Ok Why am I the greedy evil speculator in this case and you are the filanthropic saviour in this case? Why have you made this claim?
Are you afraid that some event will provoke a price reduction. But at the same time, watch how the price goes down daily.
Nice to see that I have triggered some discussion in here. I did not want to trigger an argument within the community though.
First of all, I do not think the management necessarily needs to be changed but they need to change. I did not see any willingness of this in the past so my first thought would be to change the ECC management. Anyways, ECC has to decide internally what they want at the end of the day.
I just think many adjustments need to be made. We are not even sure if funding will last until the halving. It is not guaranteed that the price will tank due to a halving. I guess the price will fall until the Bitcoin halving if no positive signals will be sent to the market. Bitcoin will have an even lower emission in comparison to ZCash from June till November 2020. This suggests that ZCash will even lose more value against BTC and this usually led to a decrease in USD price as well (apart from the 2017 bubble). I do not want to speculate too much about future prices right now though.
What I would personally like to see is a change in the strategy. To be more precise. SAVE MONEY, CUT COSTS! I understand that employees need to be paid and that you wanna keep this âflywheelâ or however you call it running. For me this sounds like some McKinsey nonsense anyways. The founders do not need to be paid a salary anymore. I do not see why @Zooko should get a salary. He got compensated more than enough by the FR. However, the employees who worked for a ânormalâ wage need to be compensated and salaries are very competitive in this industry. I do understand this.
So how else could you save costs? Well, I still see people from the team making fancy business trips in order to drive adoption. I think this it not necessary at this stage anymore. It is about survival for this project.
Research and Development costs can be saved as well till the price of ZEC rises again and the company has more funds available. We have seen that R&D does not have any direct influence on the price. So why should ECC fund expensive R&D operations when it is all about survival right now?
ECC should reduce its costs to pay for the absolutely necessary operations at this point, while sending positive signals to the market. This is the only way how this project and ECC can survive in the long term. After the death of ZCash, I doubt many people will still be willing to fund a new project from the same people. Even at this point many investors lost the trust in the ability of ECC to fulfill their needs, including me.
Furthermore, ECC should seek for other sources of funding. E.g. try to turn ECC into a publicly traded company and raise funds which will enable the company to stay afloat till the next bullish cycle in crypto. Ask your seed investors for some help. There is no space for arrogance like âwe will probably not apply for the role of principal developer if ZIP XY gets acceptedâ as @Zooko stated yesterday.
What else will ECC do then? How else are you going to pay your employees as not through funding from outside and with the help of ZEC (and I do not mean a necessary tax on miners).
I am fully on the side of @Zooko when he says that the emission schedule cannot be changed. I agree with this 100%. This would be the final call for me to dump all my ZEC and probably for many others as well.
But I also think that the distribution schedule should not be changed. The promise was that the FR will expire after 4 years in 2020 and that 100% will go to the miners.
I do know that you do not want to compensate founders and seed investors with a dev fund. But for me this is just a better framing and nothing else. There is not any guarantee that founders will not profit from a dev fund. The possibilities to control this as an outsider are non existent.
Anyways, I am happy that this thread took off and hope that there will be more discussion about this. Have a nice day!
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Another concern that ECC and community should know about is that hedge funds are actively shorting Zcash. See: Multicoin Capital: Privacy Is a Feature, Not a Product
This creates a vicious cycle in which ECC and ZF will have to sell more ZEC every week to sustain their burn/employees. Furthermore, it could get to the point where ECC would have to wind down or make large cuts. Investor demand and holders need to be increased/evaluated.
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I agree with your every word.
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Hedge funds? There is more than one? Can you name the other one?
I am someone who invested millions of dollars in ZEC in 2017 and supports this project since its launch in October 2016. I prefer to stay anonymous. I have another account on this forum and just created this one two days ago in order to create the thread and discuss anonymously.
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Chill out immediately
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@azrael @Anton1 both of you guys are on first warning to step back and chill out. Personal attacks are against the forums code of conduct.
https://forum.zcashcommunity.com/faq
Keep the discussion civil and on the subject of the thread or I will hand out suspensions. I will be removing the 11 flagged posts that are off topic and inappropriate.
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Thanks for the moderation @Shawn. I will also try to not reply to anything off topic anymoreâŚ
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Good. I on the other hand believe there is an intent to commit criminal fraud here and and am in the process of notifying the appropriate authorities.
@azrael I appreciate that you both are very passionate about Zcash (in your own ways) I simply ask that you both refrain from making it personal.
Better to debate the issues where you differ than malign the person you are disagreeing with.
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This isnt a personal attack and I consider it to be on topic. I was accused of making death threats in this thread which is not true. I however have no problem in giving out my personal details as well as the details of my solicitor.
I never make threats as I consider them to be a sign of weakness. When I feel I have to do something I simply do it.
Pump and dumps are illegal and immoral and people go to jail for stuff like that.
And I really cant believe I have to point this out has this entire âindustryâ gone insane?
Do you mind linking or quoting the specific post youâre referencing here?
The post and the subsequent replies to it were removed.
EDIT: This is now under review by the Mod team.
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[post removed temporarily by @daira pending moderator discussion]
First of all, this is incorrect on its face even if we consider the most serious and publicly visible bugs. The BCTV14 bug (a cryptographic flaw in a proving system that we depended on) was found by Ariel Gabizon while he worked for ECC (Zcash Co at the time), in March 2018, which is in the timeframe specified. This was successfully remediated with the activation of Sapling in October 2018, at considerable effort from the whole ECC team. There were other security bugs in that timeframe due to dependencies on external or inherited code: one involving libzmq, and one inherited from Bitcoin Core.
There were also two security bugs reported by third parties: one reported by Alexis Enston and one by Florian Tramèr, Dan Boneh, and Kenneth G. Paterson.
In any case (and without any limitation to security bugs), the whole point of our very thorough code review processes is to stop bugs in new or changed code from getting into a release. Weâve been extremely successful at that. In considering only bugs that have âmade it to the publicâ rather than bugs that were avoided, your statement has an inherent selection bias toward bugs that are found by third parties â and is not even factually true despite that bias.
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This is the reason why I still believe in this project and did not sell a single ZEC despite all the things I have to criticize and dislike about ECC. The engineering work you are doing is outstanding and there are very few teams on your level. Chapeau @daira !
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So are retracting your initial giant shitpost?
Because up there you question why keep this team that you believe in so much alive, little confusing ya know being so wholly self contradictory and all
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Maybe I was not clear enough. I criticized the management and not the engineering team. Explicitly the strategic and financial decisions. The engineers at ECC do not have anything to do with this. They just do their job and they do it very well in my opinion.
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