Bitcoin Forum
March 29, 2024, 04:46:47 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: KIN | Top Secret - Do not open!  (Read 437 times)
TravelMug
Hero Member
*****
Offline Offline

Activity: 2590
Merit: 832



View Profile
July 10, 2020, 06:19:02 AM
 #21

KIN has been a story full of struggle and ups and down there fight with regulators seem never ending but i am happy to see that they are still here still developing and still growing unlike telegram who gave up their blockchain project ton due to regulator interference they should also have fought and continue the project as far as i know that was also one of the most advanced blockchain network that they were developing so never give up.

You can't compare the two, KIN has been on the cryptosphere for so long before they have been sued by SEC and eventually lost the case and the price literally went to 0.

However, the stigma that KIN had today because of that case can't be forgotten, and for sure lost a lot of investors already. But we appreciate their hard work trying to climb back, so good luck to them. Hope they can get back and prove that they are really a good project that can offer something different in the crypto space.

Agreed. Although there was some similarities as far as why the regulators were looking into both, each also had many differences too.

Just to clarify, KIN hasn't lost the case. It's still ongoing. All of the long processes related to the case like discovery and what not are over and it's at the final step. There is a tele-conference on the 9th with Kik, the SEC, and the judge. Although the judge could make a decision at that moment, it's more likely that he will take a month or so to make a decision. So the case is still active, but very close to the end. The decision can be made by the judge, or he can leave it up to a jury to decide instead.

Thank you for that clarification, I was under the impression that KIN has lost the case as well.

Anyway, we will see how it goes, we all know that SEC is likely throwing everything on its path, suing everyone they deemed violates their law. What do you think will be the implications of KIN loses the case though? Specially that they are trying to really get the pieces back?

R


▀▀▀▀▀▀▀██████▄▄
████████████████
▀▀▀▀█████▀▀▀█████
████████▌███▐████
▄▄▄▄█████▄▄▄█████
████████████████
▄▄▄▄▄▄▄██████▀▀
LLBIT
  CRYPTO   
FUTURES
 1,000x 
LEVERAGE
COMPETITIVE
    FEES    
 INSTANT 
EXECUTION
.
   TRADE NOW   
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711687607
Hero Member
*
Offline Offline

Posts: 1711687607

View Profile Personal Message (Offline)

Ignore
1711687607
Reply with quote  #2

1711687607
Report to moderator
1711687607
Hero Member
*
Offline Offline

Posts: 1711687607

View Profile Personal Message (Offline)

Ignore
1711687607
Reply with quote  #2

1711687607
Report to moderator
cryptomaniac_xxx
Hero Member
*****
Offline Offline

Activity: 1456
Merit: 561


View Profile
July 10, 2020, 06:21:50 AM
 #22

as i go through the website ans trying some of the apps...i really feel kin has a potential of making it to the top rated blockchain that will help grow the entire ecosystem

If I'm not mistaken, they are really doing that good prior the the SEC case, right OP? It's just it was really derailed that some of the investors exited because they are afraid that they are going to lose the case anyways. But it was really has the potential and I remember that there was a lot of hype on this project in the beginning.
CjMapope
Legendary
*
Offline Offline

Activity: 1820
Merit: 1092


~Full-Time Minter since 2016~


View Profile WWW
July 10, 2020, 02:31:26 PM
 #23

seems like they are trying, but its too sketchy right now for me
the SEC is powerful, they can order you RIP and all your assets taken in a heartbeat
leaving investors holding worthless bags, and that would be seemingly AGAIN?  ouch
personally ill be waiting for all that SEC stuff to iron out, im not a gambler at heart haha

they shouldn't have been so greedy and gotten taken down by the SEC to begin with, the supply shows that tho, greedy team, way too high supply

~Got this girl in my bed, a roof over my head, i mint a couple coins a week, and thats how i make bread~
~On the 12th day of Hatzvah, OGminer said to me: "compute root of the merkle hash tree!"~
Prohashing  -- Simply the best Multipool!
Bitstradamus (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
July 10, 2020, 03:11:18 PM
Last edit: July 10, 2020, 03:52:11 PM by Bitstradamus
 #24

KIN has been a story full of struggle and ups and down there fight with regulators seem never ending but i am happy to see that they are still here still developing and still growing unlike telegram who gave up their blockchain project ton due to regulator interference they should also have fought and continue the project as far as i know that was also one of the most advanced blockchain network that they were developing so never give up.

You can't compare the two, KIN has been on the cryptosphere for so long before they have been sued by SEC and eventually lost the case and the price literally went to 0.

However, the stigma that KIN had today because of that case can't be forgotten, and for sure lost a lot of investors already. But we appreciate their hard work trying to climb back, so good luck to them. Hope they can get back and prove that they are really a good project that can offer something different in the crypto space.

Agreed. Although there was some similarities as far as why the regulators were looking into both, each also had many differences too.

Just to clarify, KIN hasn't lost the case. It's still ongoing. All of the long processes related to the case like discovery and what not are over and it's at the final step. There is a tele-conference on the 9th with Kik, the SEC, and the judge. Although the judge could make a decision at that moment, it's more likely that he will take a month or so to make a decision. So the case is still active, but very close to the end. The decision can be made by the judge, or he can leave it up to a jury to decide instead.

Thank you for that clarification, I was under the impression that KIN has lost the case as well.

Anyway, we will see how it goes, we all know that SEC is likely throwing everything on its path, suing everyone they deemed violates their law. What do you think will be the implications of KIN loses the case though? Specially that they are trying to really get the pieces back?

I'll first start this answer off by mentioning I'm definitely not a lawyer and this is just my own thoughts.

Another thing to point out is this case is specifically about the Token Distribution Event and not about the current state of KIN. The SEC is claiming that the way that KIN was sold and distributed back in 2017 itself was an unregistered securities event.

As I understand it, the outcome has many different possibilities. Best case the Judge or Jury finds that Kik didn't violate securities law. If that's the case there would be no penalty and it would likely be safe to assume that KIN itself is not a security today either.

It's possible that the Judge or Jury does find that the sale of KIN was a securities transaction to the public, but not the investors. That would mean that the potential penalty would be smaller compared to being penalized for the entire sale.

It's also possible that the Judge or Jury does find that the sale of KIN was a securities transaction to both the public and the accredited investors. If that's the case the penalty would be larger.

Even if that last scenario happens, it doesn't necessarily mean the end of KIN. Kik Interactive would have to pay fines and whatever else is required, but then might just carry on with their development and plans. I guess it's also possible that an outcome could also require that Kik Interactive no longer participates in the ecosystem or something, but I'm not 100% sure. Even if that was the case, there are 50+ other apps who are developing for the ecosystem. Yes Kik does have a larger role in the ecosystem today, but that role is becoming smaller and smaller each day as the ecosystem grows and becomes more decentralized. So it isn't crazy to think that KIN can continue on even if Kik Interactive is diluted as the outcome of the case.

The most important thing is if KIN is a security today. Unfortunately that's not what the case is about and most likely won't get a ruling on that topic. If it goes to trial it's possible the talking point comes up and someone on the SEC is forced to give their opinion on the status today, but not sure the likelyhood of that coming into play. Unlike Telegram, KIN tokens are already in the wild. Already being used by millions of users every month. Shutting down Kik (one app of the ecosystem, but yes the founding app) might hurt KIN in the short term, but not be the end of the project.

Because of Coronavirus there was teleconference meeting between the SEC, Kik, and the Judge yesterday and was open to the public to listen in. It was very informative and interesting. Kik has hired some of the top lawyers around. It has a powerhouse team. I might be bias, but they came off as way more prepared and professional than the two government SEC employee lawyers. The Judge is very old (88 I think) which wasn't ideal, but he still seems sharp and understanding. He plays devils advocate with both sides to really test their arguments. It was all recorded. If you're interested in getting a feel for the arguments and where everything stands today. I would suggest taking a listen here:

https://soundcloud.com/judasaint33/oral-arguments-sec-vs-kik
Bitstradamus (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
July 10, 2020, 03:19:40 PM
Last edit: July 10, 2020, 03:53:48 PM by Bitstradamus
 #25

as i go through the website ans trying some of the apps...i really feel kin has a potential of making it to the top rated blockchain that will help grow the entire ecosystem

If I'm not mistaken, they are really doing that good prior the the SEC case, right OP? It's just it was really derailed that some of the investors exited because they are afraid that they are going to lose the case anyways. But it was really has the potential and I remember that there was a lot of hype on this project in the beginning.

There was definitely a lot of hype around the project in the beginning. Mainly because it was the first unicorn company ($1B valuation) getting into the space and creating a cryptocurrency. One of the main points surrounding the project was that it would be integrating Kin into the Kik chat app which has 300 million users. It alone would essentially make Kin the most used cryptocurrency in the wold. Now add more and more apps of smaller, equal, and larger size, and you can see why this is a big step for crypto in general.

Unfortunately the SEC did derail that early on with the lawsuit. Development continued, but was pretty restrictive. Some larger apps decided to wait on the sidelines or pass as they were afraid that KIN might be a security and didn't want to get involved. Exchanges also stayed away for similar reasons.

Around that time we were maybe pushing 100,000 Monthly Active Spenders which was a great achievement. Since then, the ecosystem has grown to over 3,000,000 Monthly Active Spenders and even touched 4M a couple months ago. As of right now, I'm only expecting this value to climb as more applications join ecosystem and as current application refine their KIN integrations. KIN today is actually the most used cryptocurrency by mainstream consumers. No other crytpo has millions of mainstream consumers user their currency. I'm not sure many in the crypto space are even aware of this.

The price in my mind was extremely suppressed by the news, investors scared away, and lack of exchanges. Regardless all the other metrics (non price related) have been climbing. More and more pressure is being put on the markets by natural demand with recent progress like Kin Ads. Even with the SEC cloud. If that cloud is removed, I think we should see a large change in sentiment. From apps, users, investors, and exchanges across the board.

What is interesting is it's already happening to some extent. Even with the case in the final stages and not officially over, Bithumb Global just added KIN a couple days ago. Apps are expanding their KIN offerings and there's just a lot of new things going on all of a sudden.
Bitstradamus (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
July 10, 2020, 03:34:15 PM
Last edit: July 10, 2020, 03:58:50 PM by Bitstradamus
 #26

seems like they are trying, but its too sketchy right now for me
the SEC is powerful, they can order you RIP and all your assets taken in a heartbeat
leaving investors holding worthless bags, and that would be seemingly AGAIN?  ouch
personally ill be waiting for all that SEC stuff to iron out, im not a gambler at heart haha

they shouldn't have been so greedy and gotten taken down by the SEC to begin with, the supply shows that tho, greedy team, way too high supply


Understandable. That feeling is not a new one and really the main reason in my eyes why the price of KIN has fallen so much since the TDE and suppressed. Other users, investors, apps, and exchanges feel the same way.

On the positive side the case is very close to the end. After two years of all the tedious long steps like discovery, the Motions for Summary Judgement were submitted and are just waiting on a decision from the Judge. This will likely be a month away still, but could technically happen as soon as today. If the judge rules on the MSJ, the case could end at that moment. The alternative is he doesn't make a ruling and sets a court date for a Jury to decide. The only issue with that 2nd situation is with coronavirus I'm not sure how court cases are working. If they're all delayed or what the deal is with that. So that option could delay an ultimate ruling. Regardless this is the home stretch.

To touch on the supply. I think that's a misconception. The amount of coins really doesn't matter for any project with a fixed max supply. All that matters is the percentage of that supply that you own. The main reason that Kik created KIN with a 10T token supply was user experience. KIN is used for very small transactions within it's apps. We're talking pennies or even fractions of a penny. Some apps have larger earns and spends, but many are microtransactions.

KIN was never meant to please the crypto world. The crypto world is still pretty small when you zoom out. KIN was meant to be integrated into apps like KIK and many others that have 100,000,000's of users of all ages, races, and demographics where the large majority might not even know about crypto at all. These people are used to using in game currency already which are usually integers and are also used to using only two decimal places in the real world with currency.

Trying to get a 12 year old boy, a 55 year old man, or a 80 year old woman to understand why they just earned 0.000000016 KIN or needing to spend 0.000000036 KIN on something is not natural and very confusing. This is what would be happening if KIN only created 21,000,000 coins. There's 10,000,000's with the potential of 1B+ users exposed to KIN already having either earned or spent it at least once in an app. A small supply will just never work. The idea is, with this specific supply, KIN users will be able to earn/spend/tip/trade in values like 16 and 32 instead. Nice clean whole numbers. This just makes sense for user experience. Also it makes a lot more sense for design purposes. Trying to tell a design he/she needs to find a way to put 0.000000016 into the display is a challenge. Asking them to add 16 somewhere is much cleaner and easier.

Yes it's kind of a shocking number and goes against the grain as far as what the crypto world is used to, but there was a real thought out purpose for the supply chosen and it wasn't greed.
andriyana
Full Member
***
Offline Offline

Activity: 842
Merit: 100


View Profile
July 10, 2020, 04:11:03 PM
 #27

"Total Supply: 10,000,000,000,000 KIN" This is a very much amount with an average price of $ 0.000007352 / 1 KIN https://www.bithumb.pro/en-us/spot/trade?q=KIN-USDT

what is the price of 1 KIN when ICO
Bitstradamus (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
July 10, 2020, 04:41:03 PM
 #28

"Total Supply: 10,000,000,000,000 KIN" This is a very much amount with an average price of $ 0.000007352 / 1 KIN https://www.bithumb.pro/en-us/spot/trade?q=KIN-USDT

what is the price of 1 KIN when ICO

I believe the TDE was around $0.000120 per KIN

The ATH was around $0.0015 per KIN

So it's a 16x to get back to the TDE price and a 204x to get back to the ATH
Bitstradamus (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
July 10, 2020, 05:12:10 PM
 #29

The chat app Kik just announced today they'll be expanding their Kin offerings within the app. Adding additional earns and spends over the coming weeks.

https://twitter.com/Kin_Ecosystem/status/1281422549281378304?s=19

Sounds like you're be able to earn Kin by watching videos, playing games, and more.

How this works is the application will earn money from the videos and games that you play and will share part of their ad revenue with the users in the form of KIN. It sounds like Kik will be purchasing more KIN to fund this effort.

"As part of this announcement we’re also excited to announce that we will be purchasing additional Kin!"

More details were released about this.

MediaLabs (owner of Kik chat app) will be buying $1,500,000 of KIN. They will be specifically buying $100,000 worth of KIN a month over the next 15 months directly from the exchanges.

https://medium.com/kinblog/medialab-doubles-down-on-kin-with-new-kik-experiences-more-ab89696dafc9
Bitstradamus (OP)
Newbie
*
Offline Offline

Activity: 18
Merit: 0


View Profile
July 16, 2020, 03:11:40 AM
 #30

Kin Newsletter - July Edition

https://kinfoundation.imfast.io/Kin%20Newsletter%20-%20July%20Edition%202020.pdf

A lot has happened within the Kin Ecosystem the last month!
lonerangerh
Full Member
***
Offline Offline

Activity: 224
Merit: 103


A Token Power Raffle Platform In The Ecosys


View Profile
February 10, 2021, 06:11:41 PM
 #31

The Kin Foundation and Solana Foundation have signed a grant agreement to support the largest migration in blockchain history. This grant was designed to incentivize bringing new active users to the Solana blockchain

Read more at the link: https://kin.org/kin-and-solana-foundations-sign-agreement-to-support-the-largest-migration-in-blockchain-history/


Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!