What Actually Broke In ZCash.. - Tulip King

Summary

Tulip King and Thread Guy discuss the Zcash exploit, the centralization risks it revealed, and the broader crypto market. Tulip shares his portfolio (one third each in Bitcoin, Hype, and Zcash), his long-term Bitcoin bull thesis, and the importance of revenue and buybacks in tokenomics. The conversation also touches on the 'three good coins' and the narrative that Hype is a better crypto index than Bitcoin.

• A security engineer discovered a double-spend bug in Zcash's Orchard privacy pool, leading to a soft fork and hard fork to fix it.
• Tulip King views the incident as exposing excessive centralization in Zcash, which damages its value proposition.
• Tulip sold some Bitcoin for the first time to reduce leverage and rebalance, though he remains structurally long.
• He holds a portfolio split roughly one third each in Bitcoin, Hype (HyperLiquid), and Zcash.
• Tulip argues Hype is a better crypto index than Bitcoin because it captures market cap growth and generates fees with buybacks.
• The low-cap revenue-generating token space is highlighted as a potential 10x opportunity if teams align incentives.
• Bitcoin is described as the hardest, most immutable asset destined to reach a million dollars.