Continuing from the previous book, let me explain why I suddenly became a fan of zcash: Native and believe that it has a high probability of outperforming BTC and ETH in this round There are four reasons for this 1. Asset Form - If you entered the industry around 17-18, you must have heard a saying - 'Bitcoin, Litecoin'. At that time, Litecoin also did not have "empowering" value such as smart contracts, it was just a faster and cheaper BTC Fork, but because it came early, the market gave it a "silver" asset attribute. I remember in those two years, someone forcibly empowered LTC with the functional attribute of "Bitcoin code testing ground" in an attempt to find its value support Later on, BTC went through the lightning network, various forks, the struggle between large and small blocks, and then to the inscriptions, L2, Taproot, RGB... After two or three cycles of turmoil, the market voted with its feet to determine the value - only BTC itself is valuable. The consensus on digital gold is basically established, whether for retail investors or Wall Street. Leave all other so-called 'functional' tasks to chains such as ETH and Solana. So we entered a new stage. On the one hand, the cryptocurrency industry is best at "issuing assets", which reached its peak at Pump. On the other hand, with the failure of the old generation LTC as a representative and the new generation inscription as a representative asset form, the label of "non functional long-term valuable asset" is still only available in BTC, so people jokingly refer to BTC as the largest Meme. Doge, Pepe, etc. might be considered half? But the first market value is not large enough and the survival time is not long enough. Secondly, you can say that BTC is a Meme, but it's difficult to reverse and say that the top Meme is digital gold or silver The market has been searching for a second "non functional, long-term valuable" digital asset target outside of BTC This asset cannot be a pure Meme, but it can be viewed as a Meme. This asset needs to be both similar to BTC and sufficiently different from BTC. It must have a very unique attribute of its own, not just a "faster, cheaper BTC" or "BTC code testing ground" like LTC. This asset must have gone through at least one complete bull bear cycle and lived long enough. Because for non functional assets, history itself is a part of value. More importantly, it must answer a question that BTC itself cannot answer, but is equally grand enough. BTC addresses the scarcity of publicly available, verifiable, and censorship resistant digital assets, while ZEC adds another aspect: it transforms' privacy 'itself into a monetary attribute. What's even more interesting is that this kind of privacy doesn't require everyone to use it. Institutions can hold and be audited transparently, while individuals still have the option to enter a privacy state when needed. So what ZEC truly offers is a 'right to privacy for everyone', which possesses both a similar DNA of currency assets as BTC and distinct independent attributes that cannot be replaced by BTC. So, after thinking about it for a while, I found that ZEC is the best target, without a doubt. 2. Market preference - Whether it's a rebound or a bull market, you will find that pure Meme and VC air coins are not very popular. Apart from BTC, only two types of assets have popularity. One reason is that the data is very good, there are really users and income, represented by Hyperliquid and Uniswap. The second is the assets that institutions are willing to hold and buy, including the first type of data-driven assets, as well as assets that institutions are optimistic about the prospects or can temporarily ignore current data for some reason, represented by XRP, ZEC, and TAO In other words, if there is a knockoff season this round, you should buy knockoffs that institutional funds are optimistic about and reprice, rather than knockoffs that retail investors are optimistic about 3. Chip structure - ZEC has two high points, 700 in November last year and 880 in 2018. At present, the price of 700 has been broken, and as long as it effectively breaks through the previous high of $880 in 2018, ZEC will enter a price discovery range in mainstream trading history where there are almost no trapped stocks. Everyone must remember every time BTC breaks through the previous high and continues to rise. Compared to BTC with a pile of 80000 to 100000 yuan and ETH with a pile of 3000 to 4000 yuan, the potential selling pressure of ZEC after breaking through 880 is much better than the first two chip structures. Furthermore, these are all the previous highs from 8 years ago. In theory, I believe that after breaking through 700, there will no longer be any major trapping plates above 4. Consensus divergence - The initial impression of ZEC was that Naval first called for orders, and then this consensus gradually spread, with more and more retail investors and institutions beginning to accept this consensus. But at the same time, a greater divergence arises due to the rise of ZEC. At present, the consensus on ZEC in the West is higher than in the East, which may be related to the higher sensitivity and concern for privacy in Western culture compared to Asia. Throughout the history of the cryptocurrency industry, heat and divergence have been the biggest driving forces behind a token's rise. Looking back at BTC in 2013, ETH in 2017, Solana in 2021, Inscriptions in 2023, and so on. The rise is achieved through huge controversies, and the consensus of the entire market will not be formed in a short time. Once formed, it is often not far from the peak. Think about two months ago, 'Forever Lacking Storage' and 'The Best Summer of the Golden Age for Korean Girls' So after breaking through 700, I saw that the price was reasonable and bought some, but when I completely broke through 880 one day, I won't buy anymore. Of course, sugarcane doesn't have two sweet ends. I think ZEC can outperform BTC and ETH, and when it falls, the risk is still much higher than those two, so DYOR