Zcash founders might make $60 million in first year.
If you really thought Zcash is all about some new cool coin you’re wrong. Tim Berners-Lee invented the World Wide Web and gave the technology away for free. No millions needed. Now fast forward to today…
In a few days Zcash will be the new hot thing in crypto. A close look at their website shows some interesting details: Zcash’s monetary base will be the same as Bitcoin’s — 21 million Zcash currency units (ZEC, or ⓩ) will be mined over time. 10% of that reward will be distributed to the stakeholders in the Zcash Company — founders, investors, employees, and advisors. We call this the “Founders Reward”.
Notice how they talk about “10% of that reward”. The devil is in the details with this one. In the first 4 years the founders will take 20% of all coins mined. Yup that’s right, they’ll surf the hype and make most money in the beginning. So let’s see how this adds up:
At first, 50 ZEC will be created every ten minutes. 80% of the newly created ZEC will go to the miners, and 20% ZEC to the founders.
So, that’s 2.628.000 coins in the first year alone…… And the founders will take 20% of that? That’s 525.600 ZEC even while they sleep and do nothing. If this coin becomes hyped (like the team already tries to do) we might see a $300 million marketcap in year 1 quite easily. That’s $114.15 per ZEC on your favorite crypto exchange. And guess what? The founders own 20% of that which adds up to $60 million. And the bigger the hype, the more they will make. Think about that when you plan on buying your ZEC at a “nice price”. This thing becomes even more funny when you look at their investment:
With the plan above, a dream team of investors stepped up to fund the Zcash Company, because they believe in our mission, and in the value of this technology for all kinds of people and industries. We have closed a $1M funding round with these investors.
These devs are even more dumb than I expected. They got $1 million while giving away 20% mining rewards in the first 4 years which could easily be worth 60 times that number. And they call their investors “a dream team” for being ripped off like that.
Don’t be fooled, this is the biggest scam since Ethereum. A bunch of greedy people talk about “decentralization” and “community” while filling their pockets with “dumb” crypto money.
Don’t believe the hype