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Encrypted Messenger Company Signal Faces Scrutiny Over Mobilecoin Integration – Privacy Bitcoin News

Encrypted Messenger Company Signal Faces Scrutiny Over Mobilecoin Integration – Privacy Bitcoin News

Encrypted Messenger Company Signal Faces Scrutiny Over Mobilecoin Integration – Privacy Bitcoin News

Signal, a cross-platform encrypted messaging service, is facing criticism this week after Signal Messenger announced to the public that it was integrating a cryptocurrency mobile. Additionally, controversy has erupted around founder and CEO Matthew Rosenfeld, known as Moxie Marlinspike due to his past ties to the mobilecoin project.

Link between Mobilecoin and Signal

Signal Messenger came under fire last week for integrating a privacy-friendly mobile crypto-currency (MOB). This issue continues to surface on social media and forums, as a number of cryptocurrency advocates are unhappy with the decision.

According to the MOB project website, the entire distributed ledger is opaque because individual transactions are cryptographically secured and the network uses back-end security. MOB is up over 450% since the signal was announced, and today it is up 20% in the last 24 hours.

MOB is currently trading at $58 each and the FTX Exchange is the most active trading venue so far. The controversy stems from Marlinspike’s alleged relationship with Mobilecoin prior to the integration. It is claimed that Marlinspike was merely an advisor to the MOB, but documents show that the founder of Signal acted as technical director.

In addition to this controversy, the project has been accused of being centralized, being a copy of Monero (XMR) and being 100% pre-mined. Pre-mine is when the entire network is set up immediately and developers and early investors have access to everything.

Mobilecoin is 100% predetermined, said Reddit user u/samsungalaxyplayer, moderator of the r/cryptocurrency forum. The 100% offer was created in 16 releases that can be distributed at the discretion of the founders. Information on how they are distributed is extremely limited, although it is highly likely that the founders keep them to themselves.

Private keys are stored in a secure enclave, Mobilecoin’s CEO denies that Marlinspike’s CTO was.

A redditor also said that Mobilecoin team members want to discredit Monero every chance they get. On Twitter, software developer Pokkst also spoke out against the Mobilecoin project. Some more information about Mobilecoin, the developer tweeted. When Mobilecoin works with Intel SGX, the user’s private keys are passed to remote nodes and stored in their secure enclave. Lol. Mostly Intelcoin. It’s 100% ready, with a hard code of 0.01 MOB per tx. It is currently $0.66 per [transaction]. All [transaction] fees currently go to the Mobilecoin fund.

Pokkst adds:

The maker of Signal has a large stake in Mobilecoin, so Moxie is lining his pockets with Signal.

After the announcement of Mobilecoin, people who didn’t like Signal’s integration with MOB began recommending an encrypted messaging service called Session. The Sessions project uses the blockchain and is a fork for signals. Despite documents showing that Moxey is a CTO, Joshua Goldbard, CEO of Mobilecoin, recently stated that Moxey was never a CTO.

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What do you think about the controversy surrounding Signal and the Mobilecoin project? Let us know what you think in the comments below.

Tags in this story

cryptocurrency, CTO, documentation, course, Joshua Goldbard, Matthew Rosenfeld, MOB, Mobilecoin, Mobilecoin CEO, Moxie Marlinspike, Pokkst, Premiere, Samsunggalaxyplayer, Session, Session Messenger, Signal, Signal App, Signal Messenger

Photo credit: Shutterstock, Pixabay, Wiki Commons, Signal logo,

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