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Didn't they do some sort of cryptocurrency thing. How is that going? edit: it was called MobileCoin right edit2: they do https://support.signal.org/hc/en-us/

Didn't they do some sort of cryptocurrency thing. How is that going? edit: it was called MobileCoin right edit2: they do https://support.signal.org/hc/en-us/articles/360057625692-In-app-Payments https://support.signal.org/hc/en-us/articles/360057625692-In... is that generating any revenue?

asymmetric 3y ago
I have held off donating to signal so far exactly because there is no clarity around this token, why it was even added to signal and who profited from that.
- pushcx 3y ago
  And they stopped updating the server code repo for a year, apparently to hide the launch of this token: https://news.ycombinator.com/item?id=26725915 https://news.ycombinator.com/item?id=26725915 I don't think they ever confirmed that this was why they stopped updating, or did a postmortem on how poorly that launch went. I vaguely recall there was also an unexplained spike in MobileCoin trading shortly before the public launch that looked quite a bit like insider trading, though right now the stories I can turn up about it here are about similarly disconcerting and unexplained issues in its provenance: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&query=mobilecoin&sort=byPopularity&type=story https://hn.algolia.com/?dateRange=all&page=0&prefix=true&que... It's hard to take this fundraising plea seriously when this financial disaster is never even mentioned. I hope I've just missed whatever Signal has done to try to repair trust after the, but the fact that they haven't even removed it from the app is not promising. Can anyone share updates?
  - android42 3y ago
    I for one will never donate to signal, and consider my $1000 (or $20k of never realized "fake" money, explained later) lost to mobilecoins to be my lifetime "donation" to them. Short timeline of events from my side: - Signal announces/endorses mobilecoin support, as their new and only cryptocurrency option - I figure I'll get on it early this time after missing out on Bitcoin, despite Signal only supporting this in the UK (for now) - Mobilecoin and Signal websites both mention FTX as being the only exchange where you can currently buy mobilecoin, never used it before but I go ahead, transfer $1000 worth (at the time) of bitcoin to buy mobilecoin - There are currently no other wallets for mobilecoin (except maybe some difficult to use or obscure ones that looked sketchy? don't like leaving money on the exchange but didn't really have other options) - Mobilecoin spiked on ftx, sold and bought back a few times, at the right time with some good luck, now have $20,000 of mobilecoin - Signal finally adds support for mobilecoin in my country, proceed to try and withdraw it - However, my country just announced legislation to require ID in order to buy/sell cryptocurrency, but it's not planned to go into effect for at least another 6 months or so, but FTX decided to start requiring it immediately and wouldn't let me withdraw without it (I could see they were still willing to take more deposits from me without it though!) - FTX had trouble verifying ID, I already suspected what was about to happen, tried my best to get my crypto out but they kept having excuses, the ftx fall out and everything became known some months later
    - px43 3y ago
      > I figure I'll get on it early this time after missing out on Bitcoin So you only aped in because you were hoping to get rich without doing any work, and then you fraudulently opened up an account on a shady ass centralized exchange when you knew you couldn't KYC, and got your pretend money stuck, and then when FTX fell over it turns out it was never really there. Cryptocurrencies are awesome. Greedy people who can't do research and complain loudly when their "get rich quick" schemes blow up in their face make everyone look bad :-/
      - android42 3y ago
        > So you only aped in because you were hoping to get rich without doing any work, and then you fraudulently opened up an account on a shady ass centralized exchange when you knew you couldn't KYC, and got your pretend money stuck, and then when FTX fell over it turns out it was never really there. > Cryptocurrencies are awesome. Greedy people who can't do research and complain loudly when their "get rich quick" schemes blow up in their face make everyone look bad :-/ Normally I wouldn't acknowledge this, but I find your assumptions and accusations about me quite rude, for someone who has been on HN for at least 12 years you should know the rules. I simply stated the timeline of events as is, because there is no denying the connection between Signal and FTX through mobilecoin, and I only spent what I could afford to lose, I was well aware of the risks.
      - Lewton 3y ago
        > when you knew you couldn't KYC What? Did you actually read what you replied to?
- MagicMoonlight 3y ago
  Yeah how can I trust the security of an app which is engaging in potential financial fraud. Like ffs, if your whole thing is trust and principles, don't start fucking around with things for personal financial gain.
jmprspret 3y ago
Probably not much at all. Thankfully they didn't shove it down user's throats - its kinda hidden behind a setting. I guess if they did push it harder to users it may have generated more revenue, at the cost of users who won't put up with cryptocurrency rubbish.

asymmetric 3y ago

I have held off donating to signal so far exactly because there is no clarity around this token, why it was even added to signal and who profited from that.

pushcx 3y ago
And they stopped updating the server code repo for a year, apparently to hide the launch of this token: https://news.ycombinator.com/item?id=26725915 https://news.ycombinator.com/item?id=26725915 I don't think they ever confirmed that this was why they stopped updating, or did a postmortem on how poorly that launch went. I vaguely recall there was also an unexplained spike in MobileCoin trading shortly before the public launch that looked quite a bit like insider trading, though right now the stories I can turn up about it here are about similarly disconcerting and unexplained issues in its provenance: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&query=mobilecoin&sort=byPopularity&type=story https://hn.algolia.com/?dateRange=all&page=0&prefix=true&que... It's hard to take this fundraising plea seriously when this financial disaster is never even mentioned. I hope I've just missed whatever Signal has done to try to repair trust after the, but the fact that they haven't even removed it from the app is not promising. Can anyone share updates?
- android42 3y ago
  I for one will never donate to signal, and consider my $1000 (or $20k of never realized "fake" money, explained later) lost to mobilecoins to be my lifetime "donation" to them. Short timeline of events from my side: - Signal announces/endorses mobilecoin support, as their new and only cryptocurrency option - I figure I'll get on it early this time after missing out on Bitcoin, despite Signal only supporting this in the UK (for now) - Mobilecoin and Signal websites both mention FTX as being the only exchange where you can currently buy mobilecoin, never used it before but I go ahead, transfer $1000 worth (at the time) of bitcoin to buy mobilecoin - There are currently no other wallets for mobilecoin (except maybe some difficult to use or obscure ones that looked sketchy? don't like leaving money on the exchange but didn't really have other options) - Mobilecoin spiked on ftx, sold and bought back a few times, at the right time with some good luck, now have $20,000 of mobilecoin - Signal finally adds support for mobilecoin in my country, proceed to try and withdraw it - However, my country just announced legislation to require ID in order to buy/sell cryptocurrency, but it's not planned to go into effect for at least another 6 months or so, but FTX decided to start requiring it immediately and wouldn't let me withdraw without it (I could see they were still willing to take more deposits from me without it though!) - FTX had trouble verifying ID, I already suspected what was about to happen, tried my best to get my crypto out but they kept having excuses, the ftx fall out and everything became known some months later
  - px43 3y ago
    > I figure I'll get on it early this time after missing out on Bitcoin So you only aped in because you were hoping to get rich without doing any work, and then you fraudulently opened up an account on a shady ass centralized exchange when you knew you couldn't KYC, and got your pretend money stuck, and then when FTX fell over it turns out it was never really there. Cryptocurrencies are awesome. Greedy people who can't do research and complain loudly when their "get rich quick" schemes blow up in their face make everyone look bad :-/
    - android42 3y ago
      > So you only aped in because you were hoping to get rich without doing any work, and then you fraudulently opened up an account on a shady ass centralized exchange when you knew you couldn't KYC, and got your pretend money stuck, and then when FTX fell over it turns out it was never really there. > Cryptocurrencies are awesome. Greedy people who can't do research and complain loudly when their "get rich quick" schemes blow up in their face make everyone look bad :-/ Normally I wouldn't acknowledge this, but I find your assumptions and accusations about me quite rude, for someone who has been on HN for at least 12 years you should know the rules. I simply stated the timeline of events as is, because there is no denying the connection between Signal and FTX through mobilecoin, and I only spent what I could afford to lose, I was well aware of the risks.
    - Lewton 3y ago
      > when you knew you couldn't KYC What? Did you actually read what you replied to?
MagicMoonlight 3y ago
Yeah how can I trust the security of an app which is engaging in potential financial fraud. Like ffs, if your whole thing is trust and principles, don't start fucking around with things for personal financial gain.

jmprspret 3y ago

Probably not much at all. Thankfully they didn't shove it down user's throats - its kinda hidden behind a setting. I guess if they did push it harder to users it may have generated more revenue, at the cost of users who won't put up with cryptocurrency rubbish.