As they (ECC & ZF) never ever cared about price this shouldn’t matter at all. [ironic mode off]
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If price will go to few $, then i will buy myself a whale😎
Sadly this is true. It’s astounding that even after funding became an issue they still don’t realize price is the only indicator of success that matters in the long run. If this keeps up, ECC will end up like Digicash.
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They already said that if there is not enough money to develop zcash, then the coin will no longer be of interest and they will switch to other projects where they will receive enough money.
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Chilean Pesos or more ZEC?
(More ZEC, of course)
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Not exactly. They had discussed pivoting, but ultimately decided to “Go all-in on ZEC”, which was announced during Zcon1. Since then, the ZEC price has gone from ~$110 USD to ~$37 USD, a decline of over 66%. By comparison, BTC has gone from ~$10,000 USD to $8,700 USD, a decline of only 13%.
This isn’t a fluke. No amount of promotion or marketing can overcome the severe supply imbalance created by copying Bitcoin’s emission schedule. Because ZEC is ~7 years behind, there will always be 4x more ZEC mined than BTC on any given day.
What the ECC could do to correct this is time-shift the current emission curve ahead by 2 halvings, so as to match BTC’s current emission. This could be achieved without changing the total ZEC supply by including a one time payment to all miners of 0.75x the amount of ZEC mined to date since the genesis block in the fall 2020 network upgrade, while halving the block reward 3 times instead of once.
Not only would this correct the supply/demand imbalance, but it would have the added benefit of crediting all previous GPU miners with 0.75x extra ZEC. This would go a long way to making amends with potentially thousands of hobby miners who felt slighted by the adoption of ASICs.
Edit This would also credit the Founder’s Reward recipients with 1,575,000 ZEC (an additional 7.5% of the total ZEC supply), which could be directed solely towards the ECC and ZF. At today’s prices that’s an additional $58 million USD. This is the most immediate and reasonable solution to the funding debate.
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UPDATE TODAY
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“all in zec” they still have the rest of the funds, I talked about the period after that, there is no purpose to extend the life of a project that couldn’t support itself, the team will simply switch to other projects, these are not my words. Donation can be stopped by changing demand, now demand is near zero, look at the roadmap for 2020, there are a lot of interesting things and should have been implemented in previous years, for example, ecosystem development, this would slow down the price drop or cancel it
What I would like to know is care taken to at least minimize the effect of ECC and ZF sell offs for funding on the price.
I dont want this to turn into one of those ridiculous coins that churn out news about “partnerships” with google, mcdonalds etc just to pump up the price but there are other ways to impact the price through good marketing for example.
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Selling the founders’ rewards is nothing, who cares who sells 100% of the coins, now just 20% of them are not sold by miners. That is why the general issue is not important either, everyone says that a lot of coins are mined per day, that because of this, big inflation and quickly the coin loses its value, but this is not so, low interest and therefore little demand for it, but because besides good technology and there is nothing idea that could be put into practice; this impedes the growth of interest and price.
Now, if this technology is really applied in practice, it will simply be a huge upsurge, but so far neither ECC nor ZF offer a real use scenario except to anonymously send coins (which is pointless because it will not work to save the cost and withdraw everything into the currency without full registration more difficult)
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Its obvious to anyone who has done the most basic comparative analyses on the crypto market why ZEC is under performing price wise.
It has only been in a crypto bull market for 10 months of its existence. The accumulation period for the pump to 800 was a month or two. That is why that inital pump was underwhelming. The rest is history the remaining 2 years have been a slow and steady bleed because no money enters crypto during bear markets and the 7500 coins per day put constant pressure on the price. I will post a chart when I get back home I have to go eat something and walk my dog or they are going to find me becoming a part of this computer chair.
I agree zcash technology is worth so much more than zec the asset.
The total value of all coins mined is not large, look at other coins with a greater capitalization and a large number of coins at the moment, there are a lot of them now so why do not they fly down? Here’s the scenario for zec, well, there are 7,500 a day and that if they all cost less than 300 million, they’re 3 times cheaper than the same XMR, which are more expensive and cost 1 coin more and you don’t need to say that they last longer on the market, Now it doesn’t matter how much you are on the market, the development has already passed and money can move from coin to coin, before yes, they were waiting for the input of capital, and now trading on the same zec is more than for all coins in the year 2013.
I also agree sending proofs that something has been done over a potentially vulnerable network, over sending the information (even encrypted) to someone to verify on their and is a vastly superior way of doing things. It will find many applications.
However I do feel that if trusted setup is removed and sufficient layer 1 scaling is achieved there will be a time when building a coin without zk proofs will be regarded as silly.
This was not always the case. This is the case in the last year. I will admit I did not expect such a low market cap but I still feel we should wait for the halving to see what the prices will be like. Thats what it was designed to do increase the price of the coin. If it cannot sustain itself after that well c’est la vie!
If its in Bitmains interest for ZEC to survive you can bet your sweet pp they are going to be involved.
We have a huge tripple bullish divergence on the daily on the ZEC/BTC pair. I think the time is near to break through that resistance.
Ugh I didnt mark the bottoms right but its still there.
Noone would short this chart.
Also GPU mining profitability for altcoins on nicehash has suddenly spiked. My 1070 mined a third ZEC in a month, very low profitability.
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Heres an article about the BTC halving and why it may be underwhelming. By this logic our halving should be overwhelming.
Though I dunno whats underwhelming about 60k per BTC may 2021…
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The target for this pattern is 0.01776 BTC. Since this is a monthly chart 2 - 3 green months could take us there.
My 1070 GPU is showing a 30% profitability increase in mining alts compared to yesterday.
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interesting!
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