Hello ZCash community,
I do not want to spend too much time on this as I have already lost way too much time bothering with ZCash. The background why I am writing this is because I do not understand why there is still no big movement against a development fund for the ECC. It did not work out well the first 3 years and the internal strategic decisions of ECC were a fail, when we look at how price and adoption of ZCash evolved. The technical development was groundbreaking in the field of cryptography. The execution of the ZCash project was poor. There is a huge divergence between technical development and financial management.
I am just wondering myself, as an investor who is here since the beginning, and who has lost multiple millions of dollars due to ZEC, why there is no discussion about whether, we as a community shall fund ECC at all under the current circumstances.
I start with @Zooko. He did not bring any public benefit for ZEC. His PR and other strategic decisions were horrible. His two greatest mistakes were the “deal” with Jihan Wu and Bitmain, which paved the way for ASICs and scared away all the GPU miners. This was already a big “hit” for the community.
The second biggest mistake was the famous statement on Twitter where he claimed that it is totally possible to make ZEC traceable for governments against criminals. With just one sentence he destroyed the credibility of ZEC. Politicians and managers usually have to step back after making terrible PR decisions or at least take responsibility for this. Within the ECC mistakes like this seem to be normal and nobody can be made responsible for it.
I am seriously asking the ECC team at this point. Where is the benefit of having Zooko Wilcox as CEO? He gets 1% of the total supply of ZEC but did nothing in order to satisfy the investors.
Usually, in firms which are traded on the stock market, investors have a lot to say in the decision-making process.
Within the ZCash project this is just a myth.
ECC never cared whether investors get something in return for their trust. ECC only cared about staying afloat.
Why should investors finance an entity that cannot provide for itself? Is the pure purpose of ZEC to keep ECC alive?
For me it seems like that at this point.
There was no effort in looking for other sources of income the last three years. There was no effort in finding a way how to fund development of ZEC without a tax for miners. There was no effort in fulfilling the needs of investors.
The only effort that was made, was to keep ECC going.
The trademark agreement debate was just another proof that ECC does not want to lose power over ZEC. Good that you “donated” the trademark to the foundation now, but you have signaled something completely wrong, by wanting to keep it in the first place.
Now we are debating whether the dev fund should be 10% or 20% and how it should look like. I tell you, 20% will not secure funding, not even 100% if the price keeps dumping and ZEC will be worth only a few dollars each. I guess it will keep dropping if you do not change your strategy and values drastically now.
Why do you not want to accept that nobody wants to use ZEC and that the mission will fail if you do not do a 180 degree turn at this point?
I think people who failed to make decisions in the sense of the community should be made reliable for their mistakes. Look what is left of the community. It is just a bunch of people who are waiting to recover their loses, some cryptography nerds and people who still benefit from the founders rewards. That’s it. GPU miners and most investors left.
We need people in the lead now, who actually act in the sense of the community and who are not suspected to only act for their own benefit. I acknowledge the effort of Josh Cincinnati at this point because he was standing up and triggering the Trademark debate. Seems like finally somebody had enough of this culture. I wonder when this will be the case for the ECC internally. Somebody should start with the debate now, whether ECC is lead by the right people!
Zooko and other leaders of the project can retire off the dev fund. I am a young person who lost millions due to the poor management of the ECC. I have watched this “decentralized theater” for years now and I am sick of it.
Please ZCash community, ZEC investors, ECC developers and the ZCash foundation. I urge you to think about whether ZCash does need a complete rebrand which would include a change of the management. This projects death is right around the corner and I think it is time to act now! Thanks for reading