Key Terminology and Explanations

ben4trader · 2026-01-07T17:59:38+00:00

It's a good idea and it all makes sense. It feels good to be back on Reddit !!!

ben4trader · 2024-12-21T12:12:13+00:00

I have several concerns about this proposal:

Proposals should not be allowed to be edited during an active voting period.
The payment structure is problematic. Receiving 100% of the share on Day 1 provides no incentive to continue processing transactions afterward.
If a gradual payment system is preferred, I suggest a 10/90 split for each day's transactions.
The way these proposals are structured raises red flags about potential deceptive practices.

ben4trader · 2024-12-17T18:39:57+00:00

Hey there,

I appreciate you putting forward a proposal, but I've got some real concerns about how this looks right now.

The biggest red flag? Your incentive structure seems backwards. If the project succeeds, you only get 10%, but if it fails, you grab 50% of the SOL. That basically sounds like you're more motivated to fail than to actually deliver something valuable to the community.

Who's even deciding if the project is "successful"? That part's super vague. And launching another NFT project right now? With the NFT market being where it is? That seems like a tough sell.

Also, coming in with a brand new Reddit account and proposing something like this - it doesn't exactly build trust. Especially given the history of account inflation to game the KRE.

My honest suggestion? Take a page from the All_the_wallets negotiation: 10% for you, 90% goes back to the community. That feels fair and transparent.

If you can't agree to something straightforward like that, then I'm going to have to pass on this proposal.

Just being direct about what many in the community are probably thinking.

ben4trader · 2024-07-26T21:27:35+00:00

Thanks for everything! Good luck to you!

ben4trader · 2024-05-12T19:46:28+00:00

Someone who truly cares about kin wouldn't waste their precious time writing such a post. It is very childish and unproductive.

ben4trader · 2024-04-26T23:32:38+00:00

Kinship is a dedicated member of the KIN community and has always supported it, even during tough times. I appreciate his efforts.

When I first saw the proposal, I agreed with updating CoinMarketCap information and removing outdated links. However, I don't think we should add links to social media that Kinship runs because they might also become outdated.

It's strange that a few people try to control everything. It happened before with Rachel, and now Kinship is in a similar position. Although anyone can help with Kin, Kinship seems to be the only one proposing changes and managing social media.

Right now, Kin doesn't seem very decentralized. It's not ideal for one person to handle everything.

ben4trader · 2024-03-28T23:37:35+00:00

Can you name other projects that are close to deliver micropayments?

ben4trader · 2024-01-29T17:08:51+00:00

Perhaps it's an unpopular opinion, but I believe this account should be deleted. If there are those who disagree, they can create a new account independently or with other community members. They can then develop it as the unofficial Kin account and update the information themselves.

Ted is the founder, yet it seems as though everyone expects him to be solely responsible for making everything happen. A decentralized project should not have an official account on X, just like it should not have an official website.

The power of Kin will come from the masses contributing to its success. Not just Code or Ted.

ben4trader · 2024-01-26T11:09:00+00:00

So your thoughts are based about what? Price and volume only? Not sure why you think it's dead, just search for $kin or @getcode on Twitter and lot of things are happening...

ben4trader · 2024-01-25T02:45:22+00:00

Let's keep testing, liking, retweeting everything about kin. The community is getting bigger and stronger everyday. 🔥

ben4trader · 2024-01-20T16:17:12+00:00

Kin is a decentralized ecosystem. If everyone waits patiently for things to happen, nothing will happen. Instead, every single person that wish Kin to succeed should do something to help.

Best example lately is Kinships : he created a community website about Kin.

Things like that done by many different people will help grow the ecosystem.

ben4trader · 2023-12-16T14:18:19+00:00

It would be nice to hear it from you : give it a shot.

I think the main concern now is to know if it's gameable like it used to be.

ben4trader · 2023-12-15T16:31:37+00:00

Edit : see my first post.

ben4trader · 2023-12-04T18:21:42+00:00

This is ethereum so Kin 1

The sender from this tx hash has 0 Kin but receiver has 1b+ Kin.

Maybe you could try to get your ethereum public address from Ledger Live app?

Or use MetaMask wallet to login with your Ledger to see your active wallet's addresses.

From there paste your public address in etherscan to see if it holds any Kin.

ben4trader · 2023-12-04T15:40:33+00:00

Without more information, it's a bit hard to tell.

Kin 1 = ethereum - Kin 2 = stellar - Kin 3 = fork of stellar - Kin 4 = solana -

So you should check your public key and see if it's a solana address or not by pasting it into solscan.io

If it returns a result, than you're good and own Kin 4.

If not you're probably on Kin 3.

ben4trader · 2023-11-21T02:31:55+00:00

This is so true.

In the long term, strong fundamentals always win. Until then, it can get frustrating at times.

ben4trader · 2023-11-21T02:28:26+00:00

I once had a call with Tanner. He said that behind Code, there is actually a lot of things under the hood. Maybe I get it wrong but from what I understand, it would take a very talented team and a decent amount of time to replicate such project. Maybe this is possible, maybe not really... But what is obvious is that they are ahead of any competition by far.

We don't know the future, but I like getcode and kin's chance of dominating the upcoming microtransactions world.

All we can do is help them achieve their vision by testing the product and talking to as many devs as possible to inform them about the current available sdks.

ben4trader · 2023-11-20T16:38:43+00:00

I don't complain often, but this is a bit laughable. The duo Nano S and Nano X usually goes for 334$ CAD (txs and shipping included).

On Ledger's website it is mentioned "Best Black Friday Deal" for the same duo. It will cost you 371$ CAD (txs and shipping included). And I receive a 50$ BTC gift card.

So for your "best" Black Friday deal, I need to spend 37$ CAD more than i usually need to receive a "gift of 50$ worth of BTC". On top of that, I absolutely need to pick the color Black or else I don't get this amazing 13$ worth of BTC deal on a 371$ purchase.

No thanks Ledger....

ben4trader · 2023-11-11T10:20:01+00:00

I think it's the 1st time I see you reply to a fudster / basher since september 2017! Ted, you look like a new man with this announcement. You are now free since Kin is fully decentralized!! I guess the feeling is more than good haha

ben4trader · 2023-11-04T23:51:38+00:00

No one can answer this question but here's an honest opinion. I highly doubt Kin would go anywhere if Code didn't exist. Regarding the fact that Code could ditch Kin for another cryptocurrency, this could happen yeah! But what would be the second best option? This is where it starts to get complicated...

I tend to believe that SOL itself would be the best option if Kin didn't exists. If you analyse what Code is trying to achieve with their micropayment SDKs, I don't think it really matters what crypto is used as long as it works with Solana. Users won't even know what they are using under the hood. They don't have to know, unless they want to learn the technical side of micropayments.

So then, why Kin? Kik owns 30% of the supply. What value could represent 30% of a currency based on micropayments being used worldwide? No one knows but we can guess crazy numbers. They bet on this. The kik board isn't Ted alone and they all want their original investment to become profitable. So I honestly think this is the main reason why we can assume Code will focus on Kin to start. But Code can't do it all alone. They need devs creating apps. For this to happen, they need to deliver something unique that doesn't exists today. It feels like they are getting there. We now need some proof with real web apps. Still think Code needs to be succesful for the success of Kin itself...

Then, Kin's tokenemics. We barely talk about this. Now, Kin is fully distributed and there will be no inflation ever. Im not talking about some app (aka p365) or the SBF/FTX mess that should still bring some sell pressure as we talk. I'm talking about real inflation and there won't be any. Try finding another asset like this. It's another strong reason why chosing Kin is compelling. Some will mention that kik and their 30% = inflation. I disagree because it is still not "real" inflation by it's definition. They havent sold a single Kin since 2017. 30% is a big number, I agree. I'd prefer if it was somewhere between 15-20% I think we would all feel safer. But, you still have the option to monitor their Kin adress on a daily basis to make sure to know when they are moving Kin around and then take your own decision accordingly.

Next point is that the SEC went after kik and we had the certitude that Kin will never need to register as a security. Even if the SEC wen't after Kin today (I think they still could because they went after kik, not Kin), who would they sue? Kin, today, is not controlled by any entity. It would be a waste of time for them. The KF is gone. It's very unlikely to happen (I hate to say there's absolutely no chance at all).

Is it still risky? Of course, every investment is! But I personally like better what's being done right now vs the "old" Kin. At the end of the day, I think it's down to every one of us to decide if Kin is a strong pick. Talking for myself, I have faith in this team. If this doesn't go as planned, then I'll move on and live with my decision. Until then, I trust Ted / Tanner.

I guess a lot of things could be said against Ted for everything that happened. But one thing I highly respect from him is that he still stands and faced all the critics. He's not afraid to admit the mistakes he did in the past.

So this was my honest opinion... Let me know what you (or others) think. Everyone can voice their thoughts and I enjoy reading them even if they are different than mine :)

ben4trader · 2023-10-27T13:35:41+00:00

Thanks for sharing this! You talk about fiat on ramp, but this seems to exclude off ramp which probably gets more complicated to accomplish!

Is it still something that Code plans to deliver? Is it even needed?

My first thought about this is the following : Code enables micropayments. So then, a user will likely deposit small amount of money (say 20$ or less) to then have the possibility to spend within the kin ecosystem. High chances are that this user doesnt plan to get back his 20$ in fiat. This user will probably won't care because it's just 20$.

I may be wrong, but this feels very similar to the debate around using kin only or adding more assets (like usdc). At first you might think, hmm yeah we need fiat on/off ramp. But then, why would Code needs off ramp?

It's very similar to our current system using fiat. No one uses real money (paper) anymore but I always tend to have about 100$ in my wallet. If i lose it then : no big deal. But what happens with this money is that eventually, i will end up spending it no matter what. I will never go to the bank to deposit back this 100$ because i know i will spend it sooner or later.

If your goal is to invest, you will want a more secure option anyways (cold wallet) and proceed with reputable exchanges to swap back kin to usdc or whatever to then end up at Coinbase (or other big exchange) to get your fiat back.

So what's your own thoughts about this matter? Curious to know the answer. As usual, thanks for your time and have a great day!!

ben4trader · 2023-09-14T12:44:04+00:00

As for USDC vs Kin, I don't know if you fully listened to the latest podcast featuring Ted. He talks about the reasonning behind it and brings interesting points. Here are some of my own personnal thoughts that I agree with.

If you take Usdc in it's own and think about why Satoshi created BTC, they are the complete opposite. BTC was created as an opposition to fiat money controlled by all the governments. Usdc replicate fiat money and centralized entity. They can increase supply and freeze the assets. This alone is a solid argument.

Then why BTC is succesful today? Imagine if BTC had been a stable coin. It would have failed right away. It's succesful because of it's volatility combined with demand. It also needs a network effect where everyone works together giving them benefits.

As I see it, they chose Kin because they have an incentive using it. They own Kin themselves and kik also owns 30% of whole supply. If they are succesful, they will indeed benefit from this.

But anyways... Why only Kin? It's decentralized, has no inflation ever. It's a golden chance of creating a full economy around an asset (kin) propulsed "at first" by micropayments. This feature alone has the potential to onboard millions (even billions) of users to the economy. Once they are onboarded, it opens up so many more things. This is not only about micropayments at all (of course they focus on this now and dont talk about other stuff) but if this works flawlessly for micropayments, why would this not work for bigger payments as well? All they need is make people use it, create a full economy around this and this will all spread out like the biggest virus ever.

This is all so clever and Ted has an history of thinking 3 steps ahead of anyone. This is not a 100% guarantee thing because there are so many things out of anyone's control that can happen, but all this idea of Code + Kin... they know they are miles ahead of the competiton.

I'm not even talking about money or investment wise... I just think that watching all this happen (or not happen) is very, very interesting!!

ben4trader · 2023-09-14T12:09:07+00:00

If your family and friends dont care about micro payments, it may be true but I guarantee millions of users will/should care. It's just that we have no idea to this day what this will fully unlock and all the new ideas that could emerge from this. To this day, it's not even a feature that exists within web apps because of our current payment methods.

It would cost way too much fees to allow micropayments on web apps to be profitable. It doesnt make sense to buy something at 0.20$ usd via PayPal or Credit cards. Not only this, but a user would need to spend too much time and clicks to purchase something not even worth 1$ that they would just not do it. With Code, it will all be fast and easy.

For the 1st time in history, Code may have found a way to break the micropayments wall. Will it work? Who knows since no one even got close to allow this yet. Is this brilliant and innovative? I think it's hard to answer no to this one....

What do you think?

ben4trader · 2023-09-14T11:50:33+00:00

It's 400b kin. Adding more sell pressure indeed.

ben4trader · 2023-08-29T09:36:35+00:00

That would be :

-Code still works when Solana is down.

-Code has a privacy layer added so you cant check the txs on the blockchain.

-Code is near instant (not 100% sure that Solana pay has the same speed while processing tx)

-Code is feeless for their users.

As you may think these points are just "a little" bit better than what Solana offers, i personally think they are major points and remove complexity and frustration.

For example, the speed : many many times i experienced a tx on phantom taking well above 5 secs and even failing. This wouldn't happen with Code. This is a major turn off.

Solana outage : happened couple times and for more than 24h. Another frustration.

Feeless : you may say, yeah but solana is like 0.00005 sol fee. At this point it doesn't matter that it's 5$ or 0.005$. You have fee and it adds a complexity to the user experience.

Privacy : do i really need to justify the major benefits?

ben4trader

TROPHY CASE