“We have reached a conclusion that in order to protect the value, dignity, and future-opportunities of the Zcash ecosystem that we have invested countless hours into. We will immediately halt all organisational sales of the ZEC coin, until further notice”
“The only thing necessary for the triumph of evil is for good men to do nothing.”
Josh Swihart, Electric Coin Company
Jack Gavigan, Zcash Foundation
Both the ECC and ZF have the balance sheet assets to pay for all of their estimated 2024 operating expenses out of existing cash balances, in combo with liquidity locked in their altcoins (re: BTC, ETH, BLD, StarkWare).
Not even a question this is the right thing to do now with the ZEC price near its original issuance price, if anyone believes any value at all has been created between then and now, the time to go all in on ZEC is now. The saying “put your money where your mouth is” could not be more appropriate than with regard to selling BTC, ETH, BLD, Starkware, and buying ZEC, than now.
We should be treating ZEC as gold if we believe we are creating something important. It should be held and sold only at or above its fair value. I dont think anyone believes anything below $35-$50 (should be >$100) is fair value. It’s All in or All out.
And even less extreme, my thought is that the ECC & ZF simply stop the selling. I don’t think they need to be buying more ZEC than the block reward already delivers to them every block. The crisis is in the process of selling ZEC so heavily, despite the fact that liquidity exists elsewhere - which can be exercised without directly, materially damaging the Zcash project.
(My assumption: Selling $500,000 of ZEC on the spot market per Month causes direct material damage to Zcash)
If ZF sold all $3,000,000 of its BTC today, it wouldn’t even put a dent into the BTC-USD market; and that much USD would cover at least half of their 2024 operating expenses. But to the contrary, the proof is in the pudding as we see ZEC-USD eroding month after month, in part because the ECC & ZF are taking $400,000-500,000 of liquidity out of ZEC buyers/ holders each month.
The dream is put simply: Let the 2 organizations who presumably have skin in the game for Zcash stop liquidating ZEC so relentlessly - when better options are immediately available
The mission statements from ECC & Zcash Foundation speak about furthering economic freedoms, privacy, Zcash development - growth - and adoption.
The collapse of the ZEC native coin value is a significant detractor to those missions.
In order to adhere to their self-declared mission statements, both organizations, in coordination with their other activities, would be responsibly doing what they can to defend the value of the network’s native coin/ market valuation/ market relevance.
Their missions don’t have anything to do with the facilitation of pure market mechanics for ZEC or any other crypto assets.
Aka “no amount of rephrasing the same argument will stop powers that be from treating Zcash as a honeypot, which is the essence of $ZEC and, by far, its main use case these past 7 years”
I have been warning you for years @noamchom , open your eyes already to what has always been the truth.
