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...
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?
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.
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!