Yes. And its not the worst thing in the world. Plus it will evolve and eventually work for the majority of people. Paypal is a huge win for Ethereum. The amount of fraud, and theft in the world is very high. So anything that can help protect people from fraud is a benefit. Put some effort into thinking about solving theft/fraud base seizure as opposed to government seizure (its more real and more prevalent). So the question is what is the safest for the average person? Does the ability to recover stolen funds help people more than the risk of government seizing their assets? In my opinion, ZEC can not exist without a stablecoin. If all there was in the world was ZEC, we would have to invent a stablecoin! ZEC is like a hot potato for people that actually use it to buy things day to day. Its too risky to hold onto as a medium of exchange using you wages, and its too risky to hold onto if you are a business who needs to replenish your inventory or pay wages. You have to realize even if ZEC goes to $300,000 a person working is buying it at $300,000, they dont get the cool ride up. And that $300,000 will still be very volatile. So on both sides of holding ZEC people will be forced quickly move to stablecoins or risk losing money. Something the average person can not risk. ZEC is sandwiched between stablecoins, and ZEC needs to figure out what it wants to be. In my opinion ZEC could be a store of value if it had the right unit economics. Currently there are none. Once you realize the inherent risks of owning ZEC, you will see the importance of stablecoins. Now, a USDz or a Zstablecoin could start to mitigate some of the risks or fears you have as well as provide a foundation for ZEC as a store of value. Just as important to consider, many people hold very little actual cash a % of their net worth. So we just need to make sure when we work for a days wages, its worth the same amount tomorrow when we wake up. You are so scared that someone might take your money (the reality is that 97% or more of the people will be completely safe and not lose money either from a stablecoin losing its peg or from government seizure) and you are not at all concerned that your money held in ZEC goes from $100 to $30 (100% of the people holding ZEC lose money and its volatility is so high you can almost be certain to lose money on any given day. That is a real loss as opposed to just the fear or risk of losing money. This volatility inherent in ZEC will never change wheather $30 or $300,000. The volitility will always be there and people using it for day to day transactions will lose money on any given day. ZEC holders who use ZEC for day to day transactions will more than likely lose more money (because of the volitility) on a combined basis than all of the people who have their money seized by operators like Paypal. ZEC holder will have real losses as opposed to phantom or fear based lossesâŚSo we need a) Zstablecoins and b) an etherurm like economic engine for ZEC. The ones to fear are not the government, its Paypal, Visa, AMEX, Stripe, and now Ethereum. They are the ones creating the future of money; its not too late for ZEC.
Itâs funny because no one gives a shit in real life about this. Crypto-maxis like this guy will drag their knuckles and tweet to their echo chamber of loyal followers, banging the âcentralizationâ drum. Guess what"? Most normal people donât care and will continue to use Paypal stable coins, or anything else that some MegaCorp 
delivers, because itâs accessible. Same problem Zcash has, really. If itâs easy to use and ubiquitous, it will get used.
In light of the recent news of stablecoins being built on top of Ethereum, I would like to gauge the community interest in the following.
Zcash (the foundation and ECC) will reorganize its operations and development fund efforts (including grant recipients) to more quickly bring forward its ongoing development of stablecoins and ZSAs utilizing its zero knowledge proof technology, as well as improving speed and performance of its wallet. The first of its many fiat based stablecoins, expected to be released in late 2024/early 2025 will be USDz, EUROz, and BRLz. ZEC will continue to be its core non fiat based currency that will also power the blockchain engine for its future stablecoins and ZSAs as it transitions to a proof of stake network.
- Yes
- No
How can they do this with a lack of people? Unless theyâre outsourcing, I think the team is already stretched too thin. And who is Zcash in this context? The Foundation? The ECC? Grant recipients? All of the above?
The problem here is that Ethereum already has the moat around stablecoins. Zcash teams were 2 years delayed to the release of Halo, and then what followed was 12 months of wallet/ node unusability.
If Zcash was going to make a legitimate battle for relevance as a stablecoin layer, the teams needed to be working on it back in 2018.
Attempting to fight into the sector this late would be akin to trying to dislodge Twitter or Facebook in 2018 from their leadership as social media platforms.
Resources are best spent on Zebra, Proof of Work, Zcash S.A.F.E. and adding recursive proving
Itâs still early. But agree the longer they wait the more of an impossibility it becomes. The USD market is massive. And if privacy is a thing, they should be able to carve out a niche. if they cut marketing and all this ancillary spending, that frees up a lot of resources. and the right business model can put the price of ZEC well over 100 just with the right plan. I donât see how they survive without stablecoins. The costs will be too high and the features paypal and others will add to money be so great that zec wonât have a spot at the table because they wonât have the money to maintain and keep up. We already see this donât we?
There are 125 billion dollars worth of stablecoins in existence today.
There are $0 of them on Zcash, and the total Zcash market cap is around 400 million.
Maybe you believe itâs still early, but the reality of things is different.
When asked about customer input in the development of the Ford Model T, Henry Ford famously said, âIf I had asked people what they wanted, they would have said faster horses.â
We shouldnât be trying to make faster horses right now!
thatâs a fraction of the market. itâs will all be l digital; and it will fragment. different people will want different features. so there is room for 20-30 paypalâs. then eventually it will consolidate back to a lower number in my opinion .
digital money is not the horse. itâs the car.
Question: is there presently a private stablecoin?
I agree. You donât see Monero doing any of this, and they are beating us. Letâs focus on being the best privacy coin, and go toe to toe with XMR. We need marketing geared towards that and only that. The majority of people will never use any of the crap these chains are doing, they just want a SIMPLE, PRIVATE digital form of cash. MARKETING is key.
you are fooling yourself if you think marketing is the problem. to be considered money
- people who work for money need to want to get paid in ZeC
- people that sell goods and services have to want to receive ZEc
- people that save have to want to hold zec
iâm not hearing a strong case for any of these. now itâs not hard to get zec blockchain refocused on money as opposed to only privacy. privacy without stability is not money.
and an investment without yield or profit sharing is not an investment
zec today is digital art. letâs as a community turn it into real money and a real investment
XMR does it. BTC does it. LTC does it. No crypto has a stable price, but several are used as currencyâŚ
your chasing a mirage. The way you define currency is like me saying my baseball card collection is currencyâŚnow BTC, LTC, et al also have the user base and possibly even the vision or model to become something and if they donât eventually people will realize the emperor has no cloths. Im pretty sure one way or the other gas/transaction fees will be introduced with them all to be at least one of the engines that help define their value. People are buying into the future not today. So to look at them today and try to copy it is not the smartest thing. They will need to turn into something different in the future if all they are is some cool technology.
people buying crypto know the world and money is going digital; but most are not smart enough to pick the winners. do you know how many multi billion dollar companies went to 0 during the .com bust. Everyone knew the internet was going to be huge and change the world. But most did not know what was good or bad as an investment. So they threw darts at the wall and went with momentum⌠this will be no different. When you say marketing, you are trying to create momentum, not value. ZEC has an opportunity here because its very early still.
I think its hyporacracy to call something cash when you know its so volatile you yourself likely do not treat it like cash, accept wages in ZEC or otherwise. ZEC is a commodity at best right now. And I think it would do much better if we turned it into an investment while introducing Z (privacy) stablecoins as cash/money.
I think I heard Qeddit mention it at Zconn 4, so hope what ZSAâs are building will get us there eventually.
This isnât true really - current way ZSAs are being modeled doesnât allow for any kind of logic that would support centralized or decentralized stablecoins.
Why would ZSAs not support stablecoins 
? In the most basic scenario someone pays a central authority USD and they issue the recipient with zUSD assets. Whatâs missing in ZSAs not to support that ?
How can we trust that central authority to really have the USD and if so, that the funds cannot be seized by the US government?
Isnât that how the most popular stablecoins work? People seem to be OK with it (Iâm personally terrified, but)
Yes, but it comes with regulations and audits. Something that zsa will prevent unless I am missing something.