Signal's Cryptocurrency Feature Has Gone Worldwide (wired.com) 19
A beta "payments" feature now lets users of the popular encrypted messaging app send MobileCoin around the globe. From a report: In the spring of 2021, the encrypted communications app Signal announced that it would add a payments feature in beta for its users in the UK, testing out an integration with a relatively new, privacy-focused cryptocurrency called MobileCoin. But a much broader phase of that experiment has quietly been underway since mid-November. That's when Signal made the same feature accessible to all of its users without fanfare, offering the ability to send digital payments far more private than a credit card transaction -- or a Bitcoin transfer -- to many millions of phones. MobileCoin founder Josh Goldbard confirmed the timing of the rollout, and says that it spurred massive adoption of the cryptocurrency, which now sees thousands of daily transactions versus just dozens before the global beta release. "There are over a hundred million devices on planet Earth right now that have the ability to turn on MobileCoin and send an end-to-end encrypted payment in five seconds or less," Goldbard says, referencing reports of Signal's total download numbers.
In fact, getting started using Signal's payments feature still isn't quite that simple. Anyone outside of sanctioned companies like North Korea and Syria can access their MobileCoin wallet within a message by tapping the "+" icon and then "payment." But the challenge for many will be loading that wallet in the first place; the cryptocurrency is listed for sale on only a few smaller cryptocurrency exchanges -- such as BitFinex and FTX -- none of which yet offer it to US consumers. Signal itself didn't respond to WIRED's requests for comment on the global rollout of the payments feature. But last April, Signal creator Moxie Marlinspike explained to WIRED that he wanted to add payments to the encrypted video-calling and texting app to match features from rivals like WhatsApp and Facebook Messenger -- while also bringing Signal's lauded privacy protections to monetary transactions. "I would like to get to a world where not only can you feel [a sense of privacy] when you talk to your therapist over Signal, but also when you pay your therapist for the session over Signal," Marlinspike said at the time.
In fact, getting started using Signal's payments feature still isn't quite that simple. Anyone outside of sanctioned companies like North Korea and Syria can access their MobileCoin wallet within a message by tapping the "+" icon and then "payment." But the challenge for many will be loading that wallet in the first place; the cryptocurrency is listed for sale on only a few smaller cryptocurrency exchanges -- such as BitFinex and FTX -- none of which yet offer it to US consumers. Signal itself didn't respond to WIRED's requests for comment on the global rollout of the payments feature. But last April, Signal creator Moxie Marlinspike explained to WIRED that he wanted to add payments to the encrypted video-calling and texting app to match features from rivals like WhatsApp and Facebook Messenger -- while also bringing Signal's lauded privacy protections to monetary transactions. "I would like to get to a world where not only can you feel [a sense of privacy] when you talk to your therapist over Signal, but also when you pay your therapist for the session over Signal," Marlinspike said at the time.
"companies" (Score:3)
Anyone outside of sanctioned companies like North Korea and Syria ...
I guess corporatism has run amok.
Re: (Score:2)
North Korea Ltd
Syria LLC
Somewhere else ... (Score:2)
Anyone outside of sanctioned [countries] like North Korea and Syria can access their MobileCoin wallet within a message by tapping the "+" icon and then "payment."
Kazakhstan [slashdot.org] raises it's hand -- "Um..."
Re: (Score:2)
As does the US, with the approval of 99% of /.
How long to the first rug-pull? (Score:1)
These seem to be the primary reason or new crapcoins these days.
Also "far more private than a credit card transaction -- or a Bitcoin transfer "? WTF? These are not private at all. For BTC, the whole world can see the transfer. This is a really, really low bar.
Also, "written in Rust", a good reason to stay away from it. At least it does not use proof-of-work.
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99% yes. And 1% things that do not work either, but serve to generate fake "legitimacy" and to create the illusion of innovation and a bright future for the scam.
Terrible idea (Score:2)
Actually I think the better question is, how long until governments around the world seize this opportunity to declare Signal as a facilitator of illegal transactions (human trafficking is a good excuse) and shut it down. This was a terrible idea that opens the parent app and company to great legal peril. This is the wet dream of the nascent dictators around the world. While it was a facilitator of free speech it held a certain moral high ground. Now that it meddles in money, it's little more than a target.
How does crypto currency scale? (Score:2, Interesting)
Serious question. How does Crypto currency scale to be a currency of a nation?
Some have said that BTC could replace USD.
How would that occur?
Let's imagine all people in the US, decide to trade in their dollars for BTC. What does that look like?
The price of BTC, would have a steady climb to some very high level, then stop.
How rich you become would be solely based on when you got in.
It would be a huge wealth redistribution. It would favor the techo-rich.
Why would the government allow that? Why would the no
Re: (Score:1)
There are a lot of people pushing BTC as a way to solve everything. However, BTC and ETH (especially when it goes PoS) are weighed in who came in first, and assuming there will be more people pushing in at the bottom of the pyramid. BTC isn't really a great investment because it is easily manipulated. Some bigwig says something for or against it, and the currency takes a spike or a nose-dive. If people tried that with stocks, there would be people in prison. BTC investing is like "investing" on black a
Ah shit... (Score:3)
...here we go again.
What messenger to replace signal with next?
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Re: (Score:2)
It's open source so we can just fork the code.
Re: Ah shit... (Score:2)
Ha ha ha the code is way out of sync with the released clients, so there may be bugs or vulnerabilities patched that you will always lag behind. Unless your org that manages the fork spends money on security auditing
Re: (Score:3)
I saw that with the Signal app. I have that wallet stuff turned off. Instead, I use Signal Boost, to chip in a bit directly. I've been using Signal since the TextSecure days, and I've not found any gaping security holes, backdoors, or stuff that makes me want to bail elsewhere. It is what text messaging should be.
If they want their own currency, I consider it just like having a token system. Something I may not use, but if it keeps the app accessible, and I don't wind up having to sit through stacks of
Aaaaaannnddddd its GONE! (Score:2)
And you thought "Share Contacts" was bad (Score:2)
"Person you haven't heard from in 5 years" is on Signal!
I can only imagine what self-ads for MobileCoin will arrive on my phone.
Please, moxie, set the default to off.
https://www.malavida.com/en/so... [malavida.com]
Why is everything going cryptocurrency? (Score:2)
Even Norton products. When will /. get on the bandwagon? :P