Zcash, The 'HTTPS For Money,' Brings True Privacy To Money Transactions

Status
Not open for further replies.

bit_user

Splendid
Ambassador
I had a similar idea as this. Of course, the real value is in a design that properly addresses all the details.

The users also have to hope that the pool owners won’t just run away with their money.
That's a pretty big downside.

beware of fake clients from other parties
Not really a problem, with bitcoin. I guess it could be an issue, but bitcoin's transparency probably makes this less tempting.
 

Kimonajane

Commendable
May 24, 2016
90
0
1,630
0
You think the fascist FED and their overlords in the privately owned Federal reserve will let this get big, not a chance.
 

bit_user

Splendid
Ambassador
Hey, we actually agree on something!

I believe Bitcoin & other block-chain alternatives were only allowed because they actually made it easier for government agencies to track financial transactions. Anything that's truly private and anonymous will be banned, if it starts to catch on.
 

Christopher1

Distinguished
Aug 29, 2006
662
1
19,015
5
Well I am waiting for the first post that says "If you have nothing to hide you have no reason to use this!"
Actually in the real world yes even regular people do have a reason to use these services: The Fed has been getting very very very nosy lately and trying to monitor ALL transactions.
You also have various credit card companies refusing to process payments to legal but controversial services today.
 

bit_user

Splendid
Ambassador
It doesn't even matter if they're nosy. The fact is that when there's no transparency, there's unlimited potential for abuse. We need legislation or a constitutional amendment requiring a rigorous auditing framework, in order to ensure that 4th amendment rights aren't violated.

When talking about the private sector, there's currently no equivalent to the 4th amendment. This is the other thing we need.

We won't get either, but those the only conditions under which I would be willing to consider any attempts to abridge my use of encryption.
 

Christopher1

Distinguished
Aug 29, 2006
662
1
19,015
5


BZZT! WRONG! Read the papers of John Adams, George Washington and the other founders. The Fourth Amendment was supposed to ALSO apply to infringement on the Fourth Amendment by PRIVATE organizations.

Many people have this mistaken impression that the Bill of Rights was solely meant to constrain the federal government. It was not. It was supposed to be used also against private organizations and individual to protect human and Constitutional rights.
 

bit_user

Splendid
Ambassador
Well, that's not the traditional legal interpretation. If you want to challenge it by brining a case to the US Supreme Court, I'll chip in a few $.
 

MaxxBit

Commendable
Oct 31, 2016
2
0
1,510
0
Zcash cloud mining contracts are available on Genesis Mining again! The initial Zcash Genesis block contracts are sold out and already mining. Reserve your contract for the next mining start at December 1st. 2016.
BTC, ETH and other cryptocurrency are available also. Coins arrive directly to a wallet daily. Use promo code GzNuFE to get hashpower discount.
 

MaxxBit

Commendable
Oct 31, 2016
2
0
1,510
0
Zcash cloud mining contracts are available on Genesis Mining again! The initial Zcash Genesis block contracts are sold out and already mining. Reserve your contract for the next mining start at December 1st. 2016.
BTC, ETH and other cryptocurrency are available also. Coins arrive directly to a wallet daily. Use promo code GzNuFE to get hashpower discount.
 

hdmark

Reputable
Feb 16, 2015
1,367
0
5,660
146


ill be that guy. i have little to no knowledge of online currencies but i usually hear them tied to illegal activities. do normal people actually use bitcoin and online currencies or is the main use of these currently for illegal activities (drugs/trafficking/etc)?

not arguing as much as actually wondering. in my personal life, ive never even considered these currencies so i wasnt sure what the actual demographic is
 

AdamHoisington

Commendable
Oct 31, 2016
1
0
1,510
0
ZCash's "trusted setup" is a liability. 6 people controlled (control?) shards of the SNARK private key. The idea is if any one or more of those shards were destroyed, then the key is successfully obfuscated. But, there is no way to know if those shards were destroyed. And there is no way they can ever prove it. So, if those 6 people are colluding, then they can inflate the currency at will using that key and no one would ever be able to know. Moreover, even if those people were honest and destroyed their shards, it's possible that the shards were compromised by another party who now controls them all, and thus, the private key.

So, for a currency that is supposed to be 100% trustworthy in all aspects, it is built upon a foundation of trust in a very small number of central people who have a huge incentive to be dishonest (they can "print" as much ZCash as they want if they retain the SNARK public parameters private key without anyone knowing).

Furthmore, ZCash isn't the first anonymous coin. Monero (XMR) has been out for a long time and requires no trust and is completely anonymous.
 

mysticp

Commendable
Sep 26, 2016
3
0
1,510
0
Ah, Crypto Currency ! Perfect for hiding that divorce money . I will keep a close eye on Zcash and other more anonymous methods of hiding my stash. Thank You.
 

bit_user

Splendid
Ambassador
Bitcoin is useful for sending money across jurisdictions. A lot of people also trade it as an investment. If it weren't so volatile, it'd be a good way to profit from currency fluctuations (not unlike gold).

It's different from conventional currency in that, unlike US dollars (for example), you wouldn't want to leave Bitcoin sitting in an account, without paying close attention to the exchange rate. It's too volatile to hold as cash.

Just be warned that unless the block size is increased (I haven't been following that saga, for a while, but I assume it hasn't), it can never scale how it was intended. The fewer people use it, the more likely it will crash. That's why I got out of it. It's not a safe long-term investment.

For those who know a bit about bitcoin, this is a really good read:

https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.k20yw896e
 
Status
Not open for further replies.

ASK THE COMMUNITY