{"id":226299,"date":"2021-04-14T06:00:55","date_gmt":"2021-04-14T03:00:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/revealed-top-4-user-complaints-about-signals-new-crypto-payments-beta\/"},"modified":"2021-04-14T06:00:55","modified_gmt":"2021-04-14T03:00:55","slug":"revealed-top-4-user-complaints-about-signals-new-crypto-payments-beta","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/revealed-top-4-user-complaints-about-signals-new-crypto-payments-beta\/","title":{"rendered":"# Revealed: Top 4 user complaints about Signal’s new crypto payments beta"},"content":{"rendered":"

“# Revealed: Top 4 user complaints about Signal’s new crypto payments beta <\/strong>”
\n<\/p>\n

Privacy-focused messenger app<\/a> Signal has posted early user feedback from the UK-based beta launch of its payments integration with Mobilecoin\u2019s MOB token. <\/p>\n

A blog post by Signal head of growth and communication Jun Harada revealed the top four user complaints about its new cryptocurrency integration so far \u2014 with a major complaint from many users about the entire concept itself because \u201ccryptocurrency is the worst\u201d. He reassured such users it was an optional feature. <\/p>\n

Signal announced on April 6 that is aiming to extend its privacy protection features to payments in an attempt to replicate the success of Paypal-owned Venmo \u2014 a fast and relatively <\/a>cheap peer-to-peer payment service that is popular in the U.S. <\/p>\n

The top MOB-related complaint<\/a> from users was that the \u201cfees are too high\u201d, with MobileCoin transaction fees currently sitting at around 50p or $0.60. Haranda acknowledged that the amount was \u201ckind of a lot in order to pay your friend for a slice of pizza\u201d and said Signal was working on bringing\u00a0 transaction fees down.<\/p>\n

Another complaint surrounded the difficulty of getting funds in and out. Currently, UK-based users have to wire transfer money to exchanges that support MobileCoin, which subsequently incurs extra funding, transaction, and withdrawal fees that compound on top of Signlal\u2019s fees. <\/p>\n

Lastly, the firm reported that the price volatility of MOB was a big concern for users. The token currently holds an obscure position in the crypto marketplace. MOB went live in December 2020, with 250 million coins minted at genesis, and mainly trades on FTX with a daily volume of around $20 million. The token has its price, but no market cap listed on CoinGecko<\/a>.<\/p>\n

Haranda said the company had considered alternatives such as Zcash or Lightning. In the case of Zcash, while it was very private, it wasn’t fast or mobile-orientated enough. Lightning meanwhile does not have “very strong privacy guarantees.” However he added:<\/p>\n

These projects are all constantly improving, and we hope are focused on getting closer to being integratable by an app like Signal so that it would be possible in the future.<\/p><\/blockquote>\n

Signal\u2019s integration with MOB doesn\u2019t appear to have gone as smoothly as first hoped, with some members in the community labeling the token as \u201cshitcoin\u201d and questioning Signal’s relationship to Mobilecoin with Signal Founder Moxie Marlinspike, after he reportedly appeared on an early draft of MobileCoin\u2019s white paper as its Chief Technology<\/a> Officer.<\/p>\n

In a Reddit<\/a> thread on April 8, MobileCoin CEO Joshua Goldbard assured the community that Marlinspike only served as \u201ctechnical advisor\u201d and never served as an exec on the project. <\/p>\n

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Translation, Signal isn\u2019t integrating just any random shitcoin, it is integrating Moxie Marlinspike\u2019s random shitcoin. Gee, what a coinkidink. I wonder how much he\u2019s unloaded on suckers already as a result of this pump & dump? https:\/\/t.co\/bbEpzidw68<\/a><\/p>\n

\u2014 Nicholas Weaver (@ncweaver) April 7, 2021<\/a><\/p><\/blockquote>\n