Announcing Ycash, The First "Friendly Fork" of the Zcash Blockchain

i don’t disagree, and honestly wouldn’t mind seeing yec do well myself. thing-is, the RTs seem like promotion to many people. i’d wait a couple months to see how yec works out before promoting it.

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Agree with that, on the other hand, if there is something wrong with Zcash ( and I guess there is, otherwise there wouldn’t be a fork ) why not adres those issues ? It’s also how it gets viewed by people not familiar with Zcash, and if I was one of them, I would say something is fishy here.
People keep on saying Zcash is not Ycash, we are independent, but then on the other hand most Tweets ( re tweets ) are from Zooko. In my opinion a good luck to Ycash and a statement we are not involved would be enough. Zooko should not get involved to much into Ycash, just to be safe.

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Zookos spooky, you don’t know what his game is

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There is a team I guess ?

Why i think Y(es-man) Cash will NOT be a success and NOT attract investors in any way:

Was having some thoughts with my morning tea about Ycash and why i think it’s a poorly driven project with minimal chances of success:

Let’s beginn first with some subjective things:

  1. The logo: YcashLogo
    Lol, seriously? That’s not professional, it looks “Flower Power” like and it gives me zero confidence. The Logo is one big part which makes the first impression when you go to a website looking for a given product and/or information about it. At least it’s good for a laugh.

  2. Name and domain: Ycash and ycash.xyz , who the hell will ever remember a .xyz domain? Everybody doing business on the net knows that a a .com domain should be a must. Sure, there are expections that can be successfull. Z.cash is a more or less good attempt, but there is no doubt that zcash.com would still be much better for search engines & peoples memory. ycash.xyz is one of the worst combinations i have encountered and i’am pretty sure the majority that goes as far as going to the website will get a similar experience.

Now let’s get more objective and go through lists of red flags that apply to crypto currency scams. I’am not saying ycash is a scam, but every investor or someone interested in ycash may check against these points:

Taken from " Common Red Flags for Cryptocurrency Scams

  • The business being unregulated
    ==> I was unable to find any legal documentation about the Ycash foundation.

  • Lack of documentation or the use of documentation which is copied from a legitimate business.
    ==> Again and as said allready, no documentation at all available.

  • The Absence of physical local offices.
    ==> No company/foundation adress, no office adress, no city, no nothing.

  • Contradiction between documents and spoken information.
    ==> Interesting one. Without any documents hard to tell. Interestingly someone searching deeper immediatly sees that the Ycash trademark belongs to Mr. Loo and not the Ycash Foundation. Than we have “multi-person-team” without any evidience and full anonymity about the team behind Ycash. Actually there is nothing that could be checked versus documents and papers as there simply don’t seem to excist any.

  • Not answering and avoiding hard questions.
    ==> I personally alllready witnessed this approach by being banned from the Ycash discord server just due critical views on other forums & projects. Does the following formulation indicate readyness to answer hard questions or is it more to avoid them? With such pre-censorship someone can only conclude that hard questions are not wished, what’s left for answering them…

Summary
  • Lack of information being provided on the website, or within the whitepaper.
    ==> No white paper, no road map, no legal documentation, no team information, no nothing.

  • Anonymous teams. This could signal an attempt at limiting liabilities, or a sign that the reported achievements don’t actually match up. You don’t want to be handing your hard-earned money to people you can’t even perform any due diligence on, do you?
    ==> As said, no announced team, no team information, no nothing again.

  • A community that only blabbers about airdrops and receiving tokens. A lack of in-depth conversations with regards to the project is a huge sign that the community is based off nothing. This also speaks a lot about the substance (or lack thereof) within a project.
    ==> I think we witness just this here. Only talks about the airdrops and how to get them. Nothing else. What else could it be about after critical voices are silenced allready upfront?

  • Limited updates on the project.
    A lack of openness with regards to the progress , the amount raised and how the company intends to use the funds in the long run can translate to a huge, flashing warning sign. Coupled with FOMO (Fear of Missing Out), this is a remarkably useful tool when it comes to drawing the attention (and monies) of poorly-read investors.
    ==> Is there any plan on how the Ycash foundation funds are going to be used? I doubt…

  • Developers With No History or Experience.
    Any legitimate token should openly and readily publicize the development team behind it. A lack of information or a deliberately anonymous team should immediately start ringing alarm bells. Likewise, you should be instantly skeptical of a development team that has no experience in the crypto sphere. Would you catch a taxi if the driver had never driven a car? It’s the same thing.
    ==> Uhm, we know nothing about the team anyway, so who knows?

  • Incomplete, Unrealistic, or Missing Whitepaper
    A project’s whitepaper should provide a roadmap of what you can expect from the new token. It will explain the rationale behind the project, the underlying technology that’s going to drive it, and its intended user base. Ideally, it should be packed with charts, graphs, simulations, and other visuals.
    ==> None excist.

  • Unnecessary Blockchain Integration.
    ==> Interesting point, do the 2 main points of Ycash really need a new blockchain? I mean there are other projects around that use more or less Zcash tech, are gpu mined and have a different financial funding system than Zcash. If we are honest Ycash seems to solve 2 things that are allready solved elsewhere and nothing else. There is no own idea/improvement/innovation behind it.

  • Empty Code Repositories
    Almost all blockchain projects are open source. As such, you can check out their underlying code for yourself. A scam will often have an empty GitHub, a few lines of code, or a copy/paste of another coin’s code with minor alterations. All three situations clearly red flags that point to the possibility of fraud.
    ==> I didn’t check the Ycash github channel so i have no idea how much coder there is. But for sure “another coins code with minor alterations” fits somehow …

  • Unbalanced Token Structure
    … will slowly drip-feed tokens in the early days. If you see an unbalanced schedule in which a deluge of tokens are set to become available early doors, it’s definitely a scam.
    ==> Not sure if the immediate airdrop of the founders reward to the Ycvash foundation falls into this category …
    Edit: Actually the biggest YEC airdrop recipients are the current big ZEC holders, not the Ycash foundation! This argument was wrong in it’s initial version as the Ycash foundation does not receive any airdrop, but main/major ZEC holders get these free airdrops.

  • Poor Community Reception
    There is no shortage of cryptocurrency communities and forums on the web, many of which are filled with knowledgeable experts who’ve been involved in the crypto sector for many years.
    You need to spend a considerable amount of time trawling through these communities to see what’s being said and garner as many differing views as possible.
    Just as you wouldn’t buy a new phone without reading reviews, nor should you invest in an ICO with knowing the communities’ opinions. They’ll often point out pros and cons that you might have overlooked.
    ==> My opinion here is that due a lot of mistakes made on several points above/below there isn’t too much good community feedback at all. Here and there someone happy he receives some free airdrop tokens and that’s it all over…

  • Unbalanced Share of Tokens for Developers
    All developers will keep some tokens for themselves. But how many is reasonable?
    Perhaps contrary to what you might think, neither too many nor too few is ideal. Too few, and the developers might not have sufficient motivation to keep plugging away at the project over the long term. Too many, and the blockchain starts to become too centralized.
    ==> So far we know only about a 1-man-show which indicates that so far all funds will go to this person and at current state it’s an indicator it’s an absolute centralized project, no matter it’s camouflaged with a foundation (with no legal documentationavailable for the public!!!).

I didn’t make this list or sum up to call Ycash a scam, but others that might to get involved, invest, hold often will read articles about how to avoid scams and go through such lists.
The first thing a good project should have done is to realize the importance of avoiding ANY red flags a given action or missing action/document/paper may raise within the community, interested people, investors etc.

I have said it allready in the beginning of this thread that the whole approach is too amateurish, not transparent, not convicting, not anything. Everybody can and should make up his own mind, but with so many red flags i doubt it’s promising just 2 weeks away from launch.

The very least the people behind Ycash should/could do is trying to eleminate these red flags and correct them IF they are serious!

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Unfortunately, I only have the time (and inclination) to respond to one gross factual inaccuracy:

There is no “immediate airdrop” to the Ycash Foundation. In fact, there is no airdrop to the Ycash Foundation at all, ever. Starting at block 570,001, the Ycash Foundation receives 5% of the block reward. Between the fork and the first block halving, 5% of the block reward is .625 YEC per block. 5% of the block reward is all that the Ycash Foundation ever receives, nothing more, and that keeps the promise that 90% of the money supply be allocated to users via the free market mining process.

This can all be confirmed by looking at the source code, which is all open source.

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Yes, that was inaccurate indeed. The airdrop argument should have been adressed towards the big ZEC investors/holders which immediatly get a big part of the YEC aidrop.

see:

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Is there an official guide out yet?

I saw a post on the Discord over the weekend that they’re working on it, guessing next day or so.

Click into any of these repos and you can see who is making commits: https://github.com/ycashfoundation

For example: https://github.com/ycashfoundation/ycash/commits/master

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Ycash v2.0.5 is now available. All users of Ycash v1.0 should upgrade as soon as possible, to avoid the possibility of stalling upon restart.

Download Ycash v2.0.5 here:

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Where can I get help setting up a testnet?

thanks,

To connect to the testnet, download v2.0.5 and put these lines in your ycash.conf file:

testnet=1
addnode=testnet.ycash.xyz
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Thanks.

Does anybody tell me which exchange support zcash fork? Do ledger nano s support that fork? Do I have to have “ t “ transparent wallet or z privet ? Please let me know I’m new and don’t know much about it . Thanks

All of your answers can be found here, you just have to read

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There is a y-cash telegram group. I do not know how to link to telegram groups, but you can probably find it. To claim your y-cash:

  1. Have z-cash in address M to which you have a private key*. Make sure its not on an exchange. Can be on either a t-addr or z-addr.

  2. Wait until after the 570,000 block height. For insurance wait for more like 570,100.

  3. Move zec to address N.

  4. Import private key of address M into YecWallet (ycash.xyz/download).

  • if you have a seed phrase and not a private key you can convert the seed into a key at iancoleman.com/bip39

Howard Loo, the founder of Y-Cash is working to get exchanges to carry it, but no word yet on any definite commitments. I would stay tuned to the telegram group for updates.

Link to Telegram group: https://t.me/YcashTalk

SafeTrade (https://www.safe.trade) will be listing Ycash. SafeTrade has also launched a Ycash blockchain explorer here:

https://yec.safe.trade

If you’d like your favorite exchange to consider support for Ycash, consider showing then this open letter:

You don’t have to have your ZEC in a particular type of address; all address types are supported. For example, if your ZEC is in the Zcash Sapling Shielded Pool, your YEC will be in the Ycash Sapling Shielded Pool.

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Poloniex will support for the upcoming Zcash Hard Fork?

Ask them! I don’t believe they’ve committed to it publicly yet.

Exchanges that have said they’ll support the fork are kept updated at the bottom of this page.

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