m4dire0701 on Nostr: "Pirate Chain (ARRR) is a minor privacy coin that has mooned significantly recently ...
"Pirate Chain (ARRR) is a minor privacy coin that has mooned significantly recently popping up from 30 cents to 14 dollars or so (it's halved since I started writing this article though). Pirate Chain uses the zk-SNARK technology, but unlike Zcash, uses it mandatorily (with optional transparent transactions like Monero via the private view key).
Pirate Chain has two big issues though. The first is what I mentioned before: zk-SNARKs as they have been implemented in ZEC and ARRR are not trustless. They require a setup in which theoretically, if the public parameters of the system were known to some inside party, they could print an infinite amount of the currency with absolutely no way that any other people could know.
Even if you trust the Pirate Chain developers, Pirate has another pretty undeniable problem: 90% of ARRR has already been mined and is in circulation! Yep, you heard that right: A minor niche alt-coin which has existed for only three years was put together in such away that now as big of a proportion of it has been mined as has been mined of Bitcoin in over ten years!
That means that that 90% is highly aggregated in the wallets of the two and a half people who knew of ARRR in this period, and anyone adding to the market cap is mostly just contributing to these people's bags. Even if Pirate Chain had great trustless technology (which is doesn't) it has not been set up equitably, but in a way that enriches early adopters to an extreme degree. Expect to get dumped on if you buy this stuff.
Honestly, if you want a better, more honest cryptocurrency, you could just take the Pirate setup and give it a slower and more sane emission. That would be a better choice than ARRR itself."
https://lukesmith.info/monero-and-other-privacy-coins/
Pirate Chain has two big issues though. The first is what I mentioned before: zk-SNARKs as they have been implemented in ZEC and ARRR are not trustless. They require a setup in which theoretically, if the public parameters of the system were known to some inside party, they could print an infinite amount of the currency with absolutely no way that any other people could know.
Even if you trust the Pirate Chain developers, Pirate has another pretty undeniable problem: 90% of ARRR has already been mined and is in circulation! Yep, you heard that right: A minor niche alt-coin which has existed for only three years was put together in such away that now as big of a proportion of it has been mined as has been mined of Bitcoin in over ten years!
That means that that 90% is highly aggregated in the wallets of the two and a half people who knew of ARRR in this period, and anyone adding to the market cap is mostly just contributing to these people's bags. Even if Pirate Chain had great trustless technology (which is doesn't) it has not been set up equitably, but in a way that enriches early adopters to an extreme degree. Expect to get dumped on if you buy this stuff.
Honestly, if you want a better, more honest cryptocurrency, you could just take the Pirate setup and give it a slower and more sane emission. That would be a better choice than ARRR itself."
https://lukesmith.info/monero-and-other-privacy-coins/