Kik, which was founded in 2009, has over 300 million users, 20,000 bots, and launched its ICO token, called KIN, to ICO investors on 9/26/2017.
Kin was only available to those who signed up for the whitelist. While it’s whitelist was huge (over 17,000) it was asking for a lot of money from a small number of investors considering they were trying to raise $125 million in their ICO. This lead to the inevitable result: big fish bought majority of coins and are dumping it on the credulous bag holders ever since.
Polychain Capital, Pantera Capital, and Blockchain Capital (the big 3 hedgefunds in cryptocurrency) bought into the pre-sale of Kin to the tune of $50 million dollars.
The ordinary investors are more than worried about such developments especially if you take into an account the fact Kin Foundation’s chronic lack of communication, no clear roadmap and no reassurance that the big investors, that were supposed to be the strength of this project, are not fleeing away.
“Most of us feel very left behind when it comes to update about progress: 1. Where are we on the progress of SDK? 2.When is atomic swap ready? 3. Where is liquidity? 4.How far along are we on the coding of KRE? 5. Federation nodes, where are they and how long will these take to setup?” says a disgruntled Kin holder on Reddit.
This sentiment is strongly echoed by other members of the community, to the extent that some of them are planning to do a fork of the project and leave the “original” Kin in the dust.
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The reasons for the fork are numerous but most highlighted are:
- Too many coins
- Not being listed on exchanges.
- Where is the roadmap? No one cares if you follow it, but people doing research want to have some idea what in the world this project is about, where it has been, and where it is going.
- Ted’s (CEO of the project) AMA. Last but certainly not least. As much as myself and the rest of the community appreciate the CEO taking 30 whole minutes a month to answer questions in an “Ask Me Anything” format, he always avoids any question(s) that even possibly hint at giving any information as to what is really going on. Partnerships? Exchange Listings? Investors dumping coins? Timeframes? Road Maps? We are just going to be more honest with FKIN and call it “Ask Me Anything except things I do not want to answer.”
It seems that KIN is just another failed project that piggybacked on the established name of the founders’ application to raise serious cash and give little in return. If you earned some money on it – congrats for exiting on time.
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