Signal is facing criticism over its MobileCoin integration. The recently announced MobileCoin integration is surrounded by controversy, with users expressing concern about the links between the Signal founder and the MOB cryptocurrency. Ambiguity around the currency issue and suspicious profits that lead to announcements of partnership.
behind the scenes
Signal is an encrypted messaging app that has been adopted by the privacy and security community since its launch like Open Whisper Systems (= Software Development Kit) in 2013 and the rebranding two years later.
MobileCoin was founded in 2017 and made about 15% of deliveries to private investors after extracting the entire offer at launch.
The messaging app announced the launch of its MobileCoin payment feature on Sunday. Signal founder Moxie Marlinspike gave a reason to choose MobileCoin because it requires little storage space and provides fast transactions without sacrificing privacy on mobile devices.
Signal’s decision to incorporate MobileCoin appears to have been made some time ago. Jonah Edwars of the Internet Archive noted that the source code for the integration had been kept confidential for about 12 months before it was published on GitHub.
Since the MobileCoin token MOB from March 28th to Saturday gained around 450% and Signali integration reports pushed prices up to $ 66. Some proponents speculate whether the price was influenced by investors with a prior warning.
The vicious circle
Concerns were raised about Marlinspike’s relationship with MobileCoin. Early versions of the project’s white paper appeared, with Marlinspike listed as Chief Technology Officer at MobileCoin.
While MobileCoin CEO Joshua Goldbard tried to reassure the community that Marlinspike was only serving as a “technical advisor” to the project and never acting as CEO. Goldbard likely inadvertently described Marlin’s participation in the project.
On Reddit, Goldbard dismisses Marlinspike as one of the founders of MobileCoin. However, Goldbard also describes Marlinspike as one of three individuals who “created MobileCoin”
The dream appears to be that Goldbard is avoiding questions about Marlinspike’s compensation for his role as a technical advisor to the project. The CEO of MobileCoin also said that the team, in collaboration with its attorney, is identifying information about the traded deliveries of the MOB that could be disclosed:
“In terms of traded deliveries, we are still working with our attorneys to find out what we can and cannot say here. The total number of coins is 250 million, all mined on the first day. We are working hard to get the coins in the ecosystem.”
Can I buy MobileCoin tokens?
Buymobilecoin, The website, which allows individuals to purchase MobileCoin tokens directly from the project, has also sparked controversy.
On Reddit, Goldband notes that more than 50% of available MobileCoins can be purchased through the website. However, the purchasing process is opaque, no reference price is provided and orders are organized via email correspondence.
Individuals are limited to purchases of up to € 1,000 a day and € 5,000 a year, but companies that demonstrate a need for MobileCoin to “use paper to peer to consumers” can purchase streams of up to € 100,000 every 12 months. This site explains how MobileCoins may not be sold or traded with US citizens, either through the web or peer-to-peer within Signal.
MobileCoin also withholds information about the number of coins that will be sold through the platform, with Goldbard stating: “Due to the number of coins sold on buymobile.com, we do not disclose this information to protect the privacy of our users.”
Jakub Kraľovanský – Trader 2.0