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):

Kin-Kik-NoReply

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!

Kin-Kik-NoReply1

$98 in fees to buy KIN:

Wikileaks Shutdown by Coinbase

Apparently Julian Assange’s Wikileaks merchant account on Coinbase was shutdown.  This is not at all surprising since PayPal, VISA, Mastercard and the banks did the same thing to him/them in the past.  In all fairness I don’t think Coinbase is to blame, aside from the fact they are a US based company and under the jurisdiction of the US of course.

PayPal came out and admitted they were forced to close down Wikileaks account, and I am certain the same thing has happened with Coinbase.

They have no say in the matter when the US government comes knocking.  Coinbase even recently had to give out information to the US tax department (IRS).

Of course users can still directly pay and donate to any wallets that Wikileaks controls.  As of now he lists addresses for Bitcoin, Litecoin, Ethereum, ZCash and Monero.  This is where things will heat up if he were to have a centralized currency like Ripple or Stellar Lumens.  The US government could possibly have those accounts in XRP/XLM frozen since they are a US based company.

This comes down to the wider issue of privacy, rights and freedom online and how cryptocurrency can prevent persecution for political reasons.  It also stands to reason that entities based in the US have very little say when the government comes knocking.  Coinbase and PayPal couldn’t have said no to the US government or by doing so they would be in seriously hot water.

I always advocate having some IT resources out of the reach of PRISM countries for reasons of privacy and freedom.  One of my current favorites are Singapore and Hong Kong in Asia.  Hong Kong I place particularly high value on because it has the British based system, yet it is under the protection of China.  Hong Kong is less likely to be influenced by a foreign entity than a smaller country like Singapore.  A good example of this is how Edward Snowden miraculously made it out of Hong Kong as a wanted fugitive.  Surely, Hong Kong was pressured and asked to hand him over, but somehow it never happened.

There are positives here, it looks like some brave entities in Europe have stood up for Wikileaks and at least for now, in France, Germany and Iceland there are some banks, foundations and even a University who are providing him access to the fiat system.