Captain_Falcon

Zcash has an inflation bug, and nobody's talking about it.

POLONIEX:ZECBTC   Zcash / Bitcoin
sit down around the fire and let me tell you a story that many of you may not have heard. once upon a time, there was a group of people who wanted to launch a cryptocurrency called Zcash with a fucked up trusted setup, 2 MB block size, founders reward, unverifiable supply, and experimental technology using people's real, hard earned money. what could go wrong? there was more hype over ZEC than jeffrey epstein on the way to his island. people said before launch, what was acceptably sane talk, things like "zcash is the bitcoin killer" and "zooko is a genius."

the zcash team decided on a "slow" reward emission at the beginning to try to put all the miners having a boner into a cold shower. so the block rewards were extremely small. poloniex listed zcash first. miners started posted absofuckinlutely ridiculous asks, but because scarcity + hype = stupid, there was a guy who paid for ZEC at a rate of 5000 BTC per ZEC when it got listed on polo...i saw it happen with my own eyes...im sure he thought, wow what a steal, it's the next bitcoin . if he needed anymore confirmation, at one point at a meetup zooko said (i kid you not) that he "doesn't actually specifically know how zero knowledge proofs work". But how can i blame the guy? I mean, it's a free country amirite.

i can't think of a more fucked up piece of shit than zcash. nobody even uses the privacy features. i see lots of people blaming the dump on the founders reward. perhaps that contributes to it. but many people dont know that the supply is unauditable. if someone figured out a way to print billions of ZEC, there's literally no way to tell. can you find a better explanation for this god forsaken chart than that? and i hear that they are creating a new blockchain, a zcash 2.0!

for giggles: https://www.reddit.com/r/zec/comments/59...
The inflation bug is fixed this is a story from 2016 , why don't you upload any updates on the fix?
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Captain_Falcon awediebra774
@awediebra774, yes there was one bug they fixed. here's my response:

1) there's no way to tell that someone exploited it before they fixed it. if it was exploited pre-fix, those counterfeit coins still exist on the chain. it's too late.
2) there is likely new bugs yet to be discovered. if they have been discovered, it's more likely that they have been exploited already instead of reported. wouldn't you make an easy $5 million if no one could prove you cheated?
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Captain_Falcon awediebra774
@awediebra774, you will never know if an inflation bug was exploited, because there's no way to prove how many ZEC exist!
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awediebra774 Captain_Falcon
@Captain_Falcon, I agree
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No one is talking about it but I think you may have not realized that there are statistical sites that show how many zcash are in circulation. With that being shown you can clearly see the current supply. What I think you mean is that there is no way to verify who's coins belong to to whom. Good read btw.
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@EmpireX, Hey thanks for commenting. There is a difference between the expected supply and the actual supply. Any website you're referring to is simply pulling data that shows the expected supply based on the block time and block reward. With Bitcoin, you can actually run code that verifies that the expected supply = actual supply. This is the importance of being able to run a full node- you don't have to trust that someone is telling you the truth. So with Bitcoin, Monero, and others, you don't have to trust anyone.
With Zcash, it is currently impossible to run code to verify the actual supply. Therefore, we have to trust that nobody exploited the code to print a billion ZEC and are hiding it.

So in short, when you say "See here's the supply, a website told me" you aren't verifying it for yourself, you're trusting someone else. So how does the website know the supply? They don't, they're just telling you what it "should" be.
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@EmpireX, https://electriccoin.co/blog/zcash-counterfeiting-vulnerability-successfully-remediated/

This is an inflation bug that the Sapling upgrade fixed. It existed for years without anyone knowing about it. They say they believe no one exploited it, but they can't know 100% for sure, because there's no way to verify it with code!
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