Thank You for reading my post/question here, but if I as a software developer were to work for z-cash, HOW ON EARTH AM I ABLE TO BUY ANYTHING WITH IT, IF I HAVE TO PAY IN EUROS?
The only thing that the bitcoins solve in Estonia is to get around the pesky bank officials, who want to see a complete, finished, e-shop before deciding, if they are going to give an e-shop account (“e-terminal”) for the e-shop, id est if the bank official does not like the graphics or the background color of the home page, then they deny payment method access. The rest can also be banned by the government the moment they want it banned, because the only currency exchange, where bitcoins can be exchanged to euros, requires an ID (passport, ID-card, etc.) from the person, who wants to exchange bitcoins to Euros.
Currently (2016_06_10) it seems to me that the various crypto-currencies, with an exception of the bit-coins, which can be exchanged to Euros, are like North-Korean money at a United States Hamburger booth: one will probably be starving even, if one has a suitcase full of it.
So, how is z-cash any different?
Thank You.
1 Like
Zcash > Shapeshift > Bitcoin > Estonian exchange > Euro
1 Like
Sell it to me! If that’s not direct enough, I’ll bake the bread - I already bake my own.
1 Like
Thank You for the answer. I’ll interpret it so that if I earn some z-cash, then I can just come to this forum and offer it for sale. The next issue is, how am I going to price my services competitively in z-cache units, if I do not know the exchange rate that I can use later for converting z-cache to Euros. One of the main benefits of the Euro currency for Estonians is that there’s no more expensive and risky currency exchange from the Estonian own, native, currency, Kroon-s, to Euros. (I do not know, how to translate the “kroon” to English, but by my understanding as a native Estonian the Estonian word “kroon” stands for only 3 things: the native currency of Estonia, the nonsense metal ornament, a crown, that kings and queens wear, an artificial part of a tooth that is custom-manufactured at cases, where dentists are not able to repair a tooth by using the various clay-like materials.) So, while the rest of the Europe was coursing the Euro, Estonians actually felt relief to switch the native currency to the Euro.
With bit-coins and z-cache the currency exchange seems even riskier than it is with the Russian rubles. Please explain, how I’m mistaken, but currently it seems to me that no matter, what the technical solution, every currency needs some “gold reserve” analogue in some value that people recognize. The “gold reserve” might be potatoes, grain, tons of iron, whatever that does not loose its value quickly and that can be easily exchanged for other material values. The reserves must be actually at least doubled and reside at different geographic regions, just like proper data backup copies are supposed to reside. That way a fire in one grain silo is not going to destroy the currency that the grain is used for backing.
How much Euros or something else have the z-cache developers placed to the z-cache reserves? How can the reserves be audited?
1 Like
You’re well into the territory of monetary theory now…
Even gold only has value if people agree that it has value. Other more practical things like food and water have inherent value in that they can be consumed by (just about) everyone (these goods have a purpose that everyone can directly take advantage of) and they can also be traded and bartered with.
The forms of currency that have been in vogue for the last few generations have gradually become less and less reliable and trustworthy as certain institutions have taken ever greater advantage of the fact that they are simply printed into existence. What value these printed currencies have is due wholly to the fact that many people agree that they have value and attempts to point to actual, physical objects that ‘hold’ the value represented by those pieces of paper become very complicated and subject to a great deal of assumption.
None the less, paper currency still does its job - people still agree (or merely believe without factual evidence) that it has value. So, if that agreement and belief is all that is required for paper currency to work, then crypto currency can work the same way. It can even surpass paper currency is trustworhyness by adopting hard rules regarding limits to its creation. Although, not all crypto currencies have been designed to limit their creation the way Bitcoin has… And crypto currency absolutely surpasses paper currency by allowing people to freely trade with each other across all kinds of nonsense political ‘barriers’.
Re: Trading ZCash for Euros, to begin with, that market will be very limited but as more people learn what ZCash has to offer, I expect that demand will increase. My own intention is to acquire ZCash early and hold it - and do what I can to grow the market by supporting the ZCash network as a miner and spreading knowledge of ZCash as well.