YCash Y Bother? – Free Money?
YCash was announced on Reddit yesterday. YCash will be hard fork of Zcash that results in a new chain (coin). The founders’ goal is to address the perceived inadequacies of ZCash by,
- changing the Founders’ Reward
- increasing ASIC resistance
The fork will endow every ZCash holder with free YCash.
Cryptocurrencies are truly the last free market. If you don’t like what the market is offering just create your own offering and see if it gets traction. Success or failure is not governed by government grants (yes, we are looking at you Tesla) but by whether you can persuade the public you have superior value.
Hard forks can create value – Bitcoin Cash has created a distinct offering with its own place in the cryptocurrency ecosystem. Will this one?
I don’t want to sound like the bad fairy – especially when I have been invited to birth but I am doubtful. ZCash has a well-respected team and a solid, if unexciting, marketing effort but it always hovers around 20th in Coinmarketcap listings. Trading on exchanges is very limited and it is invisible off-exchange. Let’s look at what YCash is offering;
Changing the Founders Reward to a “cheaper” perpetual fee:
There is a crunch coming to ZCash when the Founder’s Reward comes to an end. Someone, somewhere, will have to pay for continued development but it more realistic to assume that someone will pay for a well-established team than a start-up.
Increasing ASIC resistance:
Users who seek ASIC resistance can simply mine Monero (XMR). Monero is the most battle-tested privacy coin and is the choice of drug-dealers everywhere.
Free money is always nice but as with all forks you must be careful never to reveal your private keys.
Disclaimer: The author may hold some, none or all of the assets mentioned in this article either for investment or trading purposes but his trading strategy is so erratic that he has no idea of his current position.