Criticisms of Zcash

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Erik Orrje’s avatar
Erik OrrjeOP, 2 days ago·#2362

Zcash will become the next money. That's because it contains bitcoin's solutions to fiat, and also solves bitcoin's lack of privacy.

Benjamin Davies’s avatar
Benjamin Davies revised about 18 hours ago·#2369
Only version leading to #2408 (2 total)

Bitcoin (and by extension Zcash) does not solve fiat. A key problem of fiat is that it isn’t backed by anything. Bitcoin isn’t backed my anything, and as far as I know, neither is Zcash.

Criticism of #2362Criticized1
Zelalem Mekonnen’s avatar
Zelalem Mekonnen revised about 17 hours ago·#2373
Only version leading to #2408 (2 total)

Bitcoin is backed by POW or computational work or encryption.

Criticism of #2369
Benjamin Davies’s avatar
Benjamin Davies revised about 14 hours ago·#2378
Only version leading to #2408 (2 total)

“Bitcoin is not backed by anything” can also be stated as “Bitcoin is not redeemable in anything”.

“POW” or “computational work” or “encryption” are not things you can redeem if you own bitcoin.

This is in contrast to gold-backed currencies, for example, which are currencies which can be redeemed in gold. The United States Federal Reserve Note only became fiat when it was no longer redeemable in gold.

Criticism of #2373Criticized1
Erik Orrje’s avatar
Erik OrrjeOP, about 7 hours ago·#2408

In a gold standard society, gold doesn't need to be backed by anything. The same would be true for Bitcoin and Zcash.

Criticism of #2378