{"id":16796,"date":"2025-11-12T17:30:53","date_gmt":"2025-11-12T17:30:53","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=16796"},"modified":"2025-11-12T15:41:07","modified_gmt":"2025-11-12T15:41:07","slug":"arthur-hayes-zcash-self-custody","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/arthur-hayes-zcash-self-custody\/","title":{"rendered":"Arthur Hayes met en garde les d\u00e9tenteurs de Zcash contre les CEX"},"content":{"rendered":"<h2>Pourquoi Hayes pousse au retrait des CEX<\/h2>\n<p>Une r\u00e9alit\u00e9 technique se rappelle \u00e0 tout le monde : sur les CEX, <a href=\"https:\/\/www.coinspeaker.com\/fr\/zcash-halving-rallye\/\">Zcash circule surtout en adresses transparentes<\/a>. C&rsquo;est pratique, mais ce n&rsquo;est plus priv\u00e9.<\/p>\n<p>Sur un exchange, Zcash est trait\u00e9 comme n&rsquo;importe quel actif list\u00e9. Les d\u00e9p\u00f4ts et retraits passent par des t-addresses, lisibles par tous.<\/p>\n<p>Aucun \u00e9change majeur n&rsquo;op\u00e8re de flux vers des z-addresses par d\u00e9faut. R\u00e9sultat, vos mouvements deviennent tra\u00e7ables, et votre historique aussi.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If you hold <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24ZEC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ZEC<\/a> on a CEX, withdraw it to a self-custodial wallet and shield it.<\/p>\n<p>&mdash; Arthur Hayes (@CryptoHayes) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/CryptoHayes\/status\/1988479315680297415?ref_src=twsrc%5Etfw\">November 12, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ce n&rsquo;est pas un d\u00e9tail quand l&rsquo;argument num\u00e9ro un de ZEC est l&rsquo;opacit\u00e9 contr\u00f4l\u00e9e de ses transactions.<\/p>\n<p>L&rsquo;autre raison est plus prosa\u00efque. Les CEX appliquent KYC, g\u00e8rent des listes de surveillance et peuvent geler des retraits en cas d&rsquo;enqu\u00eate, de bug ou de pression r\u00e9glementaire.<\/p>\n<p>Monero l&rsquo;a appris \u00e0 ses d\u00e9pens avec des vagues de delistings. Zcash a mieux r\u00e9sist\u00e9 gr\u00e2ce \u00e0 son double mode.<\/p>\n<p>Cela ne change rien au fait qu&rsquo;un <strong>compte client reste soumis<\/strong> aux r\u00e8gles de la plateforme.<\/p>\n<h2>Zcash, deux visages et une seule promesse<\/h2>\n<p>Zcash fonctionne avec deux types d&rsquo;adresses. Les transparentes, t-addresses, compatibles avec l&rsquo;infrastructure des CEX.<\/p>\n<p>Les z-addresses, o\u00f9 zk-SNARKs masquent \u00e9metteur, destinataire et montants. La coexistence rend ZEC acceptable pour des acteurs r\u00e9gul\u00e9s, sans briser le c\u0153ur du protocole.<\/p>\n<p>Mais tant que vos fonds ne sont pas pass\u00e9s c\u00f4t\u00e9 \u00ab z \u00bb, la confidentialit\u00e9 n&rsquo;est pas effective.<\/p>\n<p>Le co\u00fbt cognitif d\u00e9courage souvent. Pourtant, c&rsquo;est le prix \u00e0 payer pour sortir du mod\u00e8le d\u00e9positaire. La <strong>souverainet\u00e9 se mesure<\/strong> \u00e0 l&rsquo;effort que l&rsquo;on accepte pour la maintenir.<\/p>\n<h2>Le vrai risque des CEX pour un privacy coin<\/h2>\n<p>Les plateformes centralis\u00e9es sont efficaces jusqu&rsquo;au jour o\u00f9 elles ne le sont plus. Gel pr\u00e9ventif apr\u00e8s un hack, maintenance prolong\u00e9e, exigences nouvelles de conformit\u00e9, tout peut suspendre votre acc\u00e8s au bouton \u00ab retirer \u00bb.<\/p>\n<p>Pour un token de confidentialit\u00e9, ce paradoxe est aigu : la fonctionnalit\u00e9 qui vous int\u00e9resse n&rsquo;existe tout simplement pas c\u00f4t\u00e9 exchange. Vous avez de la liquidit\u00e9, pas de discr\u00e9tion.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As crypto reaches more mainstream users, the need for privacy is more urgent than ever. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/2gSwXvR9m2\">pic.twitter.com\/2gSwXvR9m2<\/a><\/p>\n<p>&mdash; a16z crypto (@a16zcrypto) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/a16zcrypto\/status\/1988305640964657421?ref_src=twsrc%5Etfw\">November 11, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Le risque r\u00e9putationnel arrive ensuite. Un jeton dont la liquidit\u00e9 principale vit en t-addresses voit sa promesse se diluer.<\/p>\n<p>Les observateurs finissent par traiter <a href=\"https:\/\/www.coinspeaker.com\/fr\/cryptos-confidentialite-zcash-monero-hausse-80\/\">ZEC comme un altcoin volatil<\/a> parmi d&rsquo;autres, en oubliant l&rsquo;usage diff\u00e9renciant. Quand la narration change, les flux capitaux suivent.<\/p>\n<p>Et dans ces phases, les r\u00e8gles des plateformes, pas celles du protocole, dictent ce que vous pouvez faire.<\/p>\n<h2>Volatilit\u00e9, prudence et mode d&#8217;emploi minimal<\/h2>\n<p>Le march\u00e9 a rappel\u00e9 que la confidentialit\u00e9 n&rsquo;immunise pas contre les swings. ZEC a bondi, corrig\u00e9, puis rebondi, parfois de 10% \u00e0 20% en quelques heures.<\/p>\n<p>Ce bruit masque une ligne de fond : la valeur d&rsquo;un privacy coin d\u00e9pend de son usage en mode priv\u00e9. Si vous choisissez Zcash, assumez le chemin complet.<\/p>\n<p>Retrait vers un wallet que vous contr\u00f4lez, sauvegardes hors ligne, et tests sur de <strong>petits montants<\/strong> avant d&rsquo;automatiser quoi que ce soit.<\/p>\n<p>Ce n&rsquo;est pas une croisade contre les CEX. Ils restent utiles pour l&rsquo;on-ramp, la gestion de tr\u00e9sorerie et la profondeur de carnet.<\/p>\n<p>Mais pour la confidentialit\u00e9, ils sont un cul-de-sac. La bonne s\u00e9paration des r\u00f4les clarifie les attentes : on ach\u00e8te l\u00e0 o\u00f9 c&rsquo;est liquide, on prot\u00e8ge l\u00e0 o\u00f9 c&rsquo;est priv\u00e9.<\/p>\n<p>Entre les deux, la fen\u00eatre doit \u00eatre la plus courte possible.\u00a0Hayes a soulign\u00e9 que <strong>laisser des ZEC sur un CEX<\/strong> expose les utilisateurs aux m\u00eames risques que Monero a connus : gels de retraits, politiques KYC strictes et delistings potentiels, rappelant que <a href=\"https:\/\/www.coinspeaker.com\/fr\/predictions-hayes-bitcoin-ethereum-hype\/\">la souverainet\u00e9 financi\u00e8re<\/a> passe par l&rsquo;auto-custody.<\/p>\n<hr \/>\n<p>\u00c0 lire aussi :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/monero-anonymat-versus-transparence\/\">Monero : anonymat versus transparence \u2014 un rebond relance le duel crypto<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/selon-arthur-hayes-le-cycle-de-4-ans-du-bitcoin-est-mort\/\">Selon Arthur Hayes, le cycle de 4 ans du Bitcoin est mort<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/chute-francaise-essor-bitcoin\/\">Arthur Hayes pr\u00e9dit la chute fran\u00e7aise et l&rsquo;essor du Bitcoin<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/bybit-blockchains-gel-fonds\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Le message est simple et tranche avec l&rsquo;euphorie r\u00e9cente autour des privacy coins. Arthur Hayes appelle les d\u00e9tenteurs de Zcash \u00e0 quitter les plateformes centralis\u00e9es.<\/p>\n","protected":false},"author":200,"featured_media":16799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Arthur Hayes met en garde les d\u00e9tenteurs de Zcash contre les CEX<\/title>\n<meta name=\"description\" content=\"L\u2019ex-cofondateur de BitMEX Arthur Hayes appelle les investisseurs Zcash \u00e0 s\u00e9curiser leurs fonds via des portefeuilles priv\u00e9s.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Issu de la finance traditionnelle, j\u2019ai naturellement bascul\u00e9 vers l\u2019univers crypto, attir\u00e9 par son potentiel. Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=16796"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16796\/revisions"}],"predecessor-version":[{"id":16831,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16796\/revisions\/16831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/16799"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=16796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=16796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=16796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}