To be clear, we want to get the coins into the hands of users so they can buy things with them. Doing so in a legally compliant fashion is non-trivial. Looking at what happened with key base and stellar, a simple airdrop to users of the system doesn’t necessarily result in utilization or economic development.
There are multiple different things to consider here: 1) regulatory, 2) economic system design, 3) usability, and 4) user-first commerce.
In short, it’s much more important for us to be correct than it is to move quickly. When all is said and done, users of MobileCoin will have obtained coins many ways: through giveaways, sales, and commerce activities. Making sure we do these things correctly is the only way the ecosystem will be able to operate long term.
I'm not sure what you mean by dump. MobileCoin plans to reinvest coin proceeds into the ecosystem to help foster economic development. We also plan to give away coins once we figure out how to do so in a regulatory-compliant fashion.
MobileCoin also needs some amount of money to operate, some of which will come from the sale of coins, but our balance sheet of coins is quite limited. We would prefer to minimize those sales as much as possible.
I think you need to lay out the plans much more concretely and have a proper plan for transparency.
The crypto world is full of scams and misinformation. Technical people are unlikely to trust the coin if transparency and oversight stay so vague.
Scanning through this discussion, quite a few red flags have been raised by users. I assume your intentions are good at the outset. But when the money comes rolling in, even the most pure plans can be corrupted.
Sell your token at overinflated prices (in a similar way as other ICO scams) and funnel money into pockets of whoever is running this specific scam, with some minor amounts put toward claimed goals.
This is hard because we don't have any control over the price of the coin whatsoever :(. We don't sign any listing agreements or do market making or pay exchanges anything to list. We literally haven't done anything except publish the code and make the coin available to the public.
Thank you for helping me to understand what you're looking for; we will go back to our counsel and ask them for more advice with this in mind.
All of your answers are so obviously not answering directly. You were simply asked if you would be selling the coins to retail investors on exchanges and gave a bunch of blabber when the answer is clearly yes.
Form your post above RE selling coins at inflated prices to the public, you said “This is hard because we don’t control the price”
Umm, you could give away the coins. You claimed that Stellar gave away coins but the coins didn’t end up being used by end users. How does selling the coins at hyper-inflated prices to end-users change this? Why will they use the coins if they are sold them vs given they?
It would be great to know the timing, amounts and prices of coins that have been sold to either investors or the public.
Your reputation and Signals are hanging on a thread here. We’d all appreciate some transparency.
How many coins will Mobilecoin sell and over what time period? You and Mobilecoin currently control about 212.5M coins which is $8.5 Billion created out of thin air. The price was recently inflated with a suspiciously perfect timed short squeeze, likely orchestrated by one of your investors looking to pump their bags.
You mentioned exchanges own ~50% of the mobilecoin supply, how did they come to posses that amount of coins? Did you give them away for free? Or did they pay some price for each of the coins they have? If it's the latter can you disclose at what price you sold the coins for? This would give mobilecoin users a good baseline price for what the creators of the coin believe it's worth. Thank you.
There are multiple different things to consider here: 1) regulatory, 2) economic system design, 3) usability, and 4) user-first commerce.
In short, it’s much more important for us to be correct than it is to move quickly. When all is said and done, users of MobileCoin will have obtained coins many ways: through giveaways, sales, and commerce activities. Making sure we do these things correctly is the only way the ecosystem will be able to operate long term.