This feels like signal is getting a cut of the money somewhere along the line does this mean I should stop donating? (and maybe stop using the app)
Signal adds a payments feature with a privacy-focused cryptocurrency
501–510 of 665 posts
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#502There are 250 million units of mobilecoin, and majority of them are owned by the founders. Only 37.5 million have been distributed. With current price ($65), they're worth $14B already. This makes the project a scam and impossible for it to work as a reliable money that holds value. Bitcoin had no pre-mine and has been fairly distributed from the start.
It also paints a giant target on them for the feds to come down on.
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#503Earlier quoted context omitted.
America has AML and KYC and running an exchange that allows trades which dodge those requirements is a great path to men in black suits knocking on your door.
Does the UK not have AML and KYC?
Yes, there are stringent anti-money laundering laws in the UK.
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#504> MobileCoin only began trading as an actual currency with real value in December of last year—until then, it was running as a valueless "testnet"—and its 250 million coins, at around $69 each, are currently worth almost $17 billion dollars in total.
No. This is simply not true. You don't arrive at the value of a set of "things" by multiplying the best price for a single "thing" by the number of "things" you want to sell. That's not how the world works.
If I sell you a printout of a drawing for $1, printing out a trillion copies of this drawing does not make me a trillionaire.
> For now it's listed for sale on just one cryptocurrency exchange, FTX [...]
Great. So let's see what the actual value of this token is, by looking at the order books of the markets on the FTX exchange where this token is traded. There are two markets:
1. MOB/USD: https://ftx.com/trade/MOB/USD
2. MOB/USDT: https://ftx.com/trade/MOB/USDT
The most liquid market appears to be the MOB/USD market, so I will focus on this.
The MOB/USD order book tells us that, if you wanted to sell as much MOB you could while pushing up the sell price by at most 10% (from 61.15 to 67.27), you would end up earning $2.5MM USD.
If you consumed all sell orders (that are displayed on the site) the sell price would be pushed up to 73 USD per MOB (a 20% increase) and you would earn a total of 3.75MM USD.
Now, compare this figure to the alleged value of this token (17 billion USD). The actual value -- let's be generous and say 10MM USD -- turns out to be just ~0.06% of the claimed value of $17 billion USD.
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#505Earlier quoted context omitted.
I don't see how it's a quid pro quo for someone like Moxie, with his background, to advise a project for years and then work with them to integrate it given the alignment with regards to privacy initiatives. I find it conspiracy-theory in nature to assume otherwise; I think it could've been handled better from a server source code side but I don't really see why this has to be an assumed bad faith thing.
It's quid pro quo to include an obscure scam coin out of the blue into an entirely unrelated product, with a public promise from the scam club owners to donate their money to your business. The fact the the owner of signal had already been associated with MobileCoin for a long time makes it worse, not better.
...no, the fact that the founder of Signal advised it for years indicates it's not an "obscure scam coin" from out of the blue.
If Signal had built this themselves, in house, nobody would bat an eye.
You're stretching hard here.
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#506If you’re concerned about this, writing to Signal directly is a good option: https://support.signal.org/hc/en-us/requests/new
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#507Earlier quoted context omitted.
Unsurprisingly money is still needed to pay for development and hosting costs, and Brian Acton's loan won't last forever.
This explicitly doesn't monetize Signal so this line of argument isn't particularly relevant.
The CEO of the coin itself said they they are planning on donating a lot of money to signal in the future.
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#508So Signal is now a payments app? Really? Installed Element and will be phasing Signal out of my life.
Good luck getting everyone to use matrix after spending so much time convincing them to move from WhatsApp to signal..
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#509The UK already has faster payments in all major banks. I can send and receive money instantly from app or Web. Will yours be as fast as that? The UK has a problem with authorised push payment fraud. Banks can recover funds which have been sent as a result of phishing / fraud. How can I reverse a payment on your platform if it was fraudulent? The UK also has receiver verification. If I try to send to an account and it…
> Most banks let the user block receiving payments from specific accounts. How do you stop harassers sending unwanted money? First time I read about that, how does this work in practice? A person regularly sends you small amounts such that all you see is their name whenever you log into your bank account?
Amongst other things it's a way to set up a narrative regarding some other fraudulent activity.
If you were regularly recieving money from someone, then it looks like you're in business with them - and you'd have a hard time pricing you're not if they then staged some other activities (i.e. shipping you stolen goods, which they then have stolen from your doorstep by an associate).
Re: Signal adds a payments feature with a privacy-focused cryptocurrency
#510Earlier quoted context omitted.
> The state of secure messaging is really bleak. I wish Matrix had an IM-style client that was decent enough for non-technical users to adopt. See Element [1] which uses Matrix [2]. It feels like IM, and is super simple to onboard new users. I'm not involved with it, but I'm a huge fan of the Matrix ecosystem. If you want group chats to be mixed in with 1-1 chats, try SchildiChat [3], a fork of Element. [1]: https://…
Even with a fast home server Element is quite slow. Slow enough that even I, trying to get my circle to use it, feel some reluctance to open the app. Hopefully the upcoming Hydrogen client can solve this.
element-web? element-android? element-ios? all of them?
Have you tried fluffychat on android? Or any of the other clients https://matrix.org/clients-matrix