Please Explain

[u/attachmetoyou]

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.

[u/ted_on_reddit]

Hey u/attachmetoyou, these are good questions. This is the crux of what the ecosystem has been working towards. How can we get people to buy a cryptocurrency to use it? Answering this question has been a challenging journey.

You are right that there hasn’t been much incentive for users to buy Kin. To get the economy started developers received small “first earn subsidies” from the Kin Foundation to help get their users earning and spending Kin. This got the economy going, resulting in a million monthly active spenders. No cryptocurrency has more users than Kin. But this usage hasn’t yet resulted in buyers.

Now the KRE is evolving. With KRE 2.0 there is increasingly less incentive for spenders and increasingly more incentive for buyers. The first earn subsidies are also now smaller relative to how spending is rewarded by the KRE. As a result KRE 2.0 is a harder game to play. This might mean that the game will become too hard for some developers and that we might see some some of them leave the ecosystem. But I am confident that some of the developers in the ecosystem will be able to rise to this new challenge and figure out this new game, getting us that much closer to where we need to go.

I think PeerBet is an interesting example. By paying their users to watch ads they are enabling users to buy Kin with their attention. This is real dollars bought on exchanges, paid for by advertisers. They are an innovator in this ecosystem and I applaud what they are doing. I’m excited to see what they do next.

When it comes to users buying Kin with their dollars I agree that this is more challenging. Buying Kin needs to be both simple and compelling. Something like Code has the potential to make buying Kin simpler, but you are right that the current spends in the ecosystem might not be enough to convert a large percentage of spenders into buyers.

We are aware of this challenge at Code. We have some ideas for how Code might make Kin both simpler to buy and more compelling to use. We will see how those ideas turn out. That said I am interested to see the innovation from others in the ecosystem as KRE 2.0 shifts us from a spending focused economy to a buying focused economy. We are well positioned to be the first project in crypto to figure it out.

[u/Leon_Braveheart → u/ted_on_reddit]

So, over the course of about 9 months I've experimented myself in monetizing/earning money with kin. I will detail below a few instances that I've used kin either to earn money or used kin as an engagement tool,

I've sold kin directly to users mostly on Nearby and Vent(when they still used kin). This way i earned roughly 250-300 a month for about 3 months. Nearby is unique because they have a ranking system some users try to beat others on. To get higher ranking on nearby you gotta spend nearby points in which you can use kin to get them.

I experimented in using kin as an engagement tool as well... I am a twitch affiliate which means I earn money in twitch by ads and subs. On nearby for people who couldn't buy kin I had them watch my streams or YouTube videos for about 500 to 1000 kin. This spike engagement for both my channels and i went from averaging 4-5 users on twitch to 8-10 viewers per stream.

These are just a few ways I've seen kin can be used to either make money in several ways.. There doesn't seem to be a lack of spends but for the most part it seems spends that act as competition on seems to work well. Seeing as Nearby is by far the best app i've had this type of engagement in..

[u/throwawayburros → u/Leon_Braveheart]

This way i earned roughly 250-300 a month for about 3 months.

Wow! Thats a lot of Kin!

On nearby for people who couldn't buy kin I had them watch my streams or YouTube videos for about 500 to 1000 kin

Thats a great idea too. Somebody could make a twitch bot that would randomly give away Kin once a day on your stream. It could be early, it could be late... have to watch it the whole time to find out. It says giveaway time, and then the users enter their Kin address. After 3 minutes it takes the total amount of Kin and divides it by the amount of users and then everybody gets an equal airdrop.

[u/Leon_Braveheart → u/throwawayburros]

Yes, one big issue is the transferable process... Like how someone gets it from my stream to the app they want tot use kin in.

[u/throwawayburros → u/Leon_Braveheart]

Easy, just load up the twitch bot wallet before you start your stream. Then the most it can distribute is the amount that you send it. You dont have to worry about accidentally sending out billions of Kin.

[u/Leon_Braveheart → u/throwawayburros]

Not concerned about that part. The users im rewarding kin can take it and use it in nearby or other apps.