Mobilecoin (Foundation) is a technological, ethical, and legal tour de force. I recommend you read their FAQ, but, to me anyway, it is obvious why Signal/Moxie needed to create a new coin (tl;dr: It needed to be a private venmo-like experience). To prevent conflicts of interest, a new org was created. Hence Mobilecoin, not SignalCoin. A few highlights:
Technological:
* First Oblivious RAM implementation, "fog", so that transacting parties cannot be revealed
* Their Rust codebase is really nice
* Instant transfers with little computing power (CO2 emissions)
Ethical:
* Moxie and Josh Goldbard hold no MOB, along with the employees. The Mobilecoin foundation has some awesome partners, e.g. the Long Now Foundation.
* Mining is not ethical, it pollutes the planet and is just bad. The only alternative is a "pre-mine" given to an independent org, ie Mobilecoin Foundation
Legal:
* The US's laws are not clear on what is allowable with privacy coins, so Mobilecoin has played it conservatively by saying US residents can't own the coins.
In summary, the critiques of Mobilecoin (in any of its incarnations, foundation, moxie, etc.) are assuming the agents involved have a financial interest in MOB being expensive -- I contend that is not the case. Please show your evidence.
>Let's assume that they integrated with Bitcoin or Litecoin or some "mainstream" CC, would it still be a good idea?
No, not private. Also slow. Also pollutes planet. Monero is close on the privacy front, but takes 3 minutes to send (very stressful). It's possible a coin with the proper attributes could be made on stellar, but that raises questions towards ownership of Lumens (and pumping them) and their stellar reimplementation in Rust is likely more secure.
>Niche coin
nit: MOB has a top 15 market cap with 250m coins in distribution. Though I would hesitate to compare to other cryptocurrencies which are almost entirely scammy, polluting garbage.
> Moxie and Josh Goldbard hold no MOB, along with the employees
Right, the foundation sells the premined crypto-currency at a pumped up price. The foundation pays Goldbard and Moxie for their work. Employees are paid from the VC. No one connected has to hold any of it, nor will they want to after the dump.
Agreed that the foundations and payments need to be transparent. But if they are making, say on the order of a hundred grand a year in payments, wouldn't it behoove them to have a stable or increasing MOB market cap in the long run. IOW, if payments << market cap (currently O(10B)) then pumping and dumping is a disincentived move.
Could you provide a concrete link please? There's a bewildering array of officials looking websites with zero information. And a widely shared white paper (among others linked from Wikipedia) that Josh claims isn't the whitepaper he originally wrote. It's hard to know what's what.
This makes me sad. I have, up until now, been happy with Signal, but with this foray into cryptocoins, I now put it in the general "why do you hate the planet" bucket that all other cryptoshills are in.
It works (FSVO "works") for small levels of transaction, but does not scale to "a substantial fraction of humanity uses it for payment" (low-end, imagine 2.5 billion people trying to make on average 3 economic transactions per day, you'd need to be able to sustain about 80k transactions per second; now note that I low-balled bot the number of economic transactions AND the global population).
As a signal user and even promoter my biggest issue with a new cryptocurrency is that my privacy and security concerns for a chat app are different from my privacy and security concerns for monetary transfers.
I'm not sure why you find Monero's confirmation any more stressful than instant-like blockchains, most wallets will show pending transactions as soon as they enter the mempool.
Technological: * First Oblivious RAM implementation, "fog", so that transacting parties cannot be revealed * Their Rust codebase is really nice * Instant transfers with little computing power (CO2 emissions)
Ethical: * Moxie and Josh Goldbard hold no MOB, along with the employees. The Mobilecoin foundation has some awesome partners, e.g. the Long Now Foundation. * Mining is not ethical, it pollutes the planet and is just bad. The only alternative is a "pre-mine" given to an independent org, ie Mobilecoin Foundation
Legal: * The US's laws are not clear on what is allowable with privacy coins, so Mobilecoin has played it conservatively by saying US residents can't own the coins.
In summary, the critiques of Mobilecoin (in any of its incarnations, foundation, moxie, etc.) are assuming the agents involved have a financial interest in MOB being expensive -- I contend that is not the case. Please show your evidence.
PS. I am assuming good faith and honesty in statements, eg "Marlinspike notes, however, that neither he nor Signal own any MobileCoins." https://www.wired.com/story/signal-mobilecoin-payments-messa...
PPS. Some direct responses:
>Let's assume that they integrated with Bitcoin or Litecoin or some "mainstream" CC, would it still be a good idea?
No, not private. Also slow. Also pollutes planet. Monero is close on the privacy front, but takes 3 minutes to send (very stressful). It's possible a coin with the proper attributes could be made on stellar, but that raises questions towards ownership of Lumens (and pumping them) and their stellar reimplementation in Rust is likely more secure.
>Niche coin
nit: MOB has a top 15 market cap with 250m coins in distribution. Though I would hesitate to compare to other cryptocurrencies which are almost entirely scammy, polluting garbage.