Since inception, the cybercoin market has been plagued with code bugs. Even bitcoin, as recently as late 2018, contained an inflation bug that could have had devastating consequences if exploited — perhaps even setting back the entire industry by decades (Hertig, 2018).
More concerning than the code bugs themselves is how certain individuals (and communities) react to them — often trying to sweep them under the rug ex post facto. The most recent example of this being the monero privacy-leak bug (Sinclair, 2021). The bug itself is significant — revealing whether a transaction is real if it isn’t allowed to rest for more than 20 minutes (although balances remain encrypted). Yet, the bigger issue is how certain people have tried to downplay (or altogether ignore) the entire ordeal. But this isn’t anything new.
An even more devastating privacy-leak bug happened to Zcash earlier in the year. On May 5th, Francisco Gindre (GitHub username: pacu) pushed malicious code into the Zcash wallet (Gindre, 2021).
If a user clicked on “Include Reply-To address” in a Zcash wallet running on iOS, the memo field would populate the users’ viewing key instead of their public key. With a viewing key, one not only has access to your balance — but also your entire transaction history — including every single memo that you have sent or received. This is extremely concerning because those memo fields can include some deeply personal information, including but not limited to names, addresses, payment details, and private keys!
The most egregious part about the Zcash privacy-leak is how silent the Zcash community has been. The ECC (the corporation funded by the Zcash bagholders) issued one brief nonchalant post about it as if it was no big deal (Electric Coin Company, 2021). Not a single member of the Zcash community sounded the alarm. When Francisco Gindre (pacu) was confronted directly by several people, including myself, about why he added such a malicious piece of code, we all proceeded to get blocked. There was no explanation, there was no admission of guilt, there wasn’t even an admission of having made a mistake — for all we know this wasn’t a mistake but a deliberate attempt to expose shielded holdings and shielded activity. Zcash has often been accused of acting in bad faith and this just adds fuel to that fire.
The fact of the matter is that this isn’t an isolated incident. The cybercoin market in general — and Zcash in particular — has a history of fraudulent activity. For example, Zcash bagholders are repeatedly misled into thinking that Zcash will eventually get rid of transparent addresses (~95% of Zcash is currently transparent).
If a given project builds up a pattern of breaking their word — one should expect them to continue to break their word. This isn’t just about timelines (e.g., NU5 was originally supposed to ship Q1 2021, then Q2, now Q4, etc.). This is about the general direction that a project is taking — for all we know Zcash may not even pursue privacy going forward and stay 95% transparent indefinitely. Zcash claims they will be trustless in the future, but they already are. Watch what they do, not what they say.
In an industry where trust is continually broken, trust itself becomes the most valuable commodity. Piratechain will always put maximum fungibility and maximum privacy first — without compromise. This is something blockchains with transparent addresses cannot accomplish even if they wanted to (Mark 2:22). There will be no amendments made in order to gain regulatory compliance. The centralized exchanges, the regulators, and the regulations themselves will adapt to us — because we are here to stay. You cannot ban gravity and you cannot ban piratechain — any attempt in doing so will merely bring us attention and therefore increase the demand for piratechain. BRING IT.
To my pirate mateys:
Never try to sweep anything under the rug. Always take criticism head on. Do not engage in censorship or any other form of deception — even if you think the ends justify the means. The culture of the piratecoin cyberchain family squadron gang must forever be absolutely antithetical to pious fraud. PERIOD.
Electric Coin Company. (2021, 7 13). Privacy-leak bug discovered in Nighthawk and ECC wallets. Retrieved from Electric Coin Company: https://electriccoin.co/blog/privacy-leak-bug-discovered-in-nighthawk-and-ecc-wallets/
Gindre, F. (2021, 5 5). zcash-ios-wallet. Retrieved from GitHub: https://github.com/zcash/zcash-ios-wallet/blob/63c6ee060e6e20a8562d923a9daaecd6e092a23a/wallet/wallet/Environment/SendFlowEnvironment.swift
Hertig, A. (2018, 9 21). The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret. Retrieved from coindesk: https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret
Sinclair, S. (2021, 7 27). Bug Found in Decoy Algorithm for Privacy Coin Monero. Retrieved from coindesk: https://www.coindesk.com/monero-bug-wallet-code-software-transaction-true