Money For the Rest of Us Hoarding, FOMO, and Zcash: A Private Bitcoin
Oct 29, 2025
Explore the fine line between hoarding and investing as David discusses the appeal of assets like gold, Bitcoin, and Zcash. Discover his personal journey with Zcash, including the challenges of access and market size. Delve into the emotional aspects of investing, like FOMO, and how it influences decisions. Learn about Zcash's privacy features and the regulatory implications, as well as the small share of illicit crypto activity. David emphasizes the importance of managing risks and controlling emotions in investment strategies.
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Early Zcash Purchase And Custody Loss
- David Stein bought Zcash in 2018 to test a Circle crypto wallet and later lost access when Voyager went bankrupt.
- He recovered a portion in 2023 when Zcash traded near $30, illustrating custody risk with intermediaries.
Crypto Market Is Small Relative To Stocks
- The crypto universe (~$3.8T) is tiny versus public markets and even single large companies like NVIDIA.
- Gold (~$28T) is far larger than crypto, showing hoarding markets are smaller than productive markets.
Hoarding vs Investing: Different Wealth Roles
- Hoarding (gold, Bitcoin, Zcash) stores value because supply grows slower than fiat, offering inflation protection.
- But hoarded assets do not grow the economic pie like stocks that generate cash flows and innovation.