Important update to the Kinesis Minting Programme

Kinesis has introduced a daily limit of $1,000,000 minted per user per day, for the Kinesis Minting Programme (KMP), effective immediately.

The 0.02% gold (KAU) reward and minting cost reimbursement will only apply to the first $1,000,000 a user mints each day. Within these conditions, Kinesis will continue to reward users with gold on each mint cycle, with all minting costs covered.

We’re committed to ensuring the KMP reflects the principles of the Kinesis Monetary System and continues to benefit all participants.

 

[AlM]

I've just completed one mint cycle, exactly the same as last week, but the second sticks on pressing 'Confirm' when attempting to withdraw to the Mint.
?

 

[AlM]

OK now. Logged out & in again.

 

[Schlepti]

I suspect we won't be seeing anymore $150M volume days then

 

[Rhyno]

I suspect we won't be seeing anymore $150M volume days then

We will when many more people participate. I see this as a good move to engage more people in the programme over time.

 

[Schlepti]

We will when many more people participate. I see this as a good move to engage more people in the programme over time.

I think it's a good move to prevent a small number of people owning the large majority of minting yield percentage.

I would love to mint but don't have the available capital given how large the mint purchases have to be. I'm sure many people are in a similar circumstance

 

[Frieda]

I like the idea of mini-minting. Have pairs that can be purchased as a pipeline into the mint.
Every time 100 Kau is reached, it gets minted.
I don't see any reason why minting yields couldn't be split to smaller fractions than 100 Kau.
Perhaps there are some technical challenges. idk.

 

[Frieda]

fwiw, To me, this 'mint' recycling seems unfair.

 

[Willbe]

fwiw, To me, this 'mint' recycling seems unfair.

Agree. At the moment even minting 100 KAU does not make sense because of the USD 5 transfer fee to the mint and the 0.02% KAU reward would not cover those cost.

Have already earlier on proposed this USD5 transfer fee should not be fixed but a percentage of the money being transferred to the mint. This so even minting the smallest amount currently (100 KAU) to be interesting to mint.

But the minting is not always that great in regards to Gold price fluctuations... of course you want to Mint cheap and sell on a high on the KMS... but this trade can obviously go bad....

 

[Schlepti]

Agree. At the moment even minting 100 KAU does not make sense because of the USD 5 transfer fee to the mint and the 0.02% KAU reward would not cover those cost.

Have already earlier on proposed this USD5 transfer fee should not be fixed but a percentage of the money being transferred to the mint. This so even minting the smallest amount currently (100 KAU) to be interesting to mint.

But the minting is not always that great in regards to Gold price fluctuations... of course you want to Mint cheap and sell on a high on the KMS... but this trade can obviously go bad....

100 KAU is $9762 currently. A $5 fee is 0.05% of minting 100 KAU. I personally don't see this as an issue. Yes, it's not free to mint but $5 is nothing compared to what you will get with minters yield, especially over the long term.

The bigger challenge is having almost $10,000 liquidity to attempt it. I also don't see this as an issue, it's just a shame to miss out.

 

[AlM]

+ Velocity and KVT yields...

 

[Willbe]

100 KAU is $9762 currently. A $5 fee is 0.05% of minting 100 KAU. I personally don't see this as an issue. Yes, it's not free to mint but $5 is nothing compared to what you will get with minters yield, especially over the long term.

The bigger challenge is having almost $10,000 liquidity to attempt it. I also don't see this as an issue, it's just a shame to miss out.

My reasoning is more about that somebody mint cycling let's say $ 0.5 million with 100 KAU needs to spend about $260 on transfer fee.
Somebody with a big load of cash can do the cycle for $5.
So currently small cash users have less incentive (bit unfair...but hey ho.. this is how it goes most of the time... if you have money it is easier to make money)

 

[Uchiki]

My reasoning is more about that somebody mint cycling let's say $ 0.5 million with 100 KAU needs to spend about $260 on transfer fee.
Somebody with a big load of cash can do the cycle for $5.
So currently small cash users have less incentive (bit unfair...but hey ho.. this is how it goes most of the time... if you have money it is easier to make money)

From Vaultside episode 5:
... what is coming in q1 is the hybrid accounts Right. So everywhere you see USD will be USD1. So in with the existing pairs where you got USD that will actually convert to USD1 ...

Maybe a clue from the above excerpt, but let's see what happens when USD1 has it's public launch and hybrid accounts are up and running.

 

[Schlepti]

My reasoning is more about that somebody mint cycling let's say $ 0.5 million with 100 KAU needs to spend about $260 on transfer fee.
Somebody with a big load of cash can do the cycle for $5.
So currently small cash users have less incentive (bit unfair...but hey ho.. this is how it goes most of the time... if you have money it is easier to make money)

Youre talking about charging people $260 because you don't want to spend $5 which feels like bringing down others to pull yourself up.

I don't see $5 as a disincentive to small minters. It's negligible

 

[Nunner]

Agree. At the moment even minting 100 KAU does not make sense because of the USD 5 transfer fee to the mint and the 0.02% KAU reward would not cover those cost.

Have already earlier on proposed this USD5 transfer fee should not be fixed but a percentage of the money being transferred to the mint. This so even minting the smallest amount currently (100 KAU) to be interesting to mint.

But the minting is not always that great in regards to Gold price fluctuations... of course you want to Mint cheap and sell on a high on the KMS... but this trade can obviously go bad....

Don't forget that you also get back minting fees of about .009% of the amount minted. Someone correct me if I am wrong.

 

[Dante Roman]

Don't forget that you also get back minting fees of about .009% of the amount minted. Someone correct me if I am wrong.

0.9%

 

[Uchiki]

Refunded Fees Breakdown:​

As part of the KMP, participants are reimbursed for the following fees:

• Mint trade execution fee: (0.45%): charged when minting gold (KAU).
• Minting/Exchange spread (0.23%): represents the difference between the Ask in the Kinesis Mint and Bid in the Kinesis Exchange.
• Trade execution fee (0.22%): applied when selling gold (KAU) for USD on the Kinesis Pro exchange.

In total, 90 basis points (0.90%) are reimbursed

Participants earn 2 basis points (0.02%) gold (KAU) for every completed mint cycle, providing an additional reward

The Velocity yield for the month in which the mint cycles are performed should be reasonably predictable.
Qualificaton is based on your share of KMS trading fees (ie the 0.22% sell fee).
10% of the total fee pool will go to Velocity yield.

For months in which mint cycling is the most significant contributor, the fee pool benefits from 0.45% minting fee + 0.22 KMS Exchange sell fee ie 0.67% of mint cycled volume. In these cases, mint cyclers are likely to receive approximately 10% of the mint+exchange fees they have generated as Velocity yield.

 

[Craigly]

Until we get organic growth it seems silly to me.

Back to basics. We need easy on off ramps so money can be easily moved in and out of the fiat system.

We need the debit card working...

Wont work till these things are sorted out.

 

[Lozion]

Until we get organic growth it seems silly to me.

Back to basics. We need easy on off ramps so money can be easily moved in and out of the fiat system.

We need the debit card working...

Wont work till these things are sorted out.

 

[Dante Roman]

Until we get organic growth it seems silly to me.

Back to basics. We need easy on off ramps so money can be easily moved in and out of the fiat system.

We need the debit card working...

Wont work till these things are sorted out.

Geez the volume from KAU and KAG being used as legal tender would be handy. Wasn't an announcement on a country doing exactly that imminent back when vaultside dropped in December?