Zcash's "Privacy Surge" Is Just Crypto Bros LARPing as Cypherpunks Again
Okay, so Zcash is having a moment. Apparently, people are suddenly giving a damn about privacy coins again. The article says ZEC is up 500% in a month, even while Bitcoin is doing its usual dip-and-recover routine. The reason? Bitcoin's gone "institutional," and the cypherpunk dream is officially dead, or so they say. Is Zcash Rising Because Bitcoin Lost Its Cypherpunk Soul?
The "Institutionalization" of Bitcoin: A Tragedy?
Give me a break. As if Bitcoin was ever truly some bastion of anti-establishment freedom. Let's be real: it was always just libertarian nerds LARping as revolutionaries while hoping to get rich. And guess what? They got rich. Now BlackRock and Fidelity are in the game, and suddenly everyone's clutching their pearls about "financial sovereignty."
Galaxy Digital's report is quoted, saying critics are frustrated that Bitcoin is becoming "Wall Street's crypto." Yeah, no kidding. It's almost like that was the plan all along. The narrative that Bitcoin was ever anything but a speculative asset waiting to be co-opted by big money is laughable.
And Zcash? Please. The article calls it "encrypted Bitcoin," a "return to cypherpunk principles." Oh, so now we're pretending Zcash is some kind of noble crusade for privacy? It's a coin, people. A coin that conveniently benefits from Bitcoin's perceived "sellout." Are we really supposed to believe that everyone buying Zcash is suddenly concerned about on-chain surveillance? Or are they just chasing the next pump? I wonder, how many of these so-called privacy advocates are actively using Zcash's privacy features, anyway? My guess is... not a lot.
Privacy as a Marketing Gimmick
The a16z report mentions a "sharp increase" in Google searches for privacy-related topics. Okay, cool. People are Googling privacy. That doesn't mean they're actually doing anything about it. It just means they're vaguely aware that their data is being harvested and sold, probably while using Google Search. The irony is so thick you could choke on it.
Plus, let's not forget Zcash's history. It started as Zerocoin, then Zcoin, then Zcash. A rebrand for every market cycle, it seems like. If you ask me, that's not a sign of unwavering commitment to privacy; it's a sign of chasing trends.
And this whole thing about ZEC overtaking Monero (XMR) as the largest privacy coin by market cap? Who cares? It's a popularity contest in a niche market. It doesn't mean Zcash is inherently better or more private. It just means it's better at attracting hype.
Offcourse, I could be wrong. Maybe there really is a groundswell of support for privacy-focused cryptocurrencies. Maybe people are finally waking up to the dangers of unchecked surveillance. But I doubt it. Most people are too busy doomscrolling on TikTok to care about their financial privacy.
So, What's the Real Scam?
Zcash ain't a return to cypherpunk values; it's just another altcoin capitalizing on a fleeting trend. The crypto world's full of these scams. Wake me up when actual real-world privacy, not just speculative trading, becomes the priority.
