Monero's (XMR) former lead maintainer, Riccardo Spagni, and community activist Seth Simmons explained what is wrong with euphoria over Mobilecoin (MOB) and with the project itself.
On credits and credibility
MobileCoin (MOB), a privacy-focused cryptocurrency used by Signal messenger, utilizes Monero (XMR) codebase with no credits, even denying this fact. According to blockchain veteran Mr. Spagni (known as @fluffypony), the MobileCoin (MOB) team misleads users by claiming it is based on early protocol CryptoNote.
MobileCoin's founding engineer, Alex Graveley, in his now-deleted tweet claims that Monero (XMR) has the worst codebase ever, and there is not "a single line of it" in MobileCoin (MOB).
Also, representatives of the project added that Monero (XMR) is too slow to handle payments.
Mr. Simmons took to Twitter to write that MobileCoin (MOB) relies on a centralized party in its operations. According to his detailed thread, MobileCoin (MOB), inter alia, utilizes Intel Software Guard Extensions (SGX) to process transactions. Intel, therefore, has become a third party in MOB transfers.
Is MobileCoin (MOB) a bubble?
In addition, Simmons raised a concern about the supply of Mobilecoin (MOB) tokens. He noticed that all 250 million coins were pre-mined and represent the property of MobileCoin (MOB) and its VC investors. No exchange listings have been announced so far. This fact makes the MOB price very vulnerable to whale-driven manipulations.
Finally, U.S. citizens are prohibited from using MOB on Signal messenger.
On April 6, 2021, Signal added Mobilecoin (MOB) functionality to its toolkit for U.K. users. In the seven days prior to this announcement, the MOB price added 817%, spiking from $7.49 to over $63.