Super Transparent would be an address feature to make Binance, and every other exchange now/ of the future happy. If regulators are going to force all CEXes to know sources of funds, then we’re left with very few options.
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At the cost of destroying Zcash’s narrative, fungibility, idealism, and principles. I suggest finding more technical solutions for liquidity IE dex, atomic swaps, and bridges ASAP.
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Everyone is panicking before having an answer from Binance. What I don’t understand is why they have labeled as “monitoring” if they will give us an answer this week…. Doesn’t make sense. Either they won’t accept at all (most likely) or they are manipulating. According to ecc ceo, Binance Will MOST LIKELY DELIST ZCASH. This way, we are hopeless if even the ceo believes zec will be delisted. I’m starting to feel like zcash will die, honestly. I cannot be crazy and think they are just manipulating the market. I’ve been already manipulated enough……. Although I will wait binances answer
You’re acting like those already exist? Sure there are words on websites, but have a look at the protocol and how people are using Zcash.
If fungibility were a high minded target - why have we still got 90% of all ZEC/ txs in the transparent pool?
Is the idealism to make Zcash accessible for a maximum chunk of the global population? If so, it cannot be accomplished without Binance, and other sector leading CEXes.
Super-Transparent wouldn’t do much additional pain against fungibility, principles, ideals, or narrative, because we’ve already got the Transparent Pool doing that damage (and there is no indication that the Transparent Pool will ever go away).
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I’ll tell you. Pure Miss Privacy wants to make sure you’re being honest with her.
The point I’m trying to make is that in a few years you will realize that this fall was a test of your dedication to the mission. And the reward will be waiting for the one who knows why he is here. That’s just a spoiler, I hope I didn’t reveal too much.
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Quick Update: We still haven’t received approval from Binance to start working on Hanh’s proposed solution. I’ve been in daily communication with them, addressing their queries. Binance also requested a more detailed proposal, which Hanh has provided. Our next step is to arrange a call with developers from their wallet team, hopefully within the next couple of days. I’ll continue to maintain close contact with Binance and provide updates to the community as soon as new information is available. Thanks.
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Ycash isn’t being delisted. The whole SouthX exchange is ending all operations.
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This is why I voted for you. Going above and beyond as a ZCG member. Thanks, Jason.
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You’re the man
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Alright thank you for the update very much appreciated. I am looking forward to see how this plays out!
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What’s crazy is defending Binance while Coinbase and Gemini have full Zcash support. Just stop.
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Nobody is defending Binance. Certainly I’m not. I’m defending that they are acting reasonably given their circumstances. In the perfect world, all CEXes take shielded ZEC directly, no questions asked.
What I’m defending is the fact that it is completely reasonable for Binance, or presumably every other CEX in the future- Coinbase, Kraken, Gemini included- to request that ZEC depositors are coming from a transparent address that can easily receive ping back of funds.
Coinbase and Gemini have Zcash support today, but there is absolutely no assurance that in the near future they won’t be made to ask the exact same thing from our protocol.
And I’m also defending the critical liquidity and Zcash accessibility that Binance provides our ecosystem. Binance is many orders of magnitude more important to our mission (spreading digital financial privacy), than we are to theirs (profit making).
Have you ever heard that an ounce of prevention is worth a pound of cure?
Super Transparent addresses/ transactions are what I’m suggesting could be our ounce of prevention.
Some people have strangely divisive, rigid thinking around here. I’m smiling at you @dismad
Binance provides Zcash with +30 million potential users/ investors
Zcash provides Binance with about 1 tenth of 1% of its average daily trading revenue
That is not a proportional enough relationship to be giving us (Zcash) much leverage during topics like delisting vs. feature support enhancement.
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I disagree, the timing of this reasonable request is a bunch of baloney.
Gemini has shielded support, why can’t binance offer that? They have bills too, and are smaller, yet can some how make it happen. You can view the glass half empty, that’s your choice.
I actually agree here, I don’t want to loose the liquidity, but not at the expense of our mission. Where I live shouldn’t matter, but here we are. I want to support businesses that make a stand, not bend a knee.
That’s fair, but I’m calling it like I see it.
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Gemini isn’t operating in Europe/ Globally as far as i know.
These Binance requests are inspired out of EU regulators, if my understanding is correct.
I don’t like where we are at rn, but I want to support businesses who care about privacy. Binance has a lot of money, make a stand. Is Binance completely owned by the fear of US law, because folks outside the US use it? Sad state of affairs tbh.
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I don’t think it’s necessary for Binance to delist ZEC globally to comply with EU law, but it seems reasonable that an exchange would want to verify that Zcash deposits are authorized by their customers, and to reject unauthorized deposits, like physical cash.
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You wanting to act as an ideologically driven business supporter is one thing. What I’m talking about here are the risks/ rewards to the Zcash project, given the threat of being removed from the world’s largest cryptocurrency platform. These are apples vs oranges topics.
I support Gemini, their credit card rewards scheme lets me earn ZEC from every day spending. That is an awesome platform feature - albeit a novelty. I also don’t like Gemini because their trading fees are highway robbery. If I want to purchase another $1,000 of ZEC it will cost me almost $100 in fees. That is about as close as a scam as I can think of from a platform that pitches itself with a clean smile.
All of these crypto platforms have pros and cons for our individual circumstances. But that isn’t what I’m discussing in the context of the Binance delisting. For the delisting, I’m talking about how catastrophic it would be to the shared Zcash mission (among us lowly community members, and the ZF and the ECC).
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A side note about Gemini. They want an arm and a leg to trade there in terms of proof of income (think tax returns, bank statements, etc). Then when you do get approved, you can not buy it. So Gemini is basically a talking point. Its not a real source of trading activity (you simply can not sell or buy there as the bid/ask spreads are high and depth is nominal at best. My point is Gemini really does almost 0 for us as a source of liquidity.
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