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Signal adds a payments feature with a privacy-focused cryptocurrency

(www.wired.com)
544 points josh2600 | 3 comments | 06 Apr 21 16:23 UTC | HN request time: 2.411s | source
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lvs ◴[06 Apr 21 17:21 UTC] No.26714673[source]▶
Why this particular coin that nobody uses? This seems weird. Is this a monetisation scheme we should be worried about?
replies(1): >>26714896 #
fourstar ◴[06 Apr 21 17:36 UTC] No.26714896[source]▶
IMO Signal/Moxie "advises" this project, so to me this seems like their way of cashing out (I'm assuming they hold the majority of coins), given that Signal itself is a not-for-profit organization. At least that's what I'd do if I were Moxie.
replies(1): >>26716737 #
1. tradertef ◴[06 Apr 21 20:07 UTC] No.26716737[source]▶
They hold majority..

Geee 1 hour ago | unvote [–]

There 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.

replies(1): >>26717683 #
2. rOOb85 ◴[06 Apr 21 21:37 UTC] No.26717683[source]▶
I haven't seen any sources to back that up. Just that one comment claiming those facts.
replies(1): >>26719623 #
3. kokx ◴[07 Apr 21 01:41 UTC] No.26719623[source]▶
On the other hand, these comments are only met with responses indicating that the source for that is an old whitepaper without any more information. While the person replying is the MobileCoin CEO. So they at least try to embellish the current situation in some way. Which doesn't tell me much good.