←back to thread

Signal adds a payments feature with a privacy-focused cryptocurrency

(www.wired.com)
544 points josh2600 | 5 comments | 06 Apr 21 16:23 UTC | HN request time: 0.81s | source
Show context
Geee ◴[06 Apr 21 18:14 UTC] No.26715348[source]▶
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(15): >>26716669 #>>26717253 #>>26717289 #>>26717334 #>>26717384 #>>26717443 #>>26717846 #>>26717892 #>>26718428 #>>26718433 #>>26718469 #>>26720601 #>>26721205 #>>26726961 #>>26727388 #
1. rOOb85 ◴[06 Apr 21 20:52 UTC] No.26717253[source]▶
Can you post your source for these claims?
replies(2): >>26717327 #>>26717342 #
2. marcinzm ◴[06 Apr 21 21:00 UTC] No.26717327[source]▶
Their own white paper (no longer hosted on their site it seems) says they created 250 million tokens and pre-sold 37.5 million.

https://mixin.one/assets/MobileCoin-Whitepaper-EN_FINAL.pdf

replies(1): >>26717483 #
3. Geee ◴[06 Apr 21 21:01 UTC] No.26717342[source]▶
It's in the whitepaper. There are 250 million coins in total, and 37.5 million were sold in the ICO. I couldn't find any information on further distribution or monetary policy, so I assume the founders still hold them.
4. josh2600 ◴[06 Apr 21 21:15 UTC] No.26717483[source]▶
This whitepaper is not the whitepaper I wrote back in 2017. We took that down because it was ultimately not the design we implemented. The full system design can be found here: https://github.com/UkoeHB/Mechanics-of-MobileCoin/blob/maste....
replies(1): >>26718258 #
5. opheliate ◴[06 Apr 21 22:36 UTC] No.26718258{3}[source]▶
Fyi, while the whitepaper marcinzm links to may not be the design you implemented, it is the first result (for me, at least, in the UK) when googling "MobileCoin Whitepaper", while the Mechanics of MobileCoin repo doesn't appear at all.

Just in terms of avoiding confusion, you might want to reach out to mixin.one to try to replace that document with one that clarifies that the design outlined there was not used? Or publicise the actual design a bit better? (I couldn't find a link to this repo on the MobileCoin website, which is why I searched for the whitepaper elsewhere in the first place).