Go away Vitaly

“what do you want to do when you grow up, little Vitaly”

“I want to spam Google Analytics accounts, mommy !”

The Popov family. Russia’s finest. I just spent half an hour cleaning up an Analytics account. Mainly ‘messages of love and light’ by a certain Vitaly Popov. His mother must be so proud of him.

 

ZCash

There is a new cryptocurrency on the market, the long awaited ZCash.

You could buy some hashing capacity over at Genesis Mining before the launch, so I bought into it. Futures on Bitmex per end december were on 1.5 BTC /Zec, roughly 1000 dollars per coin. Looking good. The first day on the exchanges was brilliant, Zec was at 3000 BTC/coin at some point, 2 million dollars per coin. But the first mining proceeds were just a fraction of a 1/1000th of a coin, so that price was just someone playing a prank. It steadily dropped back to 0.7 BTC yesterday, which was underpriced if you take the Bitmex futures serious, and now it is back up to 2 BTC per Zec.

There was a sizeable interest from investors in the coin. It is basically a Bitcoin clone with the ability for truly anonymous transactions and a short block time, faster transaction speeds. But the main difference with Bitcoin, ZCash is developed by a commercial company. These have a (rather large) stake in the succes of the coin.

There is no telling where it is going to go. As long as the market has not adopted the coin, there is no real demand or use case for it, so it remains a coin for speculators, and with mining proceeds steadily increasing the first month to 7200 coins a day, the price will probably drop steadily. I still have no idea what the production price of 1 ZEC is going to be, but let’s hope it stays around 2 BTC per Zec, then it pays for my vacation next year.

Should I add a disclaimer ? Never invest money you cannot afford to loose, it is all risky and I have a small stake in ZCash so my opinion is biased.

 

Bitcoin is not a currency

bitcoin is not a currency

bitcoin is not a currency

Another interesting episode in the ongoing debate as to what Bitcoin might be, a currency or commodity or security or just a bizar geek hoax. A US district judge has ruled, for the purposes of a bankruptcy case in California, that bitcoins are a kind of intangible property (coindesk). Quoting Judge Montali :

But that doesn’t make [bitcoins] dollars, that’s my point. I understand how the parties acted, but that doesn’t make them dollars.