I hold the opposite view: All PoW projects are built on hash power. Zcash (ZEC) had a hash rate of 10 GH/s at its peak in 2022, but now, during a bull market, it’s down to just 7 GH/s. Today, the Equihash algorithm can only rely on ASICs—GPUs have been completely phased out. Mining hardware manufacturers (if they wanted to) have the capability to double-spend it, making it no better than Monero, which was recently hit by a 51% reorg. The Zcash community is even starting to discuss whether to switch to PoS or a PoS/PoW hybrid, adding a layer of finality with PoS. I agree that Zcash has done a great job with privacy. But I think privacy shouldn’t be overdone. 99% of people worldwide don’t have such high privacy needs, and the remaining 1% includes hackers, money launderers, and terrorists. Bitcoin’s approach—non-anonymous addresses with public records—strikes the right balance, in my opinion. Pushing privacy further seems to lean toward enabling bad actors. So Bitcoin should actually be Zcash’s safety net, not the other way around. Bitcoin’s consistent growth is what encourages people to allocate some funds to gamble on other PoW chains, which then brings hash power and capital. [This is not financial advice or a short-selling opinion.]