Bitcoin Forum

Hi guys,

I've applied for the token sales and got into the white list. Does anyone have anything to say about this ICO?

Kik is one of the very few with proper products, you know their Kik chat app.

But I want to know about other downsides about this ICO, one I heard was that they were gonna distribute only 10% of tokens to the public. Is that true?

What other deal breakers.

Yes only 1/10th of the tokens are released to the Public . . . the rest goes to Kik and the Kin Team. How they can call this decentralised I'm unsure . . . also the the ICO cap is 75 million x 10 so they're valuing Kin at 750m already, not really in favour of investors.

I'd rather invest my money in Status it's closest competitor.

I really don't understand this ico bullsh*t and unbelievable hard caps, what is the value of their token? They will raise $100 million just because of the popularity of kik application. I may buy it just to dump it on exchanges for quick profit.

I was going to join but not anymore.  I posted here why...if you are interested look for the thread I started.

it might now have 5x or 10x. still the popularity of kik will provide short term gains.

I am still confused about the market cap. They have raised 50M in pre sale and 75M from ICO = 125M. The market cap depends on the ICO supply or the total supply?

125M or 1.25B?

1/10th of tokens is nothing. Decentralised chat on blockchain? Ok. But why?

This is perfect for the pedophiles...  ;)

hi what is meant by 1/10 of the token. Like if i have purchased from 1 ETH = 1,973,581 KIN so will i get  just 197,358 kins? Is this what you all are trying to say?

Kik chat app and i don't see something that makes different with the status network. I think so because the company will try to hold a lot of the shares of the company, I've seen the kik already advertised by facebook.
There are so many projects have similar product with kik.

What is meant is that 10% of the tokens will be sold during the ICO. A total of 10 trillion tokens will be created and 1 trillion will be sold in the ICO, which is very low compared to other ICOs.

I don't like the fact that I have to give all my personal information to them. This is the reason I don't support it.

I bought a bunch of Kin through the ICO today. Granted the fact that only 10% of the coins are released in the ICO is a bit worrying for the price, but from what I understand the rest will be used for a combination of future funding for Kik as well as a reward system in-app for content creators. So it makes sense they kept a bunch to hand out as payments to content creators in the future. It should take several years for the full coin supply to be on the market.

This is the only crypto that I'm aware of that actual has an existing userbase and actual use cases - it will be the in-app money. While that might give it a lower max usage than coins that aren't tied to a single app, it also means it has about 1000x the real world use that any other coin has right now other than Bitcoin and Ethereum.

$50 million were sold at a discount in a pre-sale. So if we go on the price of 1 Kin in the public ICO ($0.000146...) then the starting market cap of the 1 trillion Kin tokens that will be on the market is $146 million. Personally, for a token that has an actual use case (the currency of a popular app) and an existing user base, I can definitely see the market cap of this first trillion tokens hitting over $1 billion, Perhaps 10x'ing from the ICO price to $1.46 billion, I don't think that's a stretch at all. Plenty of the billion-plus market cap tokens will never actually be used for anything, so there's a good chance Kin will get up there IMO.

Can someone tell me how you participate in this? Is the registration over?

I am always interested in newly emerging ico but also need detailed information related to the program to be created. So it will not be too hard to find the original thread. I wait for update from ico that will run this if it really exists.

They are already an established platform and this token is just for tokenising their platform rather than increasing the capital.

It will be 125 million based on their whitepaper. It will be more after year inflation.

Overall i'm bullish on this anyway because of the potential hyipe with big project from the real world.

ICO is going really slow i think. They only collected 15m usd so far (20% of what they aim to collect).

You have to get into the whitelist, the white list registration closed a few days ago, so you cannot participate in the ICO.

It's not going slowly. The first day of the ICO they allow everyone the opportunity to get an equal share of tokens. So the max you can buy today is $75 million / ~17,000 registered = $4393. Since obviously most people will not be buying the max amount there will be plenty of coins left to buy when the cap is pulled. And it lasts 24 hours so there is no rush to get them right when the ICO started. Tomorrow is when the buy cap is pulled and people can buy as much as they want until the token supply runs out. So far I think almost a quarter of the participants (~2000) have bought the max amount today, so likely a lot of them, plus others, will be buying up whats left tomorrow.

so, how soon do you think the ico will end after the cap is pulled tomorrow? i'm wondering because i feel like the hype around this ico is not strong enough, but i might be wrong.

That's fair assessment since OMG is already over a billion without a working product, however to give 10% somehow still spooks me, I am on the edge.

Btw, did they do an ANN / BOUNTY in the forum, not that I recall.

In fairness, they didn't do any ANN or Google ads, so to get such traction is purely base on Kik's brand name. This is not an endorsement though, since I am also not sure if I should buy, am on the fence given a paltry 10% for public.

KIK is a good ICO, the only thing that concerns me is that they ask too much personal information for participation, maybe they should ask a DNA sample too from us.

Haha, it's part of their securities KYC, it might be the new normal in ICOs.

Can I just say that you should take a look at SLVR ICO.

I was planning to join Kik ico but it wanted so much information (including passport). And their distribution plan isn't interesting for profit seekers.

Why distribution plan isn't interesting?
and Whitepaper looks good

Yes, I have some Status, and I'm watching Kin but not joining the ICO. I too would rather keep my Status tokens.
I am keeping a close eye on Kik/Kin as a rival. I can't see why they really need a token for what they're doing, but obviously they're an established company with a big reach, so they can't be ignored.

I ALMOST bought some kin but last minute I told myself no I want to keep my Ether :)

The KIN project is pretty similar to Status though. Status also had an ICO with a high cap. They collected around $90b if I'm not mistaken. There will be almost 7 trillion ! tokens in circulation. And while more SNT tokens were distributed during the ICO, they are currently trading about 4x lower than during the ICO.

I bought my SNT tokens at around 0.00001 BTC but they have still lost a lot af value since then (-44%). If this is any indication for the future of KIN then it's clear we'll need a lot of patience. I still believe in the long term success of these platforms though, so I'll hodling for a long time to come.

What percentage did Status give out to the public?

1/10 of the tokens will be sold for $125m. So the market cap will be 1.25 BILLION, right?

It looks like this. They have good product, team and comunity. They are not startup. It's good, but the fact that only 1/10 of the tokens will be sold at crowdsale is very strange. This can't be called decentralised at all. Moreover, where do they get another 9/10? Whales?

They keep it.  ;D

Kik messenger is very popular in the US. Kin ICO is successful but I didn't join because they want your dox. I wouldn't give my passport or ID to any ICO. I know they need this due to AML/KYC policies but anonimity is more important for me in this business. It's impossible to trust any company. After it hit exchanges nobody ask for passport, you can buy then if you really want.

Apparently their slack channel doesn't accept new members. Does anyone know when the ICO will end and how soon the tokens will be released after that?

In general this ICO fairly good, and the product is cool, but I do not understand why they have 120 million

The main concern I have about the KIN project is the exchange listings, since the project is based in Canada and decided to exclude Canadian citizens from investing in their ICOs makes me believed it falls into security categories and no US exchange will jump to list without studying it very well

The interesting part is that many ICOs exclude their country's citizen to participate.

The latest is Change bank ICO. They are excluding Singaporeans and Estonians. Singapore is their operational HQ and Estonia is where they registered their company.

$125m for 10% is too much in my opinion.

It's not an opinion, it's a fact :D

Makes very less sense to invest in a $1.2 Billion valued company in an ICO. ICOs should be hidden gems, under valued ideas/products not already successful and fairly valued companies

it looks like that, but it will take a long time for the rest of the tokens to flow into the circulation.

The cryptocurrency world is changing and the things that did not make any sense before are normal now.

They have very strange token distribution model, but I think it would be successful ICO due to their reliability.

Why should it be normal now? You haven't given any reasons. For me this seems just euphoria and herd mentality which companies are cashing in.  Also price seems to be crashing and already below ICO price now

People are thinking about those 9.2 trillion coins that will still hit the market at a later stage.

Also, it seems to be hard to get in touch with the team or to get updates from them. No Twitter updates since the ICO finished. I quit all slack channels a while ago. Anyone knows what's the latest news on Kin?

I think KIN won't fall very much from here. Every time it drops 5% new players enter the market who now believe it's a bargain and are looking at long term profits.

KIN can perform well but it's gonna take them a few more months before will be listed on important exchanges

Yep, hard for anything worth less than one Satoshi to go further down...that is rock bottom!!! LOL

BEWARE, anything in that price range is a major red flag---that area is reserved for the stinkiest of the shit coins.  Just saying.

One that can save the token is to do a massive burn...

We will still be migrating to a stable alternative blockchain to Ethereum (e.g. Stellar) in the short to medium-term.

We are still in the IPLv2 launch phase and as expected are experiencing plenty of choke points due to the nature of Ethereum's network. This was written about quite extensively in recent blog posts (https://medium.com/kin-contributors/ethereum-challenges-while-launching-iplv2-8a33e1ba5a64).

In the meanwhile we are in the process of benchmarking alternatives, currently Stellar, and verifying their performance is what they claim to be.

However, in the long-term (years ahead) we will probably have to find a solution more tailored to our needs.

Stellar is a great company with plenty of experience and a good, mature, stable product - its blockchain technology. In our opinion it's one of the best out there currently in terms of maturity and transaction scale, which is one of our top priorities to allow us to move forward quickly with our product without wasting time.

Along with this, Stellar's objective as a business is directed to another industry than us, mostly banks, while we target consumers and mobile. We have different requirements that we will compromise for now but will eventually have to tackle later on in some way e.g. Fee predicatbility, smart contract support, mobile-first agenda, etc.

As an established company, it's unwise to focus on multiple top-level objectives at once - in our case building a crypto ecosystem for mass use with a large user base, along with developing an entire consumer grade blockchain technology. The latter is a huge, resource heavy task that can and should be the focus for an entirely separate project. Our relationship with ORBS is to achieve this objective, while still allowing us to focus on the first one. This is a long-term partnership which will take a long time to mature, and will not affect Kin in the short to medium term, which is why I first stated that we will still be migrating to a stable alternative like we said we would.

When all is said and done - The technology we are using now (Ethereum), the one we will be using for the short to medium term (e.g. Stellar), and the one we will be using for the long term (e.g. ORBS) is just a means to and end, and is a secondary objective to the primary one - which is to bring crypto to the masses in a stable, mature, perfomant, and affordable way.