RT Chun: Zcash’s latest rally is a narrative bid. A big market cap does not mean a coin earned its place. Sitting near Solana and Hyperliquid on a ra...
熬鹰 X 信息流（公开）
熬鹰 X 信息流（公开）
RT Chun
Zcash’s latest rally is a narrative bid. A big market cap does not mean a coin earned its place. Sitting near Solana and Hyperliquid on a ranking list does not mean Zcash does what those two do.
The launch was not fair. For the first four years, 20 percent of every block reward was taken as the Founders’ Reward. That money went to founders, staff, advisors, and early investors. It added up to 2.1 million ZEC, or 10 percent of the 21 million cap. Bitcoin paid miners. Zcash also paid a company and its backers. When that first cut was supposed to stop, a similar 20 percent cut came back as a “development fund”. A coin that writes itself into the block reward should not be sold as clean, neutral money.
The cut did not buy a real economy. Privacy was the sales pitch. Using it was optional. Open addresses stayed the easy path for exchanges and simple wallets. For most of Zcash’s life, most coins sat in the open. Optional privacy is marketing. Default privacy is the protocol. Management stayed a board fight: Electric Coin Company, the Foundation, Bootstrap, the brand name, the wallet, and who gets the cut. In January 2026 the whole ECC team left and said they were pushed out. That is not a side issue. That is how the project runs. A base-layer team that cannot stay in the same building as its nonprofit board is not “decentralized.” It is broken at the top.
Then came the security mess the market is already trying to skip. In May 2026 a serious bug in the Orchard pool was made public. It had been there about four years. In theory it could create fake ZEC with no clear on-chain trail. Because the pool is private, nobody can prove fake coins were never made. Ironwood in July closed the old pool and forced coins through a gate. That is cleanup, not a reason for a top-ten price. A money whose private supply cannot be checked like Bitcoin, and that needed an emergency fix after a four-year bug, is not “hard money.”
The point is plain. An unfair launch, a team cut without a matching product, years of board drama, and a four-year hole in the private pool are not the record of a top-ten network. They are the record of a story coin. Solana and Hyperliquid can be disliked for their own reasons. They still clear real use. Zcash cleared a listing and a squeeze. Those are not the same thing. Mixing them up is like sending 701.4 of the wrong asset, or treating EST and EDT as the same hour.
Zcash’s latest rally is a narrative bid. A big market cap does not mean a coin earned its place. Sitting near Solana and Hyperliquid on a ranking list does not mean Zcash does what those two do.
The launch was not fair. For the first four years, 20 percent of every block reward was taken as the Founders’ Reward. That money went to founders, staff, advisors, and early investors. It added up to 2.1 million ZEC, or 10 percent of the 21 million cap. Bitcoin paid miners. Zcash also paid a company and its backers. When that first cut was supposed to stop, a similar 20 percent cut came back as a “development fund”. A coin that writes itself into the block reward should not be sold as clean, neutral money.
The cut did not buy a real economy. Privacy was the sales pitch. Using it was optional. Open addresses stayed the easy path for exchanges and simple wallets. For most of Zcash’s life, most coins sat in the open. Optional privacy is marketing. Default privacy is the protocol. Management stayed a board fight: Electric Coin Company, the Foundation, Bootstrap, the brand name, the wallet, and who gets the cut. In January 2026 the whole ECC team left and said they were pushed out. That is not a side issue. That is how the project runs. A base-layer team that cannot stay in the same building as its nonprofit board is not “decentralized.” It is broken at the top.
Then came the security mess the market is already trying to skip. In May 2026 a serious bug in the Orchard pool was made public. It had been there about four years. In theory it could create fake ZEC with no clear on-chain trail. Because the pool is private, nobody can prove fake coins were never made. Ironwood in July closed the old pool and forced coins through a gate. That is cleanup, not a reason for a top-ten price. A money whose private supply cannot be checked like Bitcoin, and that needed an emergency fix after a four-year bug, is not “hard money.”
The point is plain. An unfair launch, a team cut without a matching product, years of board drama, and a four-year hole in the private pool are not the record of a top-ten network. They are the record of a story coin. Solana and Hyperliquid can be disliked for their own reasons. They still clear real use. Zcash cleared a listing and a squeeze. Those are not the same thing. Mixing them up is like sending 701.4 of the wrong asset, or treating EST and EDT as the same hour.
Chun: Six years ago, a Zcash team member wrote me and kept confusing EST and EDT. Communication went nowhere, I banned their entire company.
Six years later, this is still one of the best decisions I have made.
Still remember the BlockFi incident where they were supposed to send
Six years later, this is still one of the best decisions I have made.
Still remember the BlockFi incident where they were supposed to send
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