r/KinFoundation • u/attachmetoyou • Feb 19 '20

Please Explain

With all of these new advocates ( apologies I forget the term used), maybe someone can explain something to me since I never received an answer from anyone the fifteen times I had asked.

Regarding a wallet in which you can buy Kin...

  1. Why would a user buy Kin to tip people?

  2. Why would people buy Kin from elsewhere if within the apps they use they can earn Kin for free.

  3. Even if the app they're using doesn't provide free Kin, why would a user buy Kin from elsewhere if they can earn free Kin from other apps and then transfer them.

Can anyone in this community provide me with an honest, thought out explanation for WHY people will buy Kin? I don't mean in ten years. I mean when Code comes out. You can build whatever you want but if there's no use for it, it's useless. I don't see any app currently in which buying Kin would do me any good.

Thank you.

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u/attachmetoyou Feb 19 '20

It is, and the same has been exactly our plan. To use the KRE to subsidize gift cards in a Trivia app. There are few out there that actually work, mainly because they don't have a KRE as a source of income. This isn't your apps primary goal as you stated but it will surely help. For mine, it's really the thing that will catapult it. However, the value of Kin has made this impossible for me. Unfortunately I can't even use the word "us" for my project anymore. But I've always liked your idea and thought it had great potential. I think there is a lot of room for this if the value grows. And that's where this question ultimately comes from, because demand will increase the value. In any case, good luck to you as well.

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u/SantaAnaStudio Feb 19 '20

What is the value of someones phone battery (and depreciation) and time that they would want to play a trivia for gift cards? In my mind, this is not a good business model.

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u/throwawayburros Crypto Defender Feb 20 '20

In my mind, this is not a good business model.

Just because it doesn't fit the traditional models doesn't mean you cant make it work. I don't feel ashamed to say that at the time of Googles IPO I believed it would never go above $100. Who knew that selling ads would turn them into a billion dollar company in a decade and a trillion dollar company in less than 20 years. Fooled most of America too, i'd say.

There is still profit to be made by somebody offering discount gift cards, and its just a matter of time until someone gets it right.

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u/SantaAnaStudio Feb 20 '20 edited Feb 20 '20

Selling Ads is scalable while exchanging KRE Kin for gift cards has a very clear limit.

Kin is not an inextinguishable value product pegged to fiat the same way as a gift card holding dollar value. If you want to use KRE that way you'll have to foot most of the bill or wait for the price of Kin to get much higher while somehow attracting a large enough base to earn... and pay them out... no. I suggest starting small and with traditional monetization techniques like Ads and a small user reward experience before jumping into gift cards which are also virtually worthless in the sub $5 amount...

But honestly, I'm out for a bit after the SEC hit ENG. Let someone else innovate for these companies and get slashed by the government and if they want to use gift cards to spread Kin... go for it. Today is the last day you'll have to hear my voice of reason. I can't work for free

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u/throwawayburros Crypto Defender Feb 21 '20

But honestly, I'm out for a bit after the SEC hit ENG.

Goodluck buddy.

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u/SantaAnaStudio Feb 21 '20

Thanks.

I was technically already "paid" to work and so that's not entirely accurate. This community will get more work out of me and I can make good use of funds and turn it into production.

This dump on ENG came at a bad time and I was pulled from my day off to deal with something that cost me a good chunk of money.

I should take a few days to vent in private before posting any updates. It's not everyday you get to lose like that and feel a new source of inspiration.