crashed because supply has grown exponentially. What you were seeing was supply vs demand in action in an unusually obvious way.
- Taek 10y agoI did not mean to suggest that a whole $2M was dropped, but someone did buy a fragment for $2M per coin. These people buying it hopefully would have been aware of the publicly known upcoming inflation, the fact that they bought at these prices I believe is a tragedy and a black mark against Zcash.
- wmf 10y agoSo if I buy 0.01 BTC for $750 [1] and cause the price to "fall 99%" that will leave a black mark against Bitcoin? Perhaps the blame really lies in the exchanges who were so eager to allow trading on such a scarce asset. [1] I realize this is not really possible because you'd have to buy the entire order book first, but in the case of ZCash the order book was empty.
- Taek 10y agoThe order book was not empty, as stated above there was over $350,000 in trade volume at prices greater than 100x what they were less than a week later.
- tromp 10y agoIt might make sense for receivers of the Founders Reward to pay such huge sums, even knowing full well that the price can only go down. They would keep buying coins while the price slowly drops, just to make the eventual floor, where more people will consider it a bargain, higher than it would be otherwise. It's all about creating a perception of value. There is no tragedy here, IMO. Just some calculated market manipulation...