Atleast 51% attacks do not seems to be as bad as people were thinking they were going to be. It is not instant death for the coin when it happens. Looking around at the coins that have been attacked, it looks like 20-30 Million USD might have been stolen from the 51% attacks this year.
That doesnt seem like much when you compare how much was lost from other hacking attacks that used other vetors. Or when compared to other types of businesses, Just recently one bank was hacked for 13.5 million in one go.
For how many random projects that people just started up at home one day, and then they grew from there, PoW seems to be very strong in security considering how many networks there are and how little has been stolen by exploting the PoW.
For everybody interested in electricity prices worldwide compared to what bitmain pays here the link to my “electricity prices lead to mining centralization” project:
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PD: sorry if i go a little off topic but couldnt find another relevant thread,
He is getting called upon on twitter for promoting scammers by big twitter accounts (one 137k followers, other 210k followers) and it does not look good for the rest of us Zcash community:
“Though note that Roger is a founding investor in Zcash and afaict gets part of the founders reward (Zcash doesn’t exactly go out of their way to make this clear).”
Wow, is this true? Can anyone from ZCash confirm or deny this? Is Roger Ver a founding invester in Zcash and gets part of the block reward?
That would explain the ASIC stance from Zooko if he is buddy buddy with Roger who is friends with Jihan-Wu of Bitmain. Man everything is such a scam nowdays…
Ok, so Im more confused. This makes it seem like a even bigger scam now. So ZCash has block rewards to fund the project to keep it going, great…But then ZCash sells a percentage of the rewards for more funding? Wait what?
I thought the rewards was to keep the project funded and independant. But then you have here, selling part of the rewards to 3rd party investors who now have say in the project? Why did Zcash have to go out and get more funding? That is what the block rewards were for I thought? Can Zcash just sell all the block rewards for equity and cash out?
Why does this seem wrong? ZCash had funding with the block rewards, why did it feel it had to raise more money by selling the rewards to other people?
@lisfin Techincally yes and no, the early investors paid for a portion of the Founders Reward (10% of 21M coins) at about $15-20 per coin if I recall correctly to raise about $6M to launch Zcash.
The Founders Reward is paid to the Founders Reward addresses at 2.5 ZEC per block. Which is later disbursed to the Founders Reward recipents like employees, the Zcash Foundation, etc… but I don’t know their actual payouts schedule or if certain members get paid before others.
Edit: I think of it like this:
Zooko, Ian Miers, Matthew Green, and the rest of the Founders went to Venture capitalists and said:
“We have this really cool tech, but no network. If you give us Millions of real USD for our really huge network that doesn’t actually exist yet then we promise you will receive a portion of the 10% of these imaginary coins we have set aside for future development! What do you say? We have a deal?”
Don’t forget this was early 2016, nobody had heard of zkSNARKs, or Zcash, or if any of this Zero-knowlege voodoo would actually work in a production Blockchain. And Zcash Company needed funds up front to hire Developers, Engineering, Cryptographers, Auditors, etc… just to get the network launched. So that’s why they sold a portion of the 10% to investors, to kick the whole thing off.
There are several posts, even in this topic if i remember right and i’am pretty sure there are, where it’s mentioned and explained how the investors get part of the rewards. Somewhere in the first 100’s of the posts there was even alink to some visualization where Roger Ver is mentioned as an investor.
So nothing new at all. Actually i even wondered why nobody so far mentioned and jumped on this…
