4 ms·

> but more inconvenient than hitting a button in your bank app Sure, assuming: 1. you have the app 2. you have the IBAN (or equivalent) I'd say 1. is a good

by hiq 6y ago

> but more inconvenient than hitting a button in your bank app Sure, assuming: 1. you have the app 2. you have the IBAN (or equivalent) I'd say 1. is a good assumption for younger generations (?), but 2. is still more friction than what Signal could offer.

iudqnolq 6y ago
But you need a bank account to make a wire transfer to turn your real money into MOB.
jeltz 6y ago
Only 2.5% of the UK adult population is unbanked and if it is anything like here in Sweden that means virtually all of the other 97.5% have IBAN.
roywiggins 6y ago
How do you buy MobileCoin without an IBAN?
Dma54rhs 6y ago
These are standard things people have when they are savvy enough to own a mobile phone. In UK/EU they don't solve a problem tiny bit but rather make it more risky because of volatility and more difficult abs expensive to cash out.
hiq 6y ago
I should have been clearer with the IBAN point. In particular I was not talking about people outside of the banking system. I'll respond here to most replies I got so far. What I meant is that you need the IBAN of the person you want to send money to (of course you need to have an IBAN, as in, you need a bank account for your MOB to be actually worth anything). Assuming Alice and Bob are contacts on Signal, and Alice wants to send money to Bob, Alice still has to ask for Bob's IBAN. We can safely assume that Bob does not know his IBAN by heart, and has to use his ebanking app (for instance). You already have some kind of identifier for Bob, Signal would allow you to reuse it. Some ebanking apps already allow you to do that, but I think in most cases both have to be clients at the same bank (?) The idea is that you have less friction. The chat would be something like: > B: can you send me 5 USD > A: sure, here it is > A sent you N MOB, equivalent to 5 USD. Of course the UX is still far from being there (volatility is the biggest problem I think).

by hiq 6y ago

iudqnolq 6y ago

But you need a bank account to make a wire transfer to turn your real money into MOB.

jeltz 6y ago

Only 2.5% of the UK adult population is unbanked and if it is anything like here in Sweden that means virtually all of the other 97.5% have IBAN.

roywiggins 6y ago

How do you buy MobileCoin without an IBAN?

Dma54rhs 6y ago

These are standard things people have when they are savvy enough to own a mobile phone. In UK/EU they don't solve a problem tiny bit but rather make it more risky because of volatility and more difficult abs expensive to cash out.

hiq 6y ago

I should have been clearer with the IBAN point. In particular I was not talking about people outside of the banking system. I'll respond here to most replies I got so far. What I meant is that you need the IBAN of the person you want to send money to (of course you need to have an IBAN, as in, you need a bank account for your MOB to be actually worth anything). Assuming Alice and Bob are contacts on Signal, and Alice wants to send money to Bob, Alice still has to ask for Bob's IBAN. We can safely assume that Bob does not know his IBAN by heart, and has to use his ebanking app (for instance). You already have some kind of identifier for Bob, Signal would allow you to reuse it. Some ebanking apps already allow you to do that, but I think in most cases both have to be clients at the same bank (?) The idea is that you have less friction. The chat would be something like: > B: can you send me 5 USD > A: sure, here it is > A sent you N MOB, equivalent to 5 USD. Of course the UX is still far from being there (volatility is the biggest problem I think).