Signal adds a payments feature with a privacy-focused cryptocurrency

Re:Signal adds a payments feature with a privacy-focused cry... by olah_1 on Tuesday April 06, 2021 @04:32PM (#26717040)

It is. Monero community seems to have made so many choices that prove it is dedicated to the "digital cash" use case (dynamic block sizes, constant tail emission, etc).

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Re:Signal adds a payments feature with a privacy-focused cry... by qqii on Tuesday April 06, 2021 @07:46PM (#26718787)

Similarly dissapointed but looking at Signal's past choices (barely open source server, no plans to federate, aggression against modified clients, extensive use and lack of criticism for SGX) monero wasn't even on the table.

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Re:Signal adds a payments feature with a privacy-focused cry... by dethos on Tuesday April 06, 2021 @06:21PM (#26718100)

The tech behind this new "coin" they are using seems to be based on Monero. Even their book [1] says the following:

> ‘Mechanics of MobileCoin: First Edition’ is an adaptation of ‘Zero to Monero: Second Edition’, published in April 2020.

[1] https://github.com/UkoeHB/Mechanics-of-MobileCoin/blob/maste...

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Re:Signal adds a payments feature with a privacy-focused cry... by matheusmoreira on Tuesday April 06, 2021 @04:37PM (#26717101)

That was my first thought as well. Why didn't they pick Monero? I don't see how any other coin could be better.

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Re:Signal adds a payments feature with a privacy-focused cry... by PragmaticPulp on Tuesday April 06, 2021 @05:38PM (#26717701)

Using an established cryptocurrency doesn’t provide a good way for them to profit.

MobileCoin is pre-mined and the majority of coins are held by founders and the MobileCoin organization. They want to sell you coins, so partnering with Signal to force you to buy their coins to transact on the app gives them a revenue stream.

If they simply added Monero, they wouldn’t be able to sell you coins.

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Re:Signal adds a payments feature with a privacy-focused cry... by wjntzf on Tuesday April 06, 2021 @05:17PM (#26717505)

No near-instant confirmation, maybe. At first glance not a big problem for users, but can run you into a lot of problems

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Re:Signal adds a payments feature with a privacy-focused cry... by qqii on Tuesday April 06, 2021 @07:51PM (#26718828)

That's not a problem if you accept transactions in the mempool.

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Re:Signal adds a payments feature with a privacy-focused cry... by justupvoting on Tuesday April 06, 2021 @04:53PM (#26717262)

Only thing I can think of off the top of my head is optics (most of the installed userbase for signal has probably only ever heard of monero in a negative light).

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Re:Signal adds a payments feature with a privacy-focused cry... by AfouToPatisa on Tuesday April 06, 2021 @05:18PM (#26717512)

Multiple reasons why MOB over monero but I will state only the most practical one, using the stellar consensus a tx takes 3-5sec. With monero that's more like 1-2mins if Im not mistaken which is a big no-no for the usecase of instant mobile private payments. Fees are also super low w/ mob (0.01)

TLDR: UX

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Re:Signal adds a payments feature with a privacy-focused cry... by selsta on Tuesday April 06, 2021 @06:29PM (#26718184)

XMR transaction can show up instantly once they are in the mempool, a user does not have to wait for a confirmation to see a transaction. Obviously there are uses where you want to wait for confirmations, but for the use case of sending money to friends it isn't necessary.

Fees are also in a similar range (0.01).

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Re:Signal adds a payments feature with a privacy-focused cry... by AfouToPatisa on Wednesday April 07, 2021 @01:01AM (#26720776)

Using 0-conf is restricting usage to "friends only" which is a tiny subset of who you may want to send money too so I think you've already answered this.

Also moxie replied in his twitter about why not monero stating they wanted a "non custodial" integration, not sure what he means but you can ask him.

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