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.
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
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!
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
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.
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!
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