Kin plans to fork Stellar Lumens instead of using ERC20 Ethereum Coins

The first thing I remember about Kin is that they are Canadian and they raised a lot of money in their ICO.  The last thing I remember is that I tried to buy it and couldn’t find any proper safe exchange to buy it on (they were on what I consider essentially scam exchanges).  I also wasn’t able to gain access to their website (it was broken) so on that basis I will give my thoughts about the project and ideas behind it.

First of all I agree with their assessment of Ethereum  as being like dial-up internet.  But this raises the question of planning and management.  Slow transactions, lack of security and fraud have been synonymous with Ethereum since it debuted.  What I am getting is this choice is rather rush and sudden.  With such a big team why did no one think of the implications before doing ERC20 tokens or was it just a crash grab first and project as an afterthought?  What happens to the value of those ERC20 tokens that so many people bought?  They will become worthless and they are now a megacorporation who is going to make their own private blockchain for payments.  I resent the fact that they could contribute to the downfall of good ICOs and the few real tokens out there.

With that said I think KIN/KIK could kill it in a good way.  Yes they are centralized but if they do it right and are trustworthy in the end (maybe like a PayPal). The good news is that I do believe Stellar/Ripple are a good base for things, it is a fast and relatively secure network, albeit without privacy and first party wallets.  I think Kin has the right idea but possibly wrong execution based on their initial entry.  I have a  high standard of trust or ICOs a good part of that is the team, their decisions and how they treat their investors.  Time will tell how well they execute this one but I hope it works out and that investors do not lose their money.  I, for one am glad that I wasn’t able to buy KIN as they are now about to dump it and make it worthless.

Here’s my experience with the KIK/KIN team (nothing working and no response after they collected millions of dollars):

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Kin gave me the inspiration to realize how bad Ethereum was when trying to buy their tokens and they wanted to charge me about $100 in fees!

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$98 in fees to buy KIN:

Mercatox Cryptocurrency Exchange Review

I found Mercatox because they were one of the few that had some coins I wanted to buy but have since given up out of both frustration and lack of trust.  Unfortunately in traditional form these smaller exchanges are usually broken or worse, some are often unreliable or outright scams.

The first notice I saw was a warning of “not to deposit to old BTC addresses due to security issues”.  It is good to warn your users but why couldn’t they secure their own wallet?

So why not send some ETH?  Oops it’s not working.

Mercatox-ETH-Deposit-Not-Available

Dogecoin is “Not Available”

LTC is “Under Maintenance”.

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So basically you have an exchange that isn’t working from the start and can’t accept deposits.

That’s when I clicked the “Logout” button as fast as I could, never to return to Mercatox.  I’d rather not deal with the myriad of other issues that are the symptom of problems at the front end.  This is also because in the cryptoworld 9/10 companies will never help you no matter what (eg. missing coins, deposits, withdrawals) good luck unless you sue them (if you can find them since most are anonymous without real contact information or ownership).