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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: 0.61s | source
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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.
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lottin ◴[06 Apr 21 20:56 UTC] No.26717289[source]▶
Bitcoin rates worse than North Korea in terms of wealth distribution as measured by the Gini coefficient. [1]

[1] https://blog.dshr.org/2018/10/gini-coefficients-of-cryptocur...

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doggosphere ◴[06 Apr 21 22:27 UTC] No.26718159[source]▶
A system which is 12 years old, of which many people have not heard about, don't understand, or may not even care to understand. In some countries its illegal to use. Most countries have unfriendly tax treatment (capital gains on your coffee purchase). Can't be paid in it. Can't yet pay your federal taxes in it. Uncertain if the government will one day ban it.
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thaumasiotes ◴[06 Apr 21 22:32 UTC] No.26718209[source]▶
> Most countries have unfriendly tax treatment (capital gains on your coffee purchase).

That's definitely unfriendly tax treatment. Is it different from the tax treatment that applies to national currencies?

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1. lmm ◴[07 Apr 21 00:38 UTC] No.26719172[source]▶
Yes. It's the same tax treatment that applies to gold bullion or barrels of oil - volatile commodities that are at least partly speculative investments rather than stable mediums of exchange.
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2. thaumasiotes ◴[07 Apr 21 05:55 UTC] No.26721005[source]▶
What is the tax treatment that applies to national currencies?
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3. lmm ◴[07 Apr 21 09:45 UTC] No.26722476[source]▶
Country-specific, but often you don't have to account for them up to a certain limit, and/or you can treat anything you buy in a foreign national currency as having been bought at what you originally paid for that currency.