Greetings all. While I’m quite new to zcash, just buying my first stash a few days ago tbh, I’m not new to crypto. I’m currently looking in to zcash because I’m a business owner who actually wants to be able to pay my overseas staff in a private manner. I tried Bitcoin. I tried Lightning. I’ve tried BSV and BCH and a few others.
I’ve watched from a distance (some of) the discussions re funding allocation and the different positions. I see some complaints from people who appear to be aiming for outcomes that I don’t understand, but I can only label as dogmas that appear to have come from the Bitcoin maximalist camp. They have no grounding (to my mind) in sound economic understanding, tech development, or how zcash or crypto in general actually works under the hood.
Perhaps there exists in some people’s minds a notion that if zcash was more like bitcoin with no (or a tiny) dev fund, it would achieve the meteoric price levels of bitcoin, because investors would trust it more or something.
I assure you, if zcash users spend the next four years trying to win the approval of Bitcoin maximalists and their ever-shifting goal posts they’re going to have a bad time.
Bitcoiners often say that miners “provide security for the network”. As I understand bitcoin and zcash, this meme gets repeated nauseam with no real understanding of what mining really is. I see it as a magical way for all of us to agree on what is true… and conveniently, a way for tokens to be initially distributed.
The only “security” aspect of the mining really is the ratio of miners who want the best for the network vs miners who are trying to perform a re-org.
Anyway, with my understanding of mining, I don’t see why there’s any concern over what levels of block subsidy that should be allocated to the miners vs devs.
20% seems like a nice number because it’s lower than your standard business tax rate, and seems like most of the money is going to where it’s “supposed” to be going.
But I don’t buy that at all. I would much prefer 80% of the block subsidy went in to promoting and developing the blockchain I am investing in, and 20% went to the people running hashing computers racing to be the first one to tell us what the next “truth” is.
More mining will NOT result in more security. 51% re org attacks aren’t rational, and rarely profitable. I’m far more interested in having great apps developed for my investment than I am in having more hashpower devoted to the network.
Miners of any decent scale run on razor thin margins, and are invariably forced to sell most of their coins on the market as it is, and there’s little dedication among GPU miners too, who are always looking for the next profitable thing to point their rigs at.
I’m all for a third body coming into existence that gets some of the block subsidy (or reward, not sure what you all call it), and takes a different approach to increasing adoption.
My understanding thus far is that the great reputation zcash has, the reason I am even trying to use it at all, the reason I went and bought some this week, has nothing to do with anything the miners have done, it’s been ECC and the foundation.
So, if you want more newcomers like me to come and buy zec, and use this thing in the real world, then I suggest funding the hell out of the people working on this.
And also make darkmode work better on the zeclite mac app.