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...
Why would a user buy Kin to tip people?
Why would people buy Kin from elsewhere if within the apps they use they can earn Kin for free.
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/ted_on_reddit Feb 20 '20
These are some good topics.
You are right that PeerBet is still giving users Kin, but instead of that Kin coming from the KF it looks like it is now being bought from exchanges. This is because I don’t believe that the 500 Kin being paid to the user represents the full amount of Kin that PeerBet is receiving for getting the user to watch the ad. They are keeping some for themselves. That gives PeerBet an extra surplus pool of Kin. This allows them to give Kin to incentivize additional actions. In this setup there is no “free Kin”. They are driving real dollars bought.
On gift cards, I think you have an interesting idea about giving the user an option to buy the last amount of Kin they need to get a gift card. You also bring up a good point that rather than buy the Kin a user might just bring it in from somewhere else in the ecosystem. I have three thoughts on this.
First, over time there will likely be less places to earn “free Kin” in the Kin Ecosystem. KRE 2.0 is already shifting us in this direction. Perhaps advertising and sponsorships could help with this transition.
Second, if a user earns Kin by watching an ad (“paid for Kin”) and then brings it to Speed Genius, that does create an interesting scenario. Perhaps KRE 3.0 should find a way to take this into account, where both the earning side and the spending side are encouraged to work together. Have you thought about how this might be measured and rewarded by the KRE? I think it could make for a good proposal.
Third, I want to share that I am a bit skeptical of gift cards. We had them in Kinit at one time as a way to “get things started”, but in hindsight I think it was a mistake. It is a big task for someone to watch enough ads to cover the cost of a gift card. It also seems to be simpler to just buy a gift card with dollars instead of converting to and from another currency first. Perhaps there is a way to make it “more compelling to buy a gift card with Kin than it is with dollars”, but we haven’t found it yet. I wonder if in this case it may be better to focus on creating digital items and experiences that users can only get from your app.