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Zcash also relies on a trusted setup: a master private key was used to initiate it, and that you have to trust the key was destroyed. If someone had a copy of

Zcash also relies on a trusted setup: a master private key was used to initiate it, and that you have to trust the key was destroyed. If someone had a copy of that key, they could create infinite coins without detection. People have to decide whether they want to trust that a copy of the key wasn't made, or if they want to use a trustless setup. Monero doesn't require trust, and it's also private by default.

ktta 9y ago
There are actually more problems, but I didn't want to go off topic. Like about how the developers get paid a certain percentage. Someone made the calculations to be about $3m a year for all the developers combined each year. I know that they deserve to get compensated, but that goes completely off what cryptocurrencies stand for. Like the whole thing seems to be riding on the concept of zk-SNARKS, but the fact of the matter is, there is already Monero which offers the privacy aspect that zcoin advertises (but fails to deliver on that too)
- Casseres 9y ago
  What ktta is talking about is the 10% Founders Reward that goes to the company and its investors. For those that may read this who don't know, Zcash is a company. It's Founder and CEO wrote this on Twitter: > I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. https://twitter.com/zooko/status/863202798883577856 https://twitter.com/zooko/status/863202798883577856
- ktta 9y ago
  *zcash, not zcoin. Too many 'coins' these days.
mbgaxyz 9y ago
Monero... "We have to have faith that at the very least, the primary developer of this project is not acting directly in bad faith. And IMO, we can no longer be certain of that." https://www.reddit.com/r/Monero/comments/6d5yt5/what_fluffypony_just_did_is_not_ok/?st=j33rtsed&sh=408906ea https://www.reddit.com/r/Monero/comments/6d5yt5/what_fluffyp... "What company wants to adopt Monero as payment when a representative lies about announcements for his own enjoyment?" https://www.reddit.com/r/Monero/comments/6d5t7x/fake_news_fluffy/?st=j33rue0e&sh=2055dae4 https://www.reddit.com/r/Monero/comments/6d5t7x/fake_news_fl...
- Casseres 9y ago
  You're submission history here is heavy with Zcash-related links. (My history has a bit of Monero-related posts if anyone wants to know my interests in this.) --- It's open source. If you think someone is writing malicious code, take a look for yourself. If you think the developers are no good, fork it. He never lied. He made an announcement, and he was right about it being major, as evidenced by the speculators' reaction and posts on Reddit. Deflating the bubble before it gets even bigger is good in my opinion. Right after that announcement, there were a lot of brand new accounts and accounts that didn't have any Monero history in them posting in the Monero subreddit. Supposedly, there was even an account or two that just had Zcash post history. I think Monero is just fine, except for the opponents of Monero that are misrepresenting the truth (creating new accounts on reddit to fake outrage, companies with competing privacy coins posting BS reports about Monero on the day of routine hardforks, etc). If you think something is wrong with Monero, you're welcome to join the open source project and help fix it.
- daxorid 9y ago
  Trolling the parasitic money-changers who are only interested in cryptocurrencies for profit potential is a good thing. I'm at a loss for how anyone can regard fluffy's actions as anything but commendable.

ktta 9y ago

There are actually more problems, but I didn't want to go off topic. Like about how the developers get paid a certain percentage. Someone made the calculations to be about $3m a year for all the developers combined each year. I know that they deserve to get compensated, but that goes completely off what cryptocurrencies stand for. Like the whole thing seems to be riding on the concept of zk-SNARKS, but the fact of the matter is, there is already Monero which offers the privacy aspect that zcoin advertises (but fails to deliver on that too)

Casseres 9y ago
What ktta is talking about is the 10% Founders Reward that goes to the company and its investors. For those that may read this who don't know, Zcash is a company. It's Founder and CEO wrote this on Twitter: > I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. https://twitter.com/zooko/status/863202798883577856 https://twitter.com/zooko/status/863202798883577856
ktta 9y ago
*zcash, not zcoin. Too many 'coins' these days.

mbgaxyz 9y ago

Monero... "We have to have faith that at the very least, the primary developer of this project is not acting directly in bad faith. And IMO, we can no longer be certain of that." https://www.reddit.com/r/Monero/comments/6d5yt5/what_fluffypony_just_did_is_not_ok/?st=j33rtsed&sh=408906ea https://www.reddit.com/r/Monero/comments/6d5yt5/what_fluffyp... "What company wants to adopt Monero as payment when a representative lies about announcements for his own enjoyment?" https://www.reddit.com/r/Monero/comments/6d5t7x/fake_news_fluffy/?st=j33rue0e&sh=2055dae4 https://www.reddit.com/r/Monero/comments/6d5t7x/fake_news_fl...

Casseres 9y ago
You're submission history here is heavy with Zcash-related links. (My history has a bit of Monero-related posts if anyone wants to know my interests in this.) --- It's open source. If you think someone is writing malicious code, take a look for yourself. If you think the developers are no good, fork it. He never lied. He made an announcement, and he was right about it being major, as evidenced by the speculators' reaction and posts on Reddit. Deflating the bubble before it gets even bigger is good in my opinion. Right after that announcement, there were a lot of brand new accounts and accounts that didn't have any Monero history in them posting in the Monero subreddit. Supposedly, there was even an account or two that just had Zcash post history. I think Monero is just fine, except for the opponents of Monero that are misrepresenting the truth (creating new accounts on reddit to fake outrage, companies with competing privacy coins posting BS reports about Monero on the day of routine hardforks, etc). If you think something is wrong with Monero, you're welcome to join the open source project and help fix it.
daxorid 9y ago
Trolling the parasitic money-changers who are only interested in cryptocurrencies for profit potential is a good thing. I'm at a loss for how anyone can regard fluffy's actions as anything but commendable.