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Signal adds a payments feature with a privacy-focused cryptocurrency

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544 points josh2600 | 1 comments | 06 Apr 21 16:23 UTC | HN request time: 0.197s | 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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CynicusRex ◴[06 Apr 21 21:05 UTC] No.26717384[source]▶
No “pre-mine” doesn't mean fairly distributed. Bitcoin is a multi-level marketing pyramid scheme as well. Early adopters mine or buy large proportions at negligible prices while late adopters mine or buy negligible proportions at large prices.
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anonporridge ◴[06 Apr 21 21:16 UTC] No.26717496[source]▶
By this definition, every company stock is a multi-level marketing pyramid scheme.

In fact, company stock is WAY worse, because the majority of people are legally prohibited from investing in private companies unless they're an accredited investor (already rich). So, only rich people (other than founders and early employees) are allowed to buy in at super low prices before handing off the bag to the public.

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1. lmm ◴[07 Apr 21 00:43 UTC] No.26719218[source]▶
> By this definition, every company stock is a multi-level marketing pyramid scheme.

No because the company's income doesn't come from selling more stock, but from selling valuable products. (Companies that don't have actual revenue are indeed multi-level marketing pyramid schemes and there are some of them around, but they're the exception rather than the rule).