Kinesis Monetary System

66 posts / 0 new
Last post
Fri, Oct 18, 2019 - 8:34pm SteveW
Agent700
Offline
-
Shenzhen
China
Joined: Apr 5, 2017
37
282

Kinesis Fees Yield Payment Date

Pretty sure it was announced that the first yield would be paid 60 days after launch, at the end of the month. That would be after October 31st. Not positive of this, it may have changed since the IMO was extended.

Get on the Kinesis Telegram group - that's where most of the activity is taking place and I've had most of my questions answered from there. Some guys are tracking the fee pools and over all market caps also.

Kinesis is likely to be the best investment any of us ever made, imo......With Indonesia picking it up as basically a parallel currency and all of the inroads into other similar countries, I think we just have to be patient and give Tom and the team time to build on the successful launch.

Mon, Dec 23, 2019 - 3:29pm
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Kinesis Launch

Kinesis has recently developed a mobile app that is currently undergoing beta testing and should be available for wide distribution Q1 2020, together with the US, EU, and GBP credit cards.

Initial fees distribution will likely also be during Q1 2020. The terms of the Kinesis agreement specify that if the fees are too small to be a meaningful distribution (i.e. the minor cost of transport on the blockchain is a significant percentage of the fee) then the payment can be accumulated.

To learn more signup https://kms.kinesis.money/signup?referrer=KM13451318

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Tue, Dec 24, 2019 - 10:35am SteveW
silverseeker
Offline
Joined: Oct 27, 2011
777
6181

Kinesis KAU and KAG questions...

Hi Steve W, Dingo, Agent700;

I'd forgotten about Kinesis until last Friday's interview of Andrew Maguire; and since have done a fair amount of reading. If you have answers to the below questions; I thank you kindly!

  • When funds are transferred from the Kinesis wallet onto the Debit Card, are they converted into fiat currency at that moment?(Dollars, Euros with .45% fee deducted).
  • To what decimal place are KAUs and KAGs recognized?(I am assuming at least .0001; four decimals to capture pricing to the penny at present AU prices)
  • The Yield streams are all from a fraction of the .45% fee collected when Kinesis KAUs or KAGs are loaded onto the Debit Card. Is there another Fee stream or source? If not; then the fractional percentage of your Yield is going to be proportional to your usage, deposits, and mint activity; and every user will have some ownership of the Yield pool. KVTs provide a Yield beyond this if the system is widely adopted, as a 1/300,00th per KVT owner... So wouldn't this drive speculation in the KVTs, and do you fear this may divert or overshadow the monetary commerce and usage side of Kinesis?
  • Do you plan to exercise the 'physical delivery' option they claim is available; early as a test?

These are my initial questions as I am digesting the material.

Thanks for any comments, and enjoy the Holidays!

killing the banker Ponzi one ounce at a time

Tue, Dec 24, 2019 - 12:33pm silverseeker
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Hi silverseeker

1. KAU and KAG can be bought either on the Exchange (for a 0.22% fee) and sold there for a 0.22% fee (i.e. 0.44% round trip) or from the mint (when KYC'd) into your associated wallet at no fee in minimum 100 KAU and 200 KAG quantities. Moving any coins from one address to another incurs the 0.45% fee which is applied from wallet to Exchange and vice versa. Once coins are in the Exchange they can be converted to fiat (0.22% fee) and loaded on the debit card. So coins from the mint incur a total 0.67% fee (0.45% + 0.22%) and coins bought on the Exchange a total 0.44% fee (0.22% + 0.22%) to load on to the debit card. Several members have pointed out that cash back cards pay more than this and can be paid off with fiat pulled from an ATM with the Kinesis debit card.

2. The coins are tracked to 5 decimals and 0.00001 is paid for transport on the blockchain in addition to fees. This amounts to small fractions of a penny and I guess helps pay AWS (Amazon Web Services).

3. The depositor yield is a one time only yield on your initial deposit bought and kept on the Exchange while the minter yield is perpetual and clearly more attractive if you have the funds. Your yield is proportional to the global use of the system irrespective of your personal use in any period.

The Kinesis team has recently received regulator approval for cross border transmission of coins from Indonesian expats e.g. in Malaysia. This is called CBV (cross border value) and consists of a buy in Malaysia, transmission to family and a sale in Indonesia, essentially simultaneous. The neat feature is that the regulators agree there is no cross border transfer of currency, which is highly regulated with licences and permits and time consuming to obtain, but is a transfer of a commodity. This incursion into the global money transfer business has the potential to be a huge contributor. This is only one of many yield sources that are planned as the system rolls out.

The KVTs having no PM value are a speculative asset with their value relying upon the development and use of the monetary system, so they are subsidiary and dependent. They can now be bought on the exchange from weak hands for less that the $1000 initial cost.

4. I don't plan physical delivery but it seems that others have tested this option.

5. There is plenty to digest in all the documentation and as a complete end to end monetary system it is necessarily complex, yet the underlying principal of equity and rewarding the users through fees (that banks otherwise retain) is simple. Good luck with your reading and please post any further questions.

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Tue, Dec 24, 2019 - 12:49pm
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Kinesis KVT

One more comment, US persons can buy KVTs only if they are accredited investors.
“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Tue, Dec 24, 2019 - 3:34pm SteveW
silverseeker
Offline
Joined: Oct 27, 2011
777
6181

Thank you SteveW

I appreciate your time and detailed response. Good to hear the KVTs value is not running wild presently, allowing some chance to purchase a few. Does the exchange provide a real-time 'ask' quote?

If I may ask regarding what is meant by: 'when KYC'd into your wallet'? And one additional;

How is this Kinesis System securing the wallets' user content from hacking; and is it possible to take your wallet off the exchange? I imagine you had similar concerns.

Best Regards and thanks again!

Holiday Cheers.

killing the banker Ponzi one ounce at a time

Tue, Dec 24, 2019 - 4:02pm silverseeker
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

KVTs

KVTs are listed on the Exchange but the market is thin. Currently they're around $700 bid $750 ask and have been tending to rise, above the $600-650 price some were able to get.

KYC is "know your client" the standard KYC/AML (anti-money laundering requirement); identity, proof of address etc.

Currently there are two wallet options. You can mint into a standalone wallet accessed on a web page or into a wallet that is integrated into the Exchange. You hold the keys for either wallet and are solely responsible for their security, Kinesis does not have your keys. Coins on the Exchange are held by Kinesis in a master account, although you have an individual address for each coin/token, which is necessary to be able to trade. The Exchange and mint are in addition protected by 2 factor authentication e.g. using Authy or Google Authenticator.

Kinesis will be shortly releasing their own branded Coolwallet S which is cold storage in credit card sized hardware. It should be possible to mint into that wallet. Yields will be paid into the Exchange.

If you plan to sign up I would appreciate you using https://kms.kinesis.money/signup?referrer=KM13451318

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Thu, Feb 13, 2020 - 6:38am SteveW
Dingo
Offline
Joined: Aug 15, 2013
349
2466

Great explanations Steve

Thanks for the concise and detailed responses. I'll use them from time to time as good reference material. Haven't been here for awhile, so I really appreciate Steve taking up the slack. One more think to add, it's certainly going to be a patient waiting game. Things are developing at a seemingly slow pace, however, there is steady progress towards all goals. Patience will pay off eventually, me thinks.

Wed, Feb 19, 2020 - 9:14am Dingo
Dingo
Offline
Joined: Aug 15, 2013
349
2466

Indonesian update

Live From the Vault: Episode 6
Tue, Jun 30, 2020 - 10:26pm
ReachWest
Offline
-
XX
Joined: Jun 15, 2011
1579
14327

Kinesis Debit Card Rollout

The announcement today from Kinesis that they will be rolling out a VISA debit card that can be used on smartphones via Apple Pay and Google Pay is a game changer IMO. The card will be available next week.

This allows us to put our banking funds into 1:1 allocated Gold and/or Silver and then use the VISA debit card to pay for goods and services. There is a 0.22% top up fee to move funds from your Kinesis digital Gold onto the VISA card, but other than that there are no fees to use the card. The current top-up amount is restricted to $500, so the fee would be around $1 to do so on each recharge.

I plan on moving most of my monthly banking to Kinesis and then move it into KAU and KAG (Kinesis Gold and Silver). I will then be able to move whatever amount I need for groceries, restauants etc onto the VISA card for spending, while letting the remainder sit in Gold and Silver that will appreciate (or depreciate - relative to Fiat) with the prices of the PMs.

The news release from Kinesis is here: Kinesis global virtual debit card

Thu, Jul 2, 2020 - 5:39am ReachWest
Agent700
Offline
-
Shenzhen
China
Joined: Apr 5, 2017
37
282

Kinesis Visa Debit Card

Yes, isn't this great news! We've been invested in Kinesis since early on and it is very exciting to finally see things picking up speed. The card and the new exchange pairs are a game changer. We'll be using it for as many of our monthly expenses as possible.

Kinesis is quickly getting to the point of critical mass - after that, it has every possibility of becoming a world leading, evolutionary company and monetary system..

Thu, Jul 2, 2020 - 11:08am Agent700
Stretch67
Offline
Joined: Apr 24, 2020
90
529

Agent700 wrote:

Agent700 wrote:

Yes, isn't this great news! We've been invested in Kinesis since early on and it is very exciting to finally see things picking up speed. The card and the new exchange pairs are a game changer. We'll be using it for as many of our monthly expenses as possible.

Kinesis is quickly getting to the point of critical mass - after that, it has every possibility of becoming a world leading, evolutionary company and monetary system..

Is there any way to "invest/speculate" or is it basically private? I spent a few hours on their website and reading about it the other day. Unfortunately, I'm not sure it makes sense for small timers like me.

Thu, Jul 2, 2020 - 8:54pm Stretch67
Agent700
Offline
-
Shenzhen
China
Joined: Apr 5, 2017
37
282

We're ALL Small Timers!..But Stacking..

Stretch..

I think the best way to get involved with Kinesis is to just buy some KAU or KAG "coins", and begin using the new debit card to pay some of your bills. It is a "virtual" card for now (meaning you can only use it to pay online bills), but the physical card is coming in about 6 months.

By opening an account and downloading the mobile app (or just use the online exchange), and then funding your account with fiat USD, you'll be able to buy the coins. The coins are backed 1:1 by 1 gram of gold or 1 oz. of silver, AND YOU OWN THE METAL. Of course if you want the metal in your pocket the minimum amount needed to redeem and have it sent to your location is 100 grams of gold and 200 ozs. of silver (I think)..But once you understand the system and trust the company, don't look at it as a place to store metal (for free by the way) - look at it as your MONEY that will likely INCREASE in value and PAYS A YIELD!

The yield factor is what sets Kinesis apart. It is an ingenious invention that defeats Greshams Law, which is why all of the other gold backed "digital gold" products come up short and won't be able to have "velocity" or turnover..Basically, the more Kinesis coins you buy, spend, send or hold - the more Kinesis pays you in yield! The money comes from the transaction fees. And these fees are much, much cheaper than credit card or normal banking fees. So there is incentive to not just store the metal, but to make it your new currency of choice..

If you're new to the "crypto" world it takes a bit of a learning curve. But I have no doubt the next monetary system will be "digital" and Kinesis offers FREEDOM from the banking cartel with a much, much more desirable money system. It is the best "People's Money" out there and it is revolutionary.

Good Luck! I'm happy to help with any questions!

Pete

Sat, Jul 11, 2020 - 6:06pm
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Andrew Maguire interviews Harvey Organ

Harvey talks about:

  1. Writing his MBA thesis on the COMEX gold and silver futures trading in 1972, before the contracts started.
  2. Being a shareholder in the BIS.
  3. The 2010 CFTC meeting on futures and options trading in precious metals.
  4. Taking delivery from the COMEX.
  5. Holding gold in a bank vault.
  6. Both Harvey and Andrew comment on SLV.
  7. Recent demand at the COMEX
Episode 15: Live from the Vault - Featuring Andrew Maguire & Harvey Organ
“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Sat, Jul 11, 2020 - 6:25pm Stretch67
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Kinesis is definitely public

Stretch67:

Kinesis is designed to be a complete, alternative monetary system. Consequently it's quite complicated to read though everything on the web site.

One simple way to use Kinesis is to purchase, store and trade gold and silver with no storage cost and a small yield paid from the transaction fees of the system (holder's yield). If you're able to mint coins, 200 oz silver or 100 gm gold then you can get a minter's yield. The silver can be minted for less than $4,000 and the gold for less than $6,000. Otherwise you can buy gold and silver on the exchange and keep it there for gain and trading.

The cheapest way that has been found to fund an account is to use a transfer service like Transferwise and to submit your currency as indicated for conversion to USD.

https://kinesis.money/currency-accounts/

You sign up here (https://kms.kinesis.money/signup) and then do the KYC/AML verification.

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Sat, Jul 11, 2020 - 6:36pm ReachWest
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Kinesis virtual debit card

This was issued yesterday to a second round of beta testers. Next Friday (after 7 days) it should become publicly available to all who requested it. It can link to Apple Pay, Google Pay and Samsung Pay for POS (point of sale) purchases as well as working online. So far I've seen reports of it being used on Apple Pay. The physical card should issue Q4.

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Sun, Jul 12, 2020 - 11:17am Stretch67
Dingo
Offline
Joined: Aug 15, 2013
349
2466

The spreads are incredibly tight!

The Gold and Silver spreads (especially on weekdays) are very tight. Sometimes a few cents for gold and 10-20 cents for Silver. When big minters come into play, once demand rises on KMS, spreads will tighten furthermore. Minters will often sell between the (already) tight spreads and act as a primary market maker. This has to be experienced to be believed. Yields will come in due course, however, we can all enjoy the no storage fees, tight spreads, low premiums to spot, and the ability to convert to USD on a Visa Debit Card to spend. I think a lot of Turdites will be highly impressed once they try the KMS. It's coming together really nicely and only getting better by the week.

Mon, Jul 13, 2020 - 2:19am
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Visa Debit Card

The debit card will have a separate associated bank account number so that it should be possible to load/unload the card within the US using ACH.

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Wed, Jul 15, 2020 - 10:14pm
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Kinesis announces PMO

Today Kinesis announced their PMO, public minting offer. For every coin minted it will receive a 3X enhancement, as if 3 times the number were minted for calculation of minter's yield.

In addition for every aggregate $50,000 minted one KVT will be awarded. The notification explains how to mint and then trade to get minter's yield and then use the proceeds to mint again, mint cycling.

https://kinesis.money/company-news/public-minting-offer/

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Mon, Aug 31, 2020 - 12:19pm
SteveW
Offline
-
BC
Canada
Joined: Sep 8, 2011
3997
16895

Kinesis tax situation

Spending against one's precious metals holdings will incur capital loss/gain which has to be reported in most jurisdictions.

I understand that an API has already been produced and that it will be integrated into popular tax tracking apps, such as cointracker, Quicken, Xero etc. I expect this to be announced as it becomes available, maybe by year end.

“Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend.” ― Albert Camus
Become member and subscribe to Turd's Vault

Contribute

Donate Shop

Forum Discussion

randomness