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Author Topic: Kinesis Stablecoins  (Read 23316 times)

owej90

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Re: Kinesis Stablecoins
« Reply #15 on: February 26, 2022, 10:11:13 PM »
KAU/KAG Payments & Rewards Program with Merchants

Quote
In addition to the Kinesis Debit Card Program to be able to spend and pay with KAU/KAG in real-time for everyday purchases, Kinesis has embarked on a strategy and partnership that connects directly with hundreds of thousands of major merchants (both online and bricks & mortar), that not only facilitates the use of KAU/KAG for real-time purchases but also includes a rewards program.

The rewards program element is a % of the purchase price paid back directly into the client’s Kinesis Account in KAU/KAG (the equivalent of a credit card “cash-back”, with added Kinesis yields).

https://kinesis.money/company-news/q4-ceo-quarterly-update/


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Re: Kinesis Stablecoins
« Reply #15 on: February 26, 2022, 10:11:13 PM »


owej90

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Re: Kinesis Stablecoins
« Reply #16 on: March 19, 2022, 12:29:46 PM »
Is it Better to Buy Gold or Bitcoin?

Which one is a better investment depends on your risk tolerance, investing goals, strategy, and how much capital you can handle losing. Consider buying Bitcoin if you want to speculate and join in the fervour for cryptocurrencies.

Bitcoin is young and unproven as an investment whereas gold has dominated the economies and markets for thousands of years as a means of exchange and holding wealth. Gold has been an asset that holds value over long periods and is used to hedge against market downturns. In a cycle of low and negative real interest rates and a hedge against economic, macro, and geopolitical uncertainty, gold is unrivalled as an asset indispensable in portfolio diversification and wealth preservation.

https://kinesis.money/blog/should-i-invest-in-bitcoin-or-gold-comparison/

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Re: Kinesis Stablecoins
« Reply #16 on: March 19, 2022, 12:29:46 PM »
:)

owej90

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Kinesis Card
« Reply #17 on: June 17, 2022, 06:15:09 PM »
The Kinesis Card

Quote
The Kinesis Card will be released in Q2 and is in the final stages of assurance, with the program first to be rolled out in the United States, Europe, Australia, Canada and the United Kingdom. Closely following this, the card will be made available to clients on a global scale, one month after its initial release.

Once signed up and verified, cardholders will have complete access to their own virtual Kinesis card, as an integrated part of the Kinesis mobile app, with the physical card option for users to follow shortly. The multi-currency and storage preference functionality will allow users to store up to five digital assets on their card for instant conversion at the point of sale – including gold, silver, crypto or fiat – with a competitively high daily spend limit of £15,000.

https://kinesis.money/company-news/q1-ceo-quarterly-update/

The kinesis card will allow users to use their precious metals to buy things in everyday life, at point of sale.
No need of a bank account anymore  :)

There is a new Channel on Telegram about Kinesis
https://t.me/Kinesis_Gold_as_Cryptocurrency
« Last Edit: June 20, 2022, 12:41:21 AM by owej90 »

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owej90

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Re: Kinesis Stablecoins
« Reply #18 on: June 23, 2022, 06:18:53 PM »
Indonesia Update

The march forward to implement the nationwide access and roll-out of KAU in Indonesia continues. As relayed previously, the standalone app PosGold Syariah is now PosPay Gold on the PT POS* PosPay App. Both the legal transformation and the technical integration for this are now complete, giving the KAU product and application available to the already 1 million-plus accounts on PosPay.

The JFX* application, JFX GoldEx, incorporating KAU, has soft-launched.

Up to now, for both PosPay Gold and JFX GoldEx, the “soft launch”, by government regulation, has been limited to a small user sub-set of internal and non-retail account users. We are pleased to announce that recently, with the assistance of our local Kinesis Indonesia team and partners, the Government Regulator (Bappebti) has been given a full demo and end-to-end testing of the platforms resulting in the approval to move out of the soft launch phase and into the full launch sequence.

While the roll-out to their respective existing and future target markets is up to PT Pos and JFX, we have been working closely with them on this plan. We expect both products and applications to go full live launch in Q2 2022. As the marketing plans and outreach programs for these products get enacted and operational, we will keep the Kinesis community apprised of all the details.

https://t.me/Kinesis_Gold_as_Cryptocurrency


* PT POS = Indonesia Postal Service
*JFX = Jakarta Futures Exchange


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owej90

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Re: Kinesis Stablecoins
« Reply #19 on: June 25, 2022, 06:14:09 PM »
Tether vs. KAU:
The Difference Between Fiat Stablecoins and Gold Stablecoins



What is Tether?
Tether (USDT) made its stance on the crypto scene when its trading started in 2015. It quickly established itself as a fiat-backed alternative to standard cryptocurrencies like Bitcoin or Litecoin, which experience extreme market volatility. 
As the name suggests, Tether is a cryptocurrency that is 1:1 allocated – or tethered – to the equivalent amount in traditional fiat currency, specifically the US dollar (USD).
Today, it ranks 5th among the leading world cryptocurrencies, according to its coin market capitalization, certainly making it one to watch. 

How does Tether stay at $1 dollar?
Since one Tether coin is pegged 1:1 to the US dollar, it is not surprising that its valuation should rest comfortably at a pricing of $1 for a coin. 
This single fact can be attributed to Tether’s success, as a cryptocurrency with a proposition to ensure the collateralized, fully allocated value of each coin. 

A Dip in the Market 
Despite Tether’s reputation as a stablecoin, its price has dipped below the value of $1 a number of times in recent years. 
Tether sparked controversy in 2019, causing an alarming debate about the integrity of the cryptocurrency when an investigation into Tether’s trading platform revealed that it was not fully backed by the dollar. In fact, the landmark investigation by New York Attorney General, Letitia James, found that Tether was in fact only 74% backed by the dollar at the time. 
A few months before in November 2018, Tether Ltd. published an audit report of their cash reserve at Deltec Bank & Trust Ltd. but at least $700 million was removed from Tether’s account the following day. Without user awareness, it was revealed that this sum was moved from Tether’s account to Bitifinex’s – one of their affiliated companies.  

Trust in Stablecoin
Since the scandalous revelations about Tether unfolded, users continued to trade the cryptocurrency, as evidenced by its trade volume which has almost doubled since late 2018. 
However, when scandals like this one are publicised, general trust for crypto, especially a currency that claimed to be a stablecoin, can be severely dented. 
After Tether published the report on their dubiously audited cash reserves, Tether denied further commentary on the investigation but conceded to pay an $18 million fine as settlement, promising to provide quarterly audits of their reserves for the next two years. 

To avoid future penalisation, Tether clarified their claim of being 100% backed, making the following addition on their website:
“Every Tether token is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”).”
Tether’s reserves, revealed as being diversified across unnamed third parties and affiliates, was a public response from the company that left participants questioning the security of it as a digital asset. 
One damning report even suggests that Tether’s cash reserves only back the USDT tokens by 2.9% as opposed to the 100% backing initially promised by the company. 

Clearly, this presents a problem for customers who want to exchange their USDT tokens for physical US dollars, as the company does not provide any guarantee of physical redemption. 
In contrast, when Kinesis users redeem the value of the Kinesis gold-backed KAU, they receive its equivalent value, since KAU is always backed 1:1 with physical gold bullion. 
With biannual audits published twice a year, Kinesis seeks to provide a fair and transparent monetary system for all users on the platform.


A Question of Value 
With fiat, crypto or alternative forms of currencies, it is clear that money cannot just be a medium of exchange but must also function as a store of value. Hence, the instability of Tether as a supposedly stablecoin will continue as long as the dollar is not linked to a stable asset or commodity backing its value, such as precious metals.
Market analysts have shown that gold and the dollar oftentimes have an inverse relationship, so while the dollar has depreciated, gold has appreciated in value over time. The dollar has historically depreciated in value, in line with inflation, since its value was separated from gold after the fall of the Bretton Woods Agreement in 1971. However, gold has appreciated in value almost 50 times over since this date, making it the asset of enduring value. 
By modelling a system on the steady and stable value of gold, Kinesis offers a true alternative to the ills of the byzantine banking system.

In comparison to Tether, Kinesis KAU and KAG currencies enable users to generate a recurring passive monthly yield simply for holding the gold and silver in their Kinesis accounts or wallets. 
In today’s low or even negative-yielding environment, the need for gold-backed stablecoins is clear, in addition to a currency that ensures protection against inflation, which fiat currencies do not.


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owej90

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Kinesis completes third independent metals audit
« Reply #20 on: June 30, 2022, 09:54:29 AM »
Kinesis announces the completion of its first independent audit of 2022

The third independent audit and verification of the gold and silver bullion, underpinning all Kinesis gold and silver-backed currencies, has been completed.

How exactly does the audit work?

Independent officers from Inspectorate International entered all Kinesis vaulting facilities across the world and physically tallied the quantity of gold and silver, comparing it against the quantity stated by Kinesis in an inventory report supplied to the auditor. The weight of the metals reported on is then compared to a snapshot of the Kinesis currencies in circulation, taken at the same time that the physical metals reports were generated.

How do I know my gold is safe?

The physical bullion behind Kinesis gold and silver-backed currencies sits in independently audited and insured state-of-the-art vaulting facilities.
The legal title to the physical gold and silver bullion, represented by Kinesis digital gold and silver-backed currencies, always remains with the holder.
The independently-conducted third-party verification provides assurance to all current and future Kinesis system users.

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owej90

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Re: Kinesis Stablecoins
« Reply #21 on: July 03, 2022, 09:18:05 AM »
Stellar (XLM) trading is now available on the Kinesis Exchange

XLM, the 10th cryptocurrency listed, is now available to Kinesis users. XLM will be paired against 8 fiat pairs, including USD, GBP and EUR, as well as Kinesis’ native stable coins based on physical gold (KAU) and silver (KAG) – enabling greater accessibility to the platform for cryptocurrency traders and investors.

Alongside the existing pool of cryptocurrencies, XLM is spendable on the Kinesis Virtual Card – which allows users to spend their cryptocurrencies, gold or silver in real-time, globally.
XLM’s listing was a natural choice, as Kinesis’ native digital gold and silver-based assets, KAU and KAG, are built on a fork of the Stellar blockchain.

By leveraging the Stellar blockchain, Kinesis can deliver users faster, low-cost global remittances and instant payments in gold and silver via the Kinesis platform. 

Since its implementation in 2019, Stellar technology has allowed Kinesis users across the globe to instantly send and receive money using the stable value of physical gold and silver, while helping users to avoid the high costs and FX fees of traditional remittance provision.

Jai Bifulco, Chief Commercial Officer at Kinesis, comments “Stellar’s addition to the Kinesis ecosystem is very welcome, as Kinesis has been a proud supporter of Stellar from its inception. With XLM listed on our platform, holders of stellar can now not only trade XLM but use the asset as a real-world currency. Additionally, Kinesis allows users to hedge in our native gold and silver-based assets, KAU and KAG, allowing the global crypto community to park their crypto profits in the stable value of gold, while the crypto market experiences volatility”



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owej90

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Re: Kinesis Stablecoins
« Reply #22 on: July 07, 2022, 05:54:49 PM »
Introducing the Kinesis Virtual Card


Features of the Kinesis Virtual Card include:

    - Spend assets in real-time with instant conversion
    - High daily spend limit – $/£/€15,000
    - Spend assets globally
    - Earn gold and silver as you spend
    - Hold and spend: USD, GBP, EUR, AUD, CAD.
    - Transact with Mastercard
    - No monthly or sign-up fee
    - Spend currencies in your preferred order
    - Compatible with Google Pay

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Senin

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Re: Kinesis Stablecoins
« Reply #23 on: July 10, 2022, 06:12:14 PM »
This appears to be a relatively new stablecoin, although it has been in the works for at least three years now. The idea of ​​backing a stablecoin with gold and other precious metals is not new. Many projects have already proposed this approach. But I don't see them having a good success. Since these are private and other commercial coins, the whole difficulty lies in the fact that users not only believe that this coin will clearly be backed by these precious metals, but also be able to verify this and have some kind of guarantee against possible abuse by its team. Otherwise, it will be an ordinary financial pyramid, no matter what they say here.
Only a strong state can give the greatest guarantee. But everyone can try to create something similar. Suddenly in this direction something will turn out more reliable.

owej90

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Re: Kinesis Stablecoins
« Reply #24 on: July 15, 2022, 08:02:51 PM »
This appears to be a relatively new stablecoin, although it has been in the works for at least three years now. The idea of ​​backing a stablecoin with gold and other precious metals is not new. Many projects have already proposed this approach. But I don't see them having a good success.

Hello Legend  :D you have some good points.

kinesis has been in the works for ca. 5 years. That's when their ITO started, selling KVTs in order to raise start up financing.
Until now they have tried this and that, some partnerships, for some time they had a debit card which they discontinued, last year, I don't know why.
Now they are launching their new debit card with another partner, Baanx. Currently beta testing is running. The problem is, it has to work globally: many countries, different legislations etc.

Let's not forget that they come out from the Allocated Bullion Exchange (same management), an institutional web based exchange for precious metals, https://abx.com
ABX exists since 2011, I think.
Kinesis have this big advantage vs. all other gold-backed cryptos, they (kinesis) can use the whole infrastructure (among others, the 12 vaults in 9 countries) and the network of private and institutional clients and partners of ABX.










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owej90

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Re: Kinesis Stablecoins
« Reply #25 on: July 16, 2022, 02:01:45 PM »
Since these are private and other commercial coins, the whole difficulty lies in the fact that users not only believe that this coin will clearly be backed by these precious metals, but also be able to verify this and have some kind of guarantee against possible abuse by its team. Otherwise, it will be an ordinary financial pyramid, no matter what they say here.
Only a strong state can give the greatest guarantee.
A couple of weeks ago I discussed this last point of yours with the admin of the Russian section of this forum, he made the same point.
Allow me a couple of remarks

a) Originally the crypto world was permeated by a mistrust towards the state. Originally, crypto-currencies were seen as competition to state-currencies. The whole crypto project was understood as a chance of freeing people from the financial slavery towards states.
It is ironic that when gold-backed stablecoins are concerned, crypto people call for the state to step in and take control.


b) I'm almost sure that should some government agency declare that the a gold backed Stablecoin is backed by gold, I'll hear from your side, Why should I trust the government  ;)
My point is, following your logic ("I don't want to trust anybody"), a stablecoin backed by no matter what, is impossible.


c) "Under the ABX Quality Assurance Framework (QAF), bi-annual audits are performed by Inspectorate International Ltd., a Bureau Veritas company – a leading global physical commodity audit and inspection specialist."
This is Bureau Veritas: https://www.bureauveritas.co.uk
"a globally leading company for testing, inspection and certification."

Do you really think that such a massive company, founded in 1828, almost 200 years old, would risk to get destroyed, their management going to prison, for what? Cheating in favour of someone insignificant like kinesis?
Be realistic, use common sense.

This is the 2020 audit result
https://kinesis.money/resources/kinesis_audit_october_2020.pdf
after 2020 it was impossible to make an audit because of Covid restrictions: the audit requires that all 12 vaults get audited at the same time, but the 9 countries where those 12 vaults are located have different Covid regulations.

By the way, "testing, inspection and certification" doesn't mean that these people go inside, walk 10 minutes around, make a couple of pictures, shake hands and go home.
Auditing takes days, they count the bars one by one, they check the bar numbers, the test the purity of the bars, the check if the bars some from refineries that are enlisted in the Good Delivery System of the London Bullion Metal Association.


d) You use the fiat currency of your country, you trust it, even if your central bank doesn't offer no audit of their assets.
Kinesis does.
You have a bank account, you trust your bank when you transfer and receive money, but your bank doesn't offer no audit of their assets.
Kinesis does.
The biggest investment vehicles worldwide for precious metals, the Exchange Traded Funds (ETF), they don't offer any audit.
Kinesis does.





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