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.

 

[Craigly]

Also

We need to ask where is Kinesis getting the money from to do this. Without real growth what happens when they run out of operational money??

 

[Dante Roman]

Also

We need to ask where is Kinesis getting the money from to do this. Without real growth what happens when they run out of operational money??

Probably from the 200-300m they have raised since ICO. 200m was initially, so I assume that's earned some $$ along the way

 

[Derek]

My understanding is this is all being funded from operations. I can continue as long as Kinesis things it makes sense to continue.

 

[Craigly]

If you do the math. They cant be making much from operations with low organic volumes. I think we need some financial statements so we can see how long they can keep this going without organic growth..

 

[Willbe]

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

If we agree that $5 to transfer around $9700 to the mint is neglible (approx. 0.05%) then I would suggest to use this 0.05% as the transfer fee for all.
This way you have levelled the playing field for people with small and big cash and everybody has the same cost and reward.

 

[D Man]

+ Velocity and KVT yields...

I just clued in to the fact that mint cycling in my wife's Kinesis account will additionally generate a referrer's yield for my own kinesis account, which I used to refer my wife.
I believe my math says ~$500, for every $1M mint cycled, will come my way due to referrer's yield.
Could someone confirm the estimate?

 

[Rhyno]

As long as your wife's account is eligible for KMP, you would get 7.5% of all the transaction fees she generates, for any activity in her account. The $5 transfer fee does not apply.

 

[Uchiki]

I believe my math says ~$500, for every $1M mint cycled, will come my way due to referrer's yield.
Could someone confirm the estimate?

It's about right.

Example calc:

• Mint cycle 10000 KAU (close to $1m)
• Fees generated 10000 * 0.67% = 67 KAU
• Referrer receives 7.5% of referral's generated fees = 5.025 KAU * $97.5 ~ $490

 

[tbarben]

Uchiki, I tried my first minting of gold after a long absence. The gold which was supposed to go into either a wallet or my account in the Exchange has disappeared. After the minting the page said it was credited to my correct account. Maybe it take awhile? I don't remember in the past that it took some time to show up. I even created a new Kinesis Wallet in case it was going there but it hasn't shown up. Any ideas? Thank you.

 

[Troglodytes]

Uchiki, I tried my first minting of gold after a long absence. The gold which was supposed to go into either a wallet or my account in the Exchange has disappeared. After the minting the page said it was credited to my correct account. Maybe it take awhile? I don't remember in the past that it took some time to show up. I even created a new Kinesis Wallet in case it was going there but it hasn't shown up. Any ideas? Thank you.

The Mint isn't working at the moment. The USD is likely still in the Mint account

 

[Uchiki]

Uchiki, I tried my first minting of gold after a long absence. The gold which was supposed to go into either a wallet or my account in the Exchange has disappeared. After the minting the page said it was credited to my correct account. Maybe it take awhile? I don't remember in the past that it took some time to show up. I even created a new Kinesis Wallet in case it was going there but it hasn't shown up. Any ideas? Thank you.

Hi Ted,
Check under Settings, Preference in your Mint account that you have KMS Account already selected.




If so, then it will go direct to your KMS account.
Normally takes around 12 seconds.

At the moment, the market makers in the Mint seem to be offline. It's been reported.
They should be online based on the
Good Friday Holiday Hours
email that came out on Wednesday last week.

When did you actually do the mint purchase?

As Troglodytes said just above, if it was in the last hour, then your Mint purchase won't have happened and you'll still have USD in the Mint.

 

[eN_Rich]

The Mint is not functioning, even though the countdown to trading start has disappeared and the trading screen is displayed.
I can place an order; the order is recorded and after about 60 sec the order disappears. Minting Price is stuck at 107.1858

 

[tbarben]

Thanks. The transfer never happened. The money is in the Mint. It says that I have no open orders. I had thought that ment that the order was executed. It wasn't. I will wait until tomorrow and try again. This all happened in the last hour. Thanks again Uchiki and eN_Rich. No problem now.

 

[eN_Rich]

We wait with money in the Mint, and hope price retraces

 

[AlM]

Mint still not working. Money stuck in the Mint. Order not placed.

Now I'm not earning Holder's yield because the funds are stuck in the Mint, per the posts above.

 

[AlM]

In the meantime it'll take, right now, $67 more per oz to buy.

 

[AlM]

When will the 0.02% be credited for minting during the KPM?

 

[Troglodytes]

In the meantime it'll take, right now, $67 more per oz to buy.

Yes, that is the big hit. You'll have to buy back at a price that is 2% higher (atm). It will take a few days of profitable minting to recover from that loss. The missed Holders Yield is a much smaller loss, but a loss nevertheless.

It goes to show that this programme is not risk-free. Still profitable over time, but with ups and downs. Keep that in mind.

 

[Troglodytes]

 

[AlM]

Ah only *now* do I get the screen above with the 'down for maintenance' message, but the Mint accepted the funds and I was able to log in.

It'd be better to say that a message declaring the Mnt open again will be issued after it has been tested as functioning correctly.

Timing on payment of the 0.02% - no news.