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Hi, I still have to read the docs more thoroughly, but given that these HN threads die out quickly, I'd rather ask now that I have the chance, so forgive me if
by hiq 6y ago
Hi,
I still have to read the docs more thoroughly, but given that these HN threads die out quickly, I'd rather ask now that I have the chance, so forgive me if some of these are answered in the docs:
1. how does MobileCoin make money?
2. how many coins do you / does MobileCoin own?
3. related to that, are there mechanisms in place to prove that this is not a pump and dump? Or simply, how do I know it's not one and it's here for the long-term?
4. what's the threat model of the blockchain you're using? E.g. for Bitcoin, the chain is compromised once 51% of the hashing rate belongs to collaborative evil miners (as a rough approximation). What about MobileCoin? When would something bad happen? How is it prevented?
5. how does MobileCoin compare with privacy-oriented cryptocurrencies such as Monero?
P.S.: you might wanna add a F.A.Q. section somewhere for the questions I've mentioned and the others in this HN thread, right now we either have to blindly trust the claims on https://www.mobilecoin.com/ https://www.mobilecoin.com/ or going through the 133 pages of https://github.com/UkoeHB/Mechanics-of-MobileCoin https://github.com/UkoeHB/Mechanics-of-MobileCoin, there should be some intermediate tech documentation (or does it exist already?)
- PragmaticPulp 6y ago> 1. how does MobileCoin make money? MobileCoin pre-mined the coins and is selling them to users. According to other comments, they hold 85% of the coins. The CEO is commenting in this thread with a link to buy the coins. They make money by selling these coins.
- frombody 6y agoI think the more pertinent question is how much of a stake Signal has in MobileCoin and why the details of this relationship are not being disclosed. MobileCoin isn't even on the list of cryptocurrencies you can make a donation in.. which makes this seem more like a cash grab rather than something that was thought out.
- josh2600 6y ago1) MobileCoin will build a payments ecosystem around the protocol. 2) I have to check with the lawyers on whether we can disclose exact amounts, but our intention is to own a small minority of coins over the long term. We want the supply to circulate. 3) I don’t know how to prove this other than to tell you that MobileCoin is here to stay. You’ll know us by our deeds. 4) the threat model is 100% of nodes being compromised with an active attack against SGX. If there is even a single honest machine, the network will scream on any fault. 5) MobileCoin is fast and privacy-protecting (and it works on mobile without consuming tons of energy). There aren’t any other cryptocurrencies that presently fit that bill.
- Thorentis 6y agoThe correct answer to (1) was: "by selling the coins we pre-mined (85% of current float) at a high price, after using the popularity of Signal to pump the price further". Shameful.
- chaps 6y agoDo you feel bad for having a direct part in ruining signal?
- hanniabu 6y agoWhat a bunch of non answers...
- ranguna 6y ago1% of nodes can keep the data intact? This smells of centralisation.
- runeks 6y agoIt is centralization. The central authority is Intel.