The highly anticipated launch of ZCash was significantly overhyped, particularly on cryptocurrency exchanges including Poloniex, which currently demonstrate a price of nearly 9 BTC, a value worth around $6300 per ZEC (ZCash). Despite its high value and support from various investment firms including Pantera Capital and Digital Currency Group, it has already triggered some major discussions and criticisms on its principles and mining mechanism. Controversy Upon the launch of ZCash, Poloniex and other prominent cryptocurrency exchanges placed a value of $20,000 per ZEC, considering its limited circulation. However, its price rapidly decreased over the past 9 hours by nearly 100%, declining to $9,000 and $6,000 on some exchanges like ShapeShift. While most users and ZCash supporters argue that it is the exchanges like Poloniex that are pushing the price up purposely, the majority of cryptocurrency experts and communities unanimously agree that the average price of ZCash in the short term will be placed at around 0.1 BTC. Zcash average price at the first month. — Frisb (@pterion2910) October 15, 2016 Because of the optimism revolving around the value of ZCash, futures trading on the digital currency have increased in popularity amongst cryptocurrency investors. Various exchanges and trading platforms including BitMEX have launched futures trading option for ZCash. The volume of futures trading in ZCash is rapidly increasing due to the pre-sale of ZEC, which was initiated by the development team to raise capital to fund operations. The ZCash team and its company completed a crowdsale on Simon Dixon’s BNK to the Future crowdfunding platform, in which investors funded the company with an agreement to receive ZEC through a portion of each block reward. However, this pre-sale and the 10 percent Devmine share of the ZCash network has led to controversial arguments in the cryptocurrency community, as experts began to […]
