The scam is to create a new altcoin, give most of the altcoin supply to the founders, then try to force as many people as possible to use the altcoin by deploying it as part of something popular like Signal.
Now if anyone wants to use Signal’s money transfer feature, they have to buy MOB. The CEO of MobileCoin was in the threads yesterday pushing the website where they were selling MOB.
They don’t really care about transferring money. They just want to sell MobileCoin and pump up the price by making it look useful.
Can't you just shape that as any founder creating something though? Like oh, they own 50% of the company with their co-founder, then just grow it over 10 years to 100M ARR, then sell it to private equity to make a profit! Can you believe it?
If their implementation of a secure, fast, mobile cryptocurrency works and is accepted mainstream as a way to send money anonymously and securely then why shouldn't they make a dime off it? They'll have to sell their shares eventually. Everyone always does.
Don't get the hate here. I'll likely never use it, but they're trying something, and if it works let them get paid for it.
Cryptocoins (like MobCoin) are a non-fungible token for facilitating payments. Usually the other companies you mention offer a useful/unique value that is not just being a forced middle-man.
I understand what you saying it is indeed scam. But my question can I use Signal just to chat with my friends/family and ignore everything else and live my life peacefully? In other words, are they forcing every user to use this "MOB" to transfer money for something? If not, then we can ignore them :)
The scam is to create a new altcoin, give most of the altcoin supply to the founders, then try to force as many people as possible to use the altcoin by deploying it as part of something popular like Signal.
Now if anyone wants to use Signal’s money transfer feature, they have to buy MOB. The CEO of MobileCoin was in the threads yesterday pushing the website where they were selling MOB.
They don’t really care about transferring money. They just want to sell MobileCoin and pump up the price by making it look useful.