Many technologists viscerally felt yesterday’s announcement as a punch to the intestine after we heard that the Sign messaging app was bundling an embedded cryptocurrency. This information actually reduce to coronary heart of what many technologists have felt earlier than after we as loyal customers have been exploited and betrayed by companies, however this time it felt a lot deeper as a result of it launched a battle of curiosity from our fellow technologists that we really believed have been advancing a trigger many people additionally believed in. So many people have spent vital time and social capital shifting our family and friends away from the exploitative knowledge siphon platforms that Fb et al supply, and on to Sign within the hopes of breaking the cycle of economic exploitation of our on-line relationships. And a few of us really feel used.
Sign customers are overwhelmingly tech savvy shoppers and we’re not idiots. Do they assume we don’t see via the thinly veiled pump and dump scheme that’s proposed? It’s an outdated rip-off with a brand new face.
Allegedly the controlling entity prints 250 million models of some artificially scarce trashcoin referred to as MOB (coincidence?) of which the issuing group controls 85% of the availability. This token then floats on a shady offshore cryptocurrency trade hiding within the Cayman Islands or the Bahamas, the place customers should buy and trade the token. The token is wash traded backwards and forwards by insiders and the trade itself to artificially pump up the worth earlier than it’s dumped on customers within the UK to purchase to allegedly use as “funds”. All of this whereas insiders are free to silently use data asymmetry to money out on the inflow of pumped hype-driven buys earlier than the token crashes in worth. Did I point out that the trade that floats the token is the first investor within the firm itself, does anybody else see a serious battle of curiosity right here?
And there goes Sign, down the drain, throwing away all of the goodwill it has managed to construct up. Apparently, the donations they acquired from customers weren’t sufficient, and it has to resort to shady schemes like these to maintain the service working. I wasn’t utilizing Sign to start with, however this ensures I’m not contact it with a ten foot pole.
As for cryptocurrency, a subject we successfully don’t cowl on OSNews – I’m not saying cryptocurrency is by definition shady, however let’s simply say I don’t learn many tales about cryptocurrency that instill me with any confidence in its trustworthiness and stability in any means, form, or type. The expertise in and of itself is cool, however what individuals are doing with it’s, properly, not.