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sixgun

Kinesis Gold and Silver currency

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1 minute ago, Oldun said:

Can you avoid taxation on this kenesis when you convert or does it rely on everyone on the planet accepting it as it is ?

You will be able to spend the Kinesis currency with a Visa and Mastercard. The retailer could take the currency or the Kinesis currency will be converted to fiat in the transaction.   Kinesis is a digital currency. So it would be like going to a shop with USD. Does the shop take USD? If they do you pay in USD. If they don't the conversion will take place on the fly. The mobile bank involved in this will buy the Kinesis and pay in the retailer's fiat of choice. It is a money exchange process.

It will depend on how the various tax authorities view this.

 

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1 hour ago, Oldun said:

Thanks for the link. I am genuinely curious about the current state of EMP weaponry (I wrote an essay on this way back in the day). :rolleyes:

That said, that article doesn't particularly worry me. Like I said before the main prospects are a solar storm or nuclear war. The article is annoyingly vague on what it means by EMps and a lot of what's described could be referring to things like microwave or radio-frequency jamming technologies or to directed energy weapons. Not that these aren't things that militaries should be aware of and planning for, but that they're not the kind of thing that can, say, take out a country's power grid and internet at a stroke.

Actually one of the benefits of internet-based technologies is that they're remarkably resilient to attacks that take out part of the system.

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Interesting comments in Telegram overnight about the life cycle of a coin.  Revenue can only be made from those coins in circulation, why on earth would the destroyed coins be entitled to yield from them?  Open to abuse if one can mint new coins, redeem/destroy them and mint them again, receive income in perpetuity. 

Edited by Martlet

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They have opened the gates over at telegram

Yesterday, after 3 months, 340 members,  now 440.  

What will happen when institutionals pour in like this

Edited by Mildred

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So, this is what happened, as I understand it. 

Kinesis works with a firm, MGL or something like that, specialized in promotion in the cryptosphere. Mgl made an publicity stunt, they call it airdrop (I've never heard of it before): they put up $100,000 to get distributed among people who register in telegram and then spread the Kinesis news on facebook.

Probably, before they approach, e.g., big transaction platforms like ebay, paypal etc.,  proposing to adopt the Kinesis currencies, they need to be able to show that they have a substantial following.

I don't know. I'm trying to justify something which look BS to me

900

 

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Yep, thats it basically, a bribe for people to join your Telegram channel to boost the numbers.  Not uncommon for cryptocurrencies in earlier phase as they are trying to make a name.  I found it rather ironic.  The regulars are making a good effort to try and engage and discuss the project, i dont think they realise the calibre of people chasing airdrops aren't going to be investing in a $1000 token.  They're all about the freebies. 

$100k would be better spent on some marketing puff pieces and SEO.  Kinesis has such poor internet presence, a search mostly brings up an older project by the same name.  

 

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I think you have to remember the crypto space works entirely different to anything else. AirDrop isn’t new. I agree the majority hooking into telegram are in for a quick result but even if the uptake is only 1%, well and good. Also, consider the projections and I quote from the blueprint

• In our financial projections we are solely modelling a modest infiltration of the gold market and nothing more.

so this is another aspect. Why the fervour over bitcoin? Most joe blows in the world aren’t investors but everyone knows about it.....so if the idea of the airdrop was to raise the profile in a different space, well I think their successful. 

Lets see what happens next before you write it off. 

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Hi @sixgun. A long overdue thanks for mentioning Kinesis several months back. Been lurking anytime Kinesis has been mentioned, since. :ph34r:

Piqued my own interest enough to really look into it. After doing a lot of reading, liking the team behind it, liking the practicalities it brings and solves, and pouring through the in depth blueprint, i picked up a handful of KVT a couple of months ago. Currently developing my own plan for how i want to allocate when i begin using the currency full-on, on a daily basis. Not in the big leagues by any means, just KAU & KAG for me (none of the "W"! :)) but i look forward to using it as my everyday currency as soon as we launch - online, down the shops, on hols, etc. Most likely even use it to buy my coins from dealers!

Finding myself at a crossroads at the moment. I'm not in the least bit asking for advise of course, i wouldn't put anyone in that position, you would rightly point blank refuse anyway. But i think i can simply ask you if you have had a similar dilemma as me. I intend to eventually use all sides - pre-ico minter, post ico depositor as regular future usage, and as a holder for savings. I'm finding myself looking at my minting portion for the pre-ico yields and wondering if i shouldn't divert a little bit of that into added kvt instead. But with the kvt being the primary risk, and the KAU/KAG being allocated bullion no matter what happens down the road, here is where i find the dilemma. I will almost certainly stick with my current entry plan on both kvt and minter.... but it is quite tempting to add a couple more kvt. So, yeah, just curious if you have had a firm course set and unchanging all along, or find yourself at some point shuffling a bit from here to over there and back again.

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@swAgger my intention has been to build up a holding of KVT's. At the point the pre-ICO coins are available i may buy some. The yield on these will be greater but as i intend to mint like a demon i am not that swayed by the higher yield. If a pre-ICO coin yields twice a post-ICO, then two cycles of post-ICO minting and you are even.

If this works the KVT's will be money trees. This is where the risk is and this is why the blueprint promises the perpetual yield. If Kinesis doesn't do much your KAU/KAG's are blockchain title over metal and you are good but KVT's are poorly performing tokens and potentially a complete wipe out. You will have to work hard minting and indefinitely so to keep up with the yield on KVT's which require no work. i have been adding KVT's every month - i did so this month (which is why i have denied myself some of the silver bars for sale on the forum which i would have loved to have got).

i am in the Kinesis Ambassadors group. i didn't realise i was until the last week. It is a  small group of people who have shown an interest and made some useful comments. It is a Kinesis think tank outside of the company. We don't get anything out of it but the discussions are interesting. My advice to you would be to hold off getting more KVT's right now. Kinesis needs to secure registration as a Designated Business. It is a registration with the Isle of Man authorities where the business plan and the people running it are vetted. It is to see if the people running it are fit and proper and that Kinesis is not counterfeiting/laundering money. They are hopeful but i note they have been negotiating with the IoM authorities for several months. Digital Gold Limited, which is running BullionCoin in which the ABX were negotiating a joint venture, has Designated Business status and got in the middle of 2017. The business model of BullionCoin is very similar so as long as the board of Kinesis have not been convicted of certain offences one would assume there will be no issues but i note negotiations have been going on for several months. They have alternatives to the IoM and will go to another jurisdiction if the application is rejected and do not anticipate any delays in launch even if this does happen.  This registration is fundamental to the business. Quite a few in the Ambassadors group are not going to buy more KVT's until this is sorted. i am the same. i intend to lump all KVT's into a single corporate entity which will not be subject to taxation. The number of KVT's is sufficient to generate sufficient yield to mint decent quantities of coins - quite quickly at the KWG and KWS level. So i am not that fussed about getting the pre-ico coins. Once i get going i would hope to be cycling through the minting process at least once a week and more if i can fit them in.

Edited by sixgun

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Thanks @sixgun , great info as usual. Yes i had seen something briefly one day on the telegram group about not having the final registration through, but that Tom Coughlin mentioned backup jurisdictions are in reserve. We will wait to see.

Your advice to hold off on adding extra kvt's for the moment is good to know, actually. It ties in with my slightly stronger feeling anyway that i was happy with the qty i decided on two months ago, despite the temptation right now to add a couple extra. Do you think it likely news on the IoM status will come before the KVT sale period is up?

Well done on the Ambassador group. I can well imagine the discussions are interesting!

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@swAgger the Ambassadors ? are in the process of compiling a series of questions and points that need addressing. Members of Kinesis have just been invited to deal with them. The registration issue is one of most important ones. Another is one i have repeated several times which is the Telegram system buries important posts and answers to questions. It might be good for inane chattering over the internet but when it comes to presenting information in a searchable format it sucks. It is getting flooded with people joining for the Ethereum drop. i expect most aren't really interested in Kinesis but as i pointed out at least it spreads the word over Fakebook.

i don't know how long the registration will take to be approved or rejected. A poster on Telegram 'IW' put out some posts over the weekend which attacked Kinesis making out it was an illegal operation being as it is not a Designated Business (yet). This caused a bit of a stir. These posts got taken down after a while - we wonder if this poster was acting for BullionCoin which is launching shortly. Tom Coughlin came out to admitt Kinesis has not got registration yet but they had been actively working with the IoM authorities for several months and had presented to them in person about what they intended. Since Kinesis is primarily an Australian outfit, presentations in the IoM aren't a short trip over the Irish Sea. i gather from a post in the Ambassadors' group this morning, registration is a pretty thorough affair but at the same time is not like scaling Mount Everest. There is only a 2.5% discount now available. i think i would forgo that to make sure registration is 100% nailed down.

i can say the people at Kinesis feel very upfront honest folk to me - the more i have seen of them, the more i feel that way. However in conclusion, i would hang fire. i think i may be able to provide a few more answers in the near future.

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Thanks for asking.

Just an easy one.

minimum amount of kvt needed to mint KWS. If that's correct terminology. 

Just hungry for quality info to make valid decisions. The ambassador group is a good move. There's some genuine guys on kinesis network.

 

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1 hour ago, Groundup said:

Thanks for asking.

Just an easy one.

minimum amount of kvt needed to mint KWS. If that's correct terminology. 

Just hungry for quality info to make valid decisions. The ambassador group is a good move. There's some genuine guys on kinesis network.

 

To my knowledge you need at least one KVT to buy coins in the pre-ico sale.

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On 30/05/2018 at 18:07, sixgun said:

 

i don't know how long the registration will take to be approved or rejected. A poster on Telegram 'IW' put out some posts over the weekend which attacked Kinesis making out it was an illegal operation being as it is not a Designated Business (yet). This caused a bit of a stir. These posts got taken down after a while - we wonder if this poster was acting for BullionCoin which is launching shortly. Tom Coughlin came out to admitt Kinesis has not got registration yet but they had been actively working with the IoM authorities for several months and had presented to them in person about what they intended. Since Kinesis is primarily an Australian outfit, presentations in the IoM aren't a short trip over the Irish Sea. i gather from a post in the Ambassadors' group this morning, registration is a pretty thorough affair but at the same time is not like scaling Mount Everest. There is only a 2.5% discount now available. i think i would forgo that to make sure registration is 100% nailed down.

i can say the people at Kinesis feel very upfront honest folk to me - the more i have seen of them, the more i feel that way. However in conclusion, i would hang fire. i think i may be able to provide a few more answers in the near future.

I don't remember IW defining Kinesis illegal or the like, only that Kinesis isn't registered yet, and he posted a link to prove it. Coughlin shut him down, deleting his posts and threatening legal consequences, but is seems that IW was telling the truth. I'm not blaming Coughlin

Not being a DB yet should be one of the main reasons why we haven't heard about institutionals - except the chinese cryptofund - getting invested yet. I'm thinking about the ABX network. Institutionals are prevented to invest in a company which is not yet registered as a DB, I guess.

As soon as Kinesis get the DB status, I expect institutionals pulling the trigger

 

 

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53 minutes ago, Mildred said:

I don't remember IW defining Kinesis illegal or the like, only that Kinesis isn't registered yet, and he posted a link to prove it. Coughlin shut him down, deleting his posts and threatening legal consequences, but is seems that IW was telling the truth. I'm not blaming Coughlin

Not being a DB yet should be one of the main reasons why we haven't heard about institutions - except the Chinese cryptofund - getting invested yet. I'm thinking about the ABX network. Institutions are prevented to invest in a company which is not yet registered as a DB, I guess.

As soon as Kinesis get the DB status, I expect institutions pulling the trigger

As i say i did not see IW's post(s) so what i got was second hand and what i got out of it was he was implying there was some illegality [which is not true] but the essence of what was said is Kinesis is not registered as a Designated Business with the IoM authorities. This would be a red flag and might put a lot off so Coughlin was not pleased attention was drawn to it. Kinesis is working on this with the IoM people and it has contingency plans if it does not come right in the near future. i think most would prefer the IoM but if they are going to drag their feet there is another option up Kinesis' sleeve in another jurisdiction [which i don't think i am at liberty to disclose].

The Ambassador group is going to have a webinar in the next few days - i think it is going to be Wednesday when we will go over a lot of these points, one for sure will be the registration.

Edited by sixgun

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