So, Zcash is making a comeback? Let's be real, I barely remember it existed. Apparently, it's being hyped as "encrypted Bitcoin" for the cypherpunk crowd who are suddenly scared of Bitcoin ETFs and on-chain surveillance. Give me a break.
The thing is, Bitcoin was always transparent. ETFs didn't change that. They just made it easier for Wall Street to get their grubby hands on it. But now, because the feds are cracking down on privacy tools like Samourai and Wasabi (and rightfully so, if you ask me – operating an unlicensed money transmitter ain't exactly knitting club), everyone's running back to Zcash? Sounds like a classic case of "grass is greener" syndrome to me.
And this whole "cypherpunk principles" thing... Please. Are we really pretending that most crypto bros give a damn about privacy beyond hiding their own shady dealings? I mean, let's be honest, the average investor probably just wants to make a quick buck and ain't thinking about some grand ideological battle.
They keep talking about Zcash's "shielded transactions" and how the larger the "shielded pool," the harder it is to trace flows. Thirty percent of Zcash supply is shielded, apparently. This "anonymity set" sounds like something out of a bad sci-fi movie. Are we supposed to believe that hiding your transactions in a bigger pile of transactions actually makes you safe? It just makes you harder to find, not impossible. And offcourse, if the government really wants to find you, they will.
Mert Mumtaz, CEO of Helius Labs, is shilling privacy coins because it "ends up making a difference." Well, good for him. Maybe he should focus on, I don't know, building useful tech instead of pushing vaporware that preys on people's paranoia. Then again, maybe I'm just being cynical.
Oh, and get this: Zcash surpassed Hype (or Hyperliquid, whatever) in market cap. Who even cares? It's like saying one pile of digital garbage is slightly bigger than another. Does it actually matter? Zcash surpasses Hyperliquid in market capitalization. Does it actually matter?
And now Solana is pivoting to a privacy chain? This is a bad idea. No, 'bad' doesn't cover it – this is a five-alarm dumpster fire.
The price of Zcash has increased tenfold in the past two months. Tenfold! But the fundamentals haven't changed. So, what gives? It's all perception, baby. It's the narrative. And right now, the narrative is "Bitcoin is compromised, Zcash is the savior." But how long will that last? Probably until the next shiny object comes along.
Look, I'm not saying Zcash is inherently evil. But I am saying that it's probably overhyped, and that most of the people who are jumping on the bandwagon are doing it for the wrong reasons. They expect us to believe this nonsense, and honestly...
It's a pump and dump. Plain and simple. The privacy angle is just a convenient excuse to fleece a new generation of suckers. Don't fall for it.
