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Thread: Kinesis

  1. #1

    Kinesis

    I'd like to introduce kinesis to the discussion

    Kinesis is a precious metals based monetary system.

    Since Kinesis uses blockchain, Kinesis coins tend to be labeled as cryptocurrencies. Kinesis stresses that that's not the case: "By definition, Kinesis is not a cryptocurrency. It is a precious metal title of ownershipt on the blockchain."
    That's why I chose this section instead of the Bitcoin/Cryptocurrencies one.
    Since Kinesis aims to build up a new monetary system, a better place for this thread could maybe be in the Economy & Markets section, I don't know.

    Since Kinesis offers a yield in order to incentivize the use of the coins, "Gold doesn't carry any yield", the common argument for favoring investing in bonds or bank deposits vs. precious metal won't be true anymore after Kinesis will go live.

    For more information
    https://kinesis.money/en/



    Last edited by Paul799; 11-05-2018 at 09:24 AM.



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  3. #2
    Who are the major stakeholders in this blockchain?

  4. #3
    So can you trade your digital coins for gold?

    Who holds the title to all the gold?

    Do they have the total value of the gold held insured in case it is stolen? What if it is stolen by the govt?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  5. #4
    I don't know timo
    Probably, since kinesis is born out of the Allocated Bullion Exchange (https://abx.com), as you can read somewhere on their homepage, I guess they are Kinesis major stakeholders, but it is just guessing

  6. #5
    danno,
    a) yes, you can ask for delivery of the precious metals represented by your kinesis coins
    b) the owners of the coins
    c1) insured, yes.
    c2) I don't know of any specific insurance against governmental stealing


    Please note, I'm trying to answer your questions the best I can, but I'm neither a kinesis representative nor a kinesis expert

  7. #6
    As I said, Kinesis was born out of the Allocated Bullion Exchange.
    Kinesis and ABX share basically the same management.
    The ABX is an institutional marketplace set up in 2011 for the trade of physical precious metals. Through the ABX, physical precious metals participants are able trade, deliver or store physical precious metal in 7 locations ('trading hubs') around the world: Zurich, London, NY, Singapore, Hong Kong, Dubai and Sydney.

    It is the ABX which is responsible for quality, storage and audits of the precious metals represented by the Kinesis coins.
    You can find their "Quality Assurance Framework", with, among others, a list of their Good Delivery Refiners, here: https://www.abx.com/d/QualityAssuranceFramework.pdf
    In this document you'll find also the reference framework regulating inspections and audits.

    Finally, ABX stores the bullion in an allocated way, "with individual holdings allocated through a Holding Identification Number (HIN) system. Each HIN, which can be used to identify a sub-account of a Member or a Private Client ... holds direct full legal title to all bullion purchased."
    https://abx.com/technology-services/storage-logistics/

    All this is of paramount importance because the whole Kinesis system depends on the confidence that the metals are indeed there backing the Kinesis currencies
    Last edited by Paul799; 05-30-2019 at 10:27 AM.

  8. #7
    Quote Originally Posted by timosman View Post
    Who are the major stakeholders in this blockchain?
    I went to the ABX website and in the section Membership I found that ABX differentiates between:
    a) Full Members (e.g. Large Wholesale Bullion Brokers/Dealers, Large Financial Brokers/Dealers, Banks, Mining Producers, Refiners)

    b) Associate Members (e.g. Stockbrokers, Wealth managers, Accountancy firms, Insurance brokers)

    c) Proprietary Trading Members (e.g. Proprietary Trading Firms, Managed/Mutual Funds, Sovereign Funds, Hedge Funds, Exchange Traded Funds (ETFs), Investment Corporations, Institutional Superannuation/Pension Funds, Institutional Bullion Traders, Central Banks)

    https://abx.com/membership/proprietary-trading-members/


    Probably among Kinesis major stakeholders are some of the current ABX Members

    Last edited by Paul799; 05-30-2019 at 10:27 AM.

  9. #8
    Here you can find Kinesis Executive, Operations, Development and Advisory Team
    https://kinesiscoins.com/kinesis-team/

    As I said, I don't know who the major stakeholder are, this kind of information is not public, but I guess among Kinesis major stakeholder is the Coughlin family, represented by Kinesis CEO (son) and CFO (father)

    Last edited by Paul799; 05-30-2019 at 10:27 AM.



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  11. #9
    Quote Originally Posted by Paul799 View Post
    Here you can find Kinesis Executive, Operations, Development and Advisory Team
    https://kinesiscoins.com/kinesis-team/

    As I said, I don't know who the major stakeholder are, this kind of information is not public, but I guess among Kinesis major stakeholder is the Coughlin family, represented by Kinesis CEO (son) and CFO (father)

    CEO and CFO are related?

  12. #10
    I think the Ron Paul Forums are the right place to discuss this story, because Kinesis is all about sound money.
    I picked up some paragraphs from articles about kinesis, so what follows is just a compilation of quotes.
    My English-skills don't allow me to put down something that nice


    After the gold standard that once defined the value of currencies was abandoned in the 20th century, the monetary system became dependent on central banking policies and political instability.

    Against this backdrop, the evolution of blockchain and cryptocurrencies opened up new opportunities to ensure decentralisation and stability. However, current blockchain payment systems and their cryptocurrencies have suffered from severe price volatility, limiting their holder’s desire to be used as tender: four years of volatility in the stock market can be covered in a month of pricing movements in the cryptocurrency markets.
    A large part of this is owing to the cryptocurrencies' lack of intrinsic value.
    Cryptocurrencies are merely pieces of digital information subject to the whims of a volatile market.

    With Kinesis, a new gold standard is being developed using the latest blockchain technology to digitize the most precious of all commodities. Kinesis is a monetary system that combines the age-old stability of gold and silver with the efficiency of transactions on the blockchain.
    With cryptocurrencies currently overwhelmed by speculation and volatility, a crypto that is based 1:1 with gold and silver deposits will bring stability to the coin, promoting its use as a functioning currency rather than just an investment to hold or trade.

    An essential feature of Kinesis will be its yield system. Unlike any other cryptocurrency, Kinesis gives yield to precious metals, incentivizing their use and velocity by attaching multiple types of yield for varying degrees of passive or active participation. „Gold doesn’t offer any yield“ won’t be true any more.
    In offering a yield, the Kinesis system is just passing on a part of the transaction fees accumulated whenever the currencies are sent, spent or traded.
    Last edited by Paul799; 05-30-2019 at 10:27 AM.

  13. #11
    Quote Originally Posted by timosman View Post
    CEO and CFO are related?
    Yes timo, more or less in the same way in which Ron and Rand are related

  14. #12
    Quote Originally Posted by Paul799 View Post
    Yes timo, more or less in the same way in which Ron and Rand are related
    It's an ERC20 coin running on Ethereum? If so this is then limited to about 10 transactions a second. Also after cryptokitties brought the entire ETH network to a crawl and raised the the gas price of ETH up to over $18 for awhile it makes it questionable that this can be used as a functioning currency for everyday usage.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

  15. #13
    Quote Originally Posted by kpitcher View Post
    It's an ERC20 coin running on Ethereum? If so this is then limited to about 10 transactions a second. Also after cryptokitties brought the entire ETH network to a crawl and raised the the gas price of ETH up to over $18 for awhile it makes it questionable that this can be used as a functioning currency for everyday usage.
    Good observation

    "Following a number of prototypes and proof of concept builds, the Kinesis team determined that the most effective and fit-for-purpose selection for a blockchain network for the kinesis currency suite was to use the Stellar network forked to form a bespoke blockchain network.
    There was one defining objective that needed to be met with this choice, and this is the ability for Kinesis currencies to function as the high velocity, globally used currencies that form the basis for the Monetary System that Kinesis is pioneering.
    Stellar met these primary needs in a number of ways, both technical and algorithmic, but at the core of the decision lies 3 overarching reasons.

    1. The speed of the Stellar network:
    For a currency platform to support the high turnaround of coins needed for it to function effectively and at the velocity projected for Kinesis suite of currencies, the speed of the blockchain network is a critical factor. The speed of networks is typically described in the number of transactions that the blockchain network can process per second.

    In this regard there have been a number of closely regulated tests performed on a number of blockchain networks. The outcomes of these give a good idea of the comparative average estimated speeds of the networks under load.
    The results of these tests place Stellar at the forefront of network speed, outstripping competitive networks not just marginally but by orders of magnitude.

    In an interview with the blockchain-focused podcast Epicenter, Stellar founder Jed McCaleb suggested ~4000 transaction per second was within the capabilities of the Stellar network.
    Following a number of experiments with stellar networks on various scaled hardware, the outcome of estimated speeds was between 3000 and 4000 transactions per second. At this stage this remains an estimate but with higher speeds anticipated.

    Compare these numbers to those obtained through experiments of competitor networks:
    · Bitcoin’s 3.3 to 7 transactions per second
    · Ethereum’s average of 15 transactions per second
    · VISA’s 1,736 average transactions per second at current volumes and 24,000 transactions per second actual capacity

    These figures will make it clear why Stellar was the top choice for the Kinesis blockchain technology and the ability for the fork of this network to cater to the high velocity of a fully fledged currency.

    https://medium.com/@kinesis/why-the-...r-9ca099ffaa53

    I won't pretend to understand what I just copied & pasted
    Last edited by Paul799; 05-30-2019 at 10:27 AM.

  16. #14
    There are the Kinesis Velocity Tokens (KVT) and the Kinesis coins (k-coins).
    The Kinesis currencies, which will be used to buy goods and transfer funds, are the K-coins (KAG and KAU), whose ICO (Initial Coins Offering) is planned for March 1, 2019.

    The KVT's are ER20.
    They are the means to raise Kinesis start capital.
    The public ITO (Initial Token Offering) started September 9, 2018, and will end November 12, 2018.
    Kinesis minimum goal as start capital was $15M, until now, selling KVT's, Kinesis raised almost 60M, goal is around $200M.
    KVT's are not meant to be used to buy goods or transfer funds.



    On a related issue, on September 27, 2018, Kinesis has signed an MOU with Hyperion Exchange, a SEC-regulated security token exchange

    "Hyperion Exchange is a leading exchange for security tokens in North America. It gives investors the chance to trade digital security tokens using blockchain technology, enabling trades to complete more efficiently and at lower cost than on traditional stock markets.
    The dual purpose of the MOU is to list the Kinesis Velocity Token (KVT) on the Hyperion Exchange, as well as making the Kinesis gold and silver-based digital currencies available as 'stablecoins' on the Hyperion Exchange.
    The Hyperion Exchange is regulated by the U.S. Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority and the non-profit Securities Investor Protection Corporation.

    Michael Zavet, CEO of Hyperion Exchange, comments: "Hyperion is a unique exchange that lists securities tokens, financial securities backed by tangible physical assets, on the blockchain. At Hyperion, we are committed to ensuring best practice in regulatory compliance, listing tokens only after comprehensive verification checks."

    https://www.prnewswire.com/news-rele...825950436.html
    Last edited by Paul799; 05-30-2019 at 10:27 AM.

  17. #15
    How much gold do they own to back up their currency? Where is it stored? They sound more like a multi-level marketing pyramid scheme where you get money by getting more people to sign up.
    Last edited by Zippyjuan; 10-17-2018 at 10:54 AM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  18. #16
    @zippy,
    "How much gold do they own to back up their currency?"
    At the moment zilk, I guess.
    Precious metals will be acquired and stored progressively as K-coins get minted. That’s what the relation K-coins:PM=1:1 means.
    As long as there are no K-coins, there are no PM either.
    As I said, the ICO is planned for March 1, 2019.

    That said, it is possible that Kinesis will start storing PM in preparation for the ICO. Maybe they have already started storing, I don’t know.
    It is also possible that they don’t need to store anything: Kinesis, through the ABX, has partnered with large Wholesale Bullion Brokers/Dealers, Mining Producers, Refiners…, e.g. Finemetal Asia Ltd.
    https://abx.com/2017/11/01/allocated...e-trading-hub/
    These companies could act as liquidity providers, meaning they will deliver the metals as these are needed to back up the K-coins while the latter get minted.
    I’m just speculating

    One last remark about the way you formulated your question, just to avoid misunderstandings.
    I can remember the discussion about the PM backed ETF’s like SLV etc., their legal framework is so complicated that it’s not clear who ultimately the owner of the bars is.
    Kinesis won’t own the metals backing up the K-coins.
    The owner of the metals are the owner of the K-coins.
    When you are spending your K-coins to buy yourself a creamy cappuccino, your are spending yours, not Kinesis gold.
    Last edited by Paul799; 05-30-2019 at 10:26 AM.



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  20. #17
    @ Zippy,
    "Where is it stored?"
    The metals are deposited in the vaults of ABX partners. ABX doesn’t own vaults, as far as I know (I could be wrong)

    https://www.abx.com/d/QualityAssuranceFramework.pdf

    In this document points 11 and 12 are of particular importance.
    11 (Audit and Inspection) guarantees that the bars are there;
    12 (Approved Refiners) guarantees the quality of the bars.
    The refiners where ABX/Kinesis sources the metals from are listed in the LMBA Good Delivery Lists.
    They are refiners tested and approved by the LMBA.
    The LMBA (London Metals Bullion Association) is worldwide the most important institution as far as precious metals physical trade is concerned, because London until recently was the most important trading hub for PM physical trade (now Shanghai).

    Last edited by Paul799; 05-30-2019 at 10:26 AM.

  21. #18
    Quote Originally Posted by Paul799 View Post
    @Zippy,
    "How much gold do they own to back up their currency?"
    At the moment zilk, I guess.
    Precious metals will be acquired and stored progressively as K-coins get minted. That’s what the relation K-coins:PM=1:1 means.
    As long as there are no K-coins, there are no PM either.
    As I said, the ICO is planned for March 1, 2019.

    That said, it is possible that Kinesis will start storing PM in preparation for the ICO. Maybe they have already started storing, I don’t know.
    It is also possible that they don’t need to store anything: Kinesis, through the ABX, has partnered with large Wholesale Bullion Brokers/Dealers, Mining Producers, Refiners…, e.g. Finemetal Asia Ltd.
    https://abx.com/2017/11/01/allocated...e-trading-hub/
    These companies could act as liquidity providers, meaning they will deliver the metals as these are needed to back up the K-coins while the latter get minted.
    I’m just speculating


    One last remark about the way you formulated your question, just to avoid misunderstandings.
    I can remember the discussion about the PM backed ETF’s like SLV etc., their legal framework is so complicated that it’s not clear who ultimately the owner of the bars is.
    Kinesis won’t own the metals backing up the K-coins.
    The owner of the metals are the owner of the K-coins.
    When you are spending your K-coins to buy yourself a creamy cappuccino, your are spending yours, not Kinesis gold.
    So their tokens have no gold to back them. I won't be able to exchange my tokens for gold with them since they don't have any gold on hand to do so. The dollar was once gold backed because the government had gold you could exchange your paper dollars for. Not really a metal backed currency.

    a crypto that is based 1:1 with gold and silver deposits
    Yet they don't seem to have any metal deposits? Or is the customer expected to buy gold and deposit it with them? If so, why would I give them my gold and silver so I can use bitcoins?
    Last edited by Zippyjuan; 10-18-2018 at 12:47 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  22. #19
    https://www.investopedia.com/news/80...-scams-report/

    80% of ICOs Are Scams: Report

    A recent study, based on publicly available information and sources, claims that nearly 80 percent of the initial coin offerings (ICO) are scams, and only a meager 8 percent of the floated ICOs manage to reach the trading stage on the various cryptocurrency exchanges.

    The New York-based Satis Group LLC, a premier ICO advisory company which also works as a digital asset focused investment bank, conducted the study based on the publicly available sources.

    Study of ICOs
    The study was performed by picking the ICOs that had a minimum market cap of $50M and were expected to go into active trading. These ICOs were then categorized into six different groups, namely, Scam, Failed, Gone Dead, Dwindling, Promising, and Successful.

    The first three groups formed the part of ICOs that formed the “Failed to List” group – that is, they failed to list and trade at all. The last three groups formed the part of ICOs that can be called “Succeeded to List” as they went on to list and trade on the designated virtual currency exchanges, though with different final outcomes post listing.

    The study defines Scam ICOs as those that expressed usual availability like any standard ICO with no apparent red flags during the normal promotional activities. However, they turned out to be scams. The Failed ICOs were those which managed to raise full/partial funding during the ICO process, but they did not complete the entire process and were abandoned mid-way, and/or refunded the investors’ money due to inadequate ICO funding. The Gone Dead also managed to raise money as required through the standard ICO process, but failed to list on the exchanges for the necessary trading due to other challenges and complexities. (See also, $9 Million Lost Each Day In Cryptocurrency Scams.)

    Among the later group of three that got listed on the exchanges, the Dwindling ICOs are defined as those that “had one or less of the following success criteria: deployment (in test/beta, at minimum) of a chain/distributed ledger (in the case of a base-layer protocol) or product/platform (in the case of an app/utility token), had a transparent project roadmap posted on their website, and had Github code contribution activity in a surrounding three-month period,” which they refer to as Success Criteria. Promising, then, would have an ICO encompassing two of the criteria, and finally Successful would, of course, have all criteria.

    The study results reveal that of the whole pie, a whopping 81 percent of the ICOs turned out to be scams. Another 6 percent fell into the Failed category, and 5 percent had Gone Dead, taking the total for “Failure to List” group to 92 percent. (For more, see What's a Cryptocurrency Exit Scam? How Do You Spot One.)

    I would stay away.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  23. #20
    https://www.zdnet.com/article/here-a...raudulent-ico/

    These are the warning signs of a fraudulent ICO

    <snip>

    It might sound odd, but if an ICO website is spotless and looks extremely professional, this may indicate a scam.

    Often, fraudsters will spend a small fortune on a professional-looking website and marketing materials such as a white paper, but this money is spent purely to promote trust in would-be investors.
    If a company website, whitepaper, or project descriptions are also full of nothing more than fluff, buzzwords, and portray a lack of substance, this is a clear warning sign that all may not be as it seems.
    In addition, you should be aware that some fraudsters may open their own forum accounts and run social media campaigns in order to promote discussion, increase the exposure of a fake ICO, and make a project appear legitimate.

    and from their website:

    Kinesis Cayman is a registered company in the Cayman Islands. Registered address: C/O Stuarts Corporate Services , 36A Dr. Roy’s Drive, Grand Cayman, Cayman Islands, KY1-1104 Company No: 338455

    The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
    https://kinesis.money/en/referrals/

    Their directors are also the same directors as ABX- their "metals source". https://abx.com/about/leadership/
    Last edited by Zippyjuan; 10-18-2018 at 01:33 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  24. #21
    Quote Originally Posted by Zippyjuan View Post
    So their tokens have no gold to back them.
    I won't be able to exchange my tokens for gold with them since they don't have any gold on hand to do so.
    Yet they don't seem to have any metal deposits?
    I repeat: "Precious metals will be acquired and stored progressively as K-coins get minted."
    The public minting is planned to start on March 1, 2019.
    You asked how much metal they have deposited right now.
    Right now there are no k-coins.

    Last edited by Paul799; 11-17-2018 at 11:25 AM.

  25. #22
    I also added up this:
    "That said, it is possible that Kinesis will start storing PM in preparation for the ICO. Maybe they have already started storing."

    And then I wrote this:
    "It is also possible that they don’t need to store anything: Kinesis, through the ABX, has partnered with large Wholesale Bullion Brokers/Dealers, Mining Producers, Refiners… These companies could act as liquidity providers, meaning they will deliver the metals as these are needed to back up the K-coins while the latter get minted."

    This means, maybe - I don't know - there is no need for Kinesis to accumulate metals in preparation for the ICO, because they'll be provided by ABX's liquidity providers in the quantity which is needed as k-coins get minted.

    So, dear Zippy, you really can't deduce from what I wrote that K-coins won't be backed.

    Last edited by Paul799; 05-30-2019 at 10:26 AM.

  26. #23
    @zippy
    Kinesis and ABX share the same management. Kinesis was born out of the ABX and - as far as I understand it - relies on ABX for the management of the metals backing the K-coins, so Kinesis and ABX are heavily interconnected.
    ABX has already entered into a partnership with Deutsche Boerse, the biggest exchange in the euro zone, and the Indonesian postal service ($12,5 billions in assets).
    https://abx.com/category/company-news/

    I don’t think institutions like DB and EMS Indonesian Post would enter into business with some ponzi scheme company.


    Second, on September 27, 2018 Hyperion Exchange, SEC-regulated security token exchange, has signed an MOU with Kinesis.

    Hyperion Exchange is a leading exchange for security tokens in North America. It gives investors the chance to trade digital security tokens using blockchain technology, enabling trades to complete more efficiently and at lower cost than on traditional stock markets.
    The dual purpose of the MOU is to list the Kinesis Velocity Token (KVT) on the Hyperion Exchange, as well as making the Kinesis gold and silver-based digital currencies available as 'stablecoins' on the Hyperion Exchange.

    The Hyperion Exchange is regulated by the U.S. Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority and the non-profit Securities Investor Protection Corporation.

    Michael Zavet, CEO of Hyperion Exchange, comments: "Hyperion is a unique exchange that lists securities tokens, financial securities backed by tangible physical assets, on the blockchain. At Hyperion, we are committed to ensuring best practice in regulatory compliance, listing tokens only after comprehensive verification checks."

    https://www.prnewswire.com/news-releases/sec-regulated-hyperion-exchange-signs-mou-to-list-bullion-backed-kinesis-money-stable-coin-825950436.html


    Comprehensive verification checks.
    I don’t think Hyperion Exchange has enlisted Kinesis after just looking at their website.


    Finally, as you discovered by yourself, ABX and Kinesis are heavily interconnected. I've read somewhere that Kinesis can be considered a spin-off of ABX. ABX and Kinesis share the same management.
    ABX works since 2011 and afaIk they have a good reputation in their field, so that meaningful companies have accepted to do business with them. You can see on ABX website who their partners are. I already mentioned Finemetal Asia Ltd.
    Will the Allocated Bullion Exchange risk to burn down themselves in order to create a ponzi scheme affiliate?
    Last edited by Paul799; 05-30-2019 at 10:26 AM.

  27. #24

    Ron Paul Has a Long-Established Record for Advocating for Cryptocurrencies

    A comment on last monday R. Paul's blog article Trump is Right, the Fed is Crazy

    He further explained that the world may one day see a monetary system based on a mixture of precious metals and cryptocurrencies, each posing certain advantages that account for the other’s disadvantages, saying that:
    “It’s conceivable that cryptocurrencies, using blockchain technology, and a gold standard could exist together, rather than posing an either-or choice. Different currencies may be used for certain transactions for efficiency reasons…A combination of gold and crypto will prove to be a lot more achievable than getting people to adapt to a totally new concept of money.”
    In 2013, someone created a cryptocurrency called RonPaulCoin to pay tribute to his Libertarian ideals that are often seen as being embodied by decentralized cryptocurrencies.

    https://www.newsbtc.com/2018/10/31/r...cizing-us-fed/



    This is a interview with Kinesis CEO T. Coughlin auf Russia Today.
    The host is Bart Chilton, for 8 years one of the 5 directors of the U.S. Commodity Futures Trading Commission.
    The CFTC is the independent agency of the US government that regulates futures and option markets.

    https://www.youtube.com/watch?v=-o7OxgMeht0

    … and here an article about Kinesis on zerohedge

    https://www.zerohedge.com/news/2018-...ability-crypto

    Last edited by Paul799; 05-30-2019 at 10:26 AM.



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  29. #25
    Sounds like multi-level marketing. https://www.seospark.co.uk/velocity-...y-or-big-scam/

    If you decide to ignore all the warning signs and join Velocity Token anyways, you’ll be met with an opportunity in which you’re asked to invest real money into VTN points.

    These points range in price from 50 cents all the way up to $1.50 per point, and after you get a few of them, you’ll need to lend them back to Velocity Token’s owners.

    Doing this will allow you to earn on a daily ROI that’s offered, and when doing so, you have four main tiers to choose from.

    They include:

    Members earn the ROI + 0.1% daily bonus after investing $100 to $1000
    Members earn the ROI + 0.2% daily bonus after investing $1010 to $5000
    Members earn the ROI + 0.25% daily bonus after investing $5010 to $10,000
    Members earn the ROI + 0.3% daily bonus after investing $10,010 to $50,000
    Referral commissions are also being offered, and these are paid to affiliates with a unilevel system.

    Affiliates can earn down to three levels of downline recruitment, and the rates being offered include:

    A 5% commission on Level 1
    A 3% commission on Level 2
    A 1% commission on Level 3
    If you’d like to join Velocity Token for free, you can do so and limit yourself to earning on just referral commissions. However, if you want to earn on these and the ROI opportunity that’s at hand, you’ll need to pony up an investment of at least $100.

    If you have heard that Velocity Token is a scam, then you’ve come to the right place to find out the truth.

    What’s the truth – is Velocity Token a scam?

    I would say not exactly. However, there are some things to be aware of before joining, which I have detailed in the conclusion.

    You will only be successful by recognizing the weaknesses and finding a way to move past them.

    On its website, Velocity Token claims that it has “trading bots” to generate funds for the ROI and that:

    “Our AI bot is able te [sic] recognise Pump and Dumps and will use this to gain profit from.”

    Here’s the thing. While all of that may sound good at first, there’s no proof or evidence that any of this exists.

    Instead, the only money that’s verifiably coming into Velocity Token is that of affiliate investments.

    New members join, they invest money, and these funds are then used to pay off ROI liabilities that Velocity Token owes to existing members.


    As you probably know, this is the bread and butter of any Ponzi scheme.

    A setup like this will see most people involved with Velocity Coin losing out, and when money is inevitably lost, getting it back will be virtually impossible.

    Companies like Velocity Token pop up all the time, and while they can look awesome and ground-breaking to some, they always result in lost money and headaches.
    Last edited by Zippyjuan; 11-12-2018 at 06:05 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  30. #26

    Update

    Kinesis ICO, originally planned for March 1, 2019, will be postponed in order to allow the release of a Beta version of the Kinesis Monetary System for user testing.
    The new timeline is:
    Kinesis Currency ICO Pre-Sale: March 18th, 2019
    Kinesis Currency ICO Public Sale: May 15th, 2019


    Kinesis Money Partners With TicketSocket for Real-World Application of Gold-Based Currencies

    Kinesis Money, an evolutionary monetary system that uses real assets as the basis for digital currencies, has today announced a partnership with TicketSocket, a powerful and highly customizable white label ticketing, registration and event management platform.
    This partnership will see Kinesis currencies integrated as a payment option within the TicketSocket platform.
    TicketSocket provides software to pro sports teams, tours and large venues around the world, meaning that individuals will now be able to buy tickets for world-leading events using Kinesis digital currencies.

    https://medium.com/@kinesis/kinesis-...s-ef6e384261c2


    Unlike most cryptocurrencies, Kinesis is sharia compliant.
    This has allowed the above mentioned partnership between Kinesis and the Indonesian Postal Office.

    Kinesis expands the advisory team in the United Arab Emirates with Tariq Al Habtoor

    Tariq is a significant member of the Al Habtoor Group, one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing sectors. The Al Habtoor Group has earned itself a solid reputation both locally and internationally.
    The Al Habtoor Group is one of the UAE’s most respected and successful businesses.

    Tariq will be assisting in driving investment from a number of areas as well as facilitating the adoption of Kinesis currencies through a number of businesses and conglomerates within the region.
    Due to his status and influence, he has also been able to introduce Kinesis to a number of members of the various royal families across the United Arab Emirates as well as the rest of the Middle Eastern region.

    Tariq Habtoor comments — “Kinesis is truly one of the more interesting projects I’ve come across, particularly the way Kinesis is utilising blockchain technology to leverage precious metals as a stablecoin. I’m very excited to participate in building upon their success by increasing exposure and investment from the United Arab Emirates, as well as the rest of the Middle East.”

    https://medium.com/@kinesis/kinesis-...r-3607f5dffff4


    Kinesis on Sky News

    Kinesis Chief Marketing Officer, Jai Bifulco, on Sky News, addressing the crisis in Venezuela with their unique use of blockchain technology and the introduction of their state-backed cryptocurrency that they have launched called the Petro.

    https://www.youtube.com/watch?time_c...&v=ahNXYe8gNMw



    Last edited by Paul799; 05-30-2019 at 10:25 AM.

  31. #27
    Quote Originally Posted by timosman View Post
    CEO and CFO are related?
    Not only Kinesis CEO and CFO are related.
    I was researching DigixDao today, another major project in the gold backed cryptocurrencies space.
    Chairman (picture: old guy): Teo Hye Chng
    Founder & CEO (picture: young guy): Kai C. Chng
    I don't know
    Last edited by Paul799; 05-30-2019 at 10:25 AM.

  32. #28
    About DigixDao
    I like it
    In general, I like it being located in Singapore, which is a prime location for a cryptocurrency & gold based business. It benefits from a favourable regulatory environment, a relatively stable political environment (very important if you are holding physical gold) and excellent physical gold security standards.

    What I like in particular are the guarantees that the bullion is actually there. This is the most important feature for someone who buys gold and let it store by a third party.
    Digix does this through their proprietary Proof of Provenance (PoP) protocol.
    DigixDAO uses a Proof of Asset (PoA) concept to assist in distribution of DGX tokens. Asset Cards are created and certified by the custody hierarchy digital signatures. The Asset Cards consist of information on:* Timestamp of card creation,* Stock-Keeping unit of the gold bar, Bar Serial number, Purchase Receipt, Audit Documentation,* Depository Receipt, and due* Storage fees.
    By investing, users buy bullion from the LBMA (London Bullion Metals Association) refineries.
    Digix includes third-party auditing from Bureau Veritas
    .
    All these features are uncommon among cryptos that state to be gold backed, which is understandable of course, implying a lot of organization.

    Another feature that I like is the fact that DGX holders will be allowed to convert their cryptocurrency into bullion: Investors can also redeem 100 DGX tokens for physical gold (100 grams) via mail or in person.
    This helps in making DGX a real stablecoin, because it ensures that the value of a DGX will be tied to the value of a gram of gold. If not, speculation would trade DGX for gold, or the other way round, and gain on the premium/discount.

    DigixDAO digitizes your ownership of actual gold.
    This is exactly what a gold backed crypto should be.
    I have the feeling that many gold based cryptos are nothing more than cryptos whose price is tied to the gold price.

    By the way, doing my research on Digix I somehow understood what blockchain can offer to gold investors: Digix takes advantage of the Distributed Ledger’s immutability, auditability, and transparency, applying all these benefits to the precious physical asset of gold.
    Keywords: Immutability, auditability, and transparency.



    Another project that I like is GoldMoney.
    His founder and chairman, James Turk, is a known and esteemed person within the precious metals community.

    Goldmoney holds around 2 billion dollars in assets (bullion) and is traded on the Toronto Stock Exchange.
    They don’t use blockchain, so they don’t offer a gold based cryptocurrency, but through their debit card they pursue the same goal of Digix, namely to build a system where you can use the gold you invested in for your everyday transactions.


    http://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

    Here you’ll find a comprehensive list of gold-backed crypto-projects, with a short, occasionally interesting description.
    I’m sure that some of them are worth to be looked at.

  33. #29
    Some Updates since the last post

    April 2 Kinesis' pre-ICO has started, with the launch of the Kinesis Currency Exchange (KCX).
    It runs from 2nd April to 30th June, 2019.
    They call it IMO (Initial Minting Offer) because it consists in „minting“ blockchain-„coins“ backed by precious metals.
    The precious metals are stored in the vaults of the Allocated Bullion Exchange
    https://abx.com/technology-services/storage-logistics/
    As of today 15,300 KAU and 108,000 KAG were minted (15,3 kg of gold and 108,000 oz of silver were bought and deposited in the ABX vaults)

    05/23/2019
    Interview on Metropol TV Kenya with Christian Rousch, Head of Kinesis’ Africa Operations and Jai Bifulco, Kinesis Head Marketing Officer
    24 min.
    https://www.youtube.com/watch?v=IUuwEu3sG1c

    Kinesis expands the advisory team in the United Arab Emirates with Tariq Al Habtoor
    Tariq is a significant member of the Al Habtoor Group, one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing sectors.
    Due to his status and influence, he has also been able to introduce Kinesis to a number of members of the various royal families across the United Arab Emirates as well as the rest of the Middle Eastern region.
    https://medium.com/@kinesis/kinesis-...r-3607f5dffff4

    Last December Kinesis participated to the Monaco International Blockchain (M.I.B) tradeshow
    The M.I.B event hosted a pitch competition, giving companies going through an ICO, or who have an ICO planned, to pitch to investors, make industry connections, practice their pitch skills, and win 100.000,00 Euro investment .
    Kinesis won
    https://medium.com/@kinesis/kinesis-...o-9d6d39d29ecf

    New Advisory Board Member & Growing Interest In The UAE
    Sheikh Mohamed Al Qasimi is an influential member of the Al Qasimi royal family that rules over the Emirate.
    Mohamed’s interest in Kinesis is inextricably intertwined with his knowledge of precious metals. He can provide access to strategic partnerships within the region as he introduces Kinesis to his network of royalty and government officials.
    https://medium.com/@kinesis/new-advi...e-156f4cf40a12

    Kinesis has today announced the appointment of Sergio Fernandez de Cordova and Francisco de Borbon to its advisory committee
    Fernandez de Cordova is co-founder of the Blockchain Commission for Sustainable Development at the United Nations.
    De Borbon is the co-founder and managing partner of Alpha Trading and Alpha Themisyu and the Cora Alpha group. He is also the CEO, co-founder and chief visionary behind the Elysium City project, the first and largest sustainable smart city ever developed in Europe — emphasizing his commitment to sustainable development and good governance across Europe.
    https://medium.com/@kinesis/kinesis-...e-12263b84b91e

    Kinesis currencies, KAU and KAG, receive Sharia law compliance allowing further global adoption from emerging markets
    A review was conducted for the Kinesis Monetary System by the Amanah Finance Consultancy, with the same leading scholar behind the review for certifying the Stellar Blockchain Network and other blockchain based projects.
    This review has resulted in Kinesis being awarded a Sharia-compliant certificate for the Kinesis Velocity Token (KVT), Kinesis currencies (KAU and KAG), the Kinesis Blockchain Network (KBN) and the Kinesis Currency Exchange (KCX).
    https://medium.com/@kinesis/kinesis-...t-a2cb4e4d5bb0

    Kinesis announces North Block Capital as new investor and advisor
    https://medium.com/@kinesis/kinesis-...r-e2b490ccfa69


    All the while within the Eurasian Economic Union and the East Asia countries, particular South-East Asia, there are projects to create a gold-backed Stablecoin to facilitate international trade
    https://www.zerohedge.com/news/2019-...-backed-crypto
    https://www.businesstimes.com.sg/gov...ading-currency

  34. #30
    Any point of control will fail. These ICO's will fail because they aren't organic.
    Looks like another bitconnect scam using pm's to back a scam coin.
    Last edited by kfarnan; 05-30-2019 at 05:03 PM.

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