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Plans to address operational deficiencies


Active member
This may come off as an angry diatribe, but it's not. Although many of things below frustrate me greatly, my main concern is whether there are any plans to address them and what those plans are.

To my mind, the greatest risk to Kinesis is poor execution. The vision and the opportunity are certainly there, but the execution has been in many ways lacking. I've divided the problems up into three broad categories and provided some examples of each:

  • Missed deadlines/promised features that never materialized. It's honestly hard to think of a sing deadline for a major project/feature that has been hit.
    • KEM
    • Pospay Gold has had three or four names and at least as many launch dates.
    • US debit card cancelled suddenly with promises of speedy replacement. Then it got pushed back until after virtual card launch. Then it got pushed back until after EU card launch.
    • Virtual card launched significantly behind schedule.
    • EU card has been launching soon for quite some time.
    • Personalized bank accounts for fiat deposits/withdrawals.
    • Kinesis Pro.
  • Poor and/or misleading communication
    • Many announcements make it sound like something is launching now and then later that turns out to not be the case. E.g. JFX Gold announced as launched 10 months of ago, but latest quarterly update says it wasn't actually launched do to waiting for regulator approval. Very similar situation with Metalgo.
    • No follow up or explanations when things are delayed. KEM was coming soon for a long time and then was cancelled. This does not inspire confidence in other long awaited features actually launching.
    • Ongoing issues (virtual card activation for Canadians, recent deposit problems, etc...) don't get adequate responses from support. Responsibility to fix the problem often gets put on the user. E.g. Asking Canadians to call a company in the UK to verify their card is not a solution. E.g. When multiple users are reporting deposit problems, take ownership of the problem instead of blaming all of their banks.
    • A counterpoint would be the recent issue with incorrect info on the website. Jai Bifulco acknowledged the problem, explained why it happened, and then clearly stated it was resolved. More of this would be great.
  • Half baked features/lack of general follow up
    • Virtual debit card has at least two examples: Canadian verification and pending transactions. Neither issue has been resolved as far as I know and the response was we're looking into it and has been for a long time.
    • Deposit accounts being removed with very little notice.
    • Tom said months ago USDT would be removed but it still hasn't happened.
    • US rewards program available for less than 12 months and then terminated with short notice.
    • I have had a couple LTC deposit issues. It took multiple days for LTC to be credited. Support basically said there's nothing we can do, just wait. The entire point of crypto is fast transactions. I no longer use LTC to deposit because I don't trust Kinesis to handle it properly.
Have there been lots of unexpected challenges (covid, regulators, etc...)? Of course. Life happens. But at the end of the day Kinesis has what appears to be major operational problems and the only one who can fix that is Kinesis. I don't know whether they need to focus on fewer projects at a time, higher one or more experienced project managers, be more thorough in vetting their partners, or something else.

Hence the question for vaultside. What is Kinesis doing to operate more effectively? Have you identified any areas for growth and what plans are being made to address them?
Recently someone posted an old quote something to the effect..."and just how did you go broke my Friend?" The rejoinder was "At first gradually, and then suddenly."

Those critical of the Kinesis progress are entitled to their opinions, and those opinions have driven many improvements within the development of the project. I am thankful for their insights and I am sure many on the Kinesis team are as well. They have provided feedback that has been useful in some instances.

As a Kinesis optimist who desires to encourage all those wonderful folks working hard daily on my behalf; I am looking positively toward the day that when asked by some youthful upstart "and Old Man how did you get so wealthy?' My Son, through a calculated investment decision...gradually and then suddenly!

Viva KMS!
I appreciate Uchiki, Aim, Rhyno. Ros and others reminding us how far Kinesis has come and how truly amazing what they have already accomplished is. If/when the system in Indonesia successfully launches it can be fairly quickly and easily replicated in other countries. So the growth over the next 2 or 3 years could be breathtaking. I/we need to resist the temptation to get to discouraged by the barriers to progress in countries that have more to lose if the KMS succeeds. Kinesis could be a huge, world changing, success even if it were never able to fully function in western countries like the US and parts of Europe.
Here’s to rooting for a smooth and successful launch in Indonesia next week.
My fear is that all the barriers glitches and mistakes we’ve encountered with deposits etc will carry over to the Indonesia launch and the system will implode. I don’t know if there are differences in implementation or procedure that will help but if there has been this much trouble with 50k users I shudder to think what bringing on 100s of k Indonesians would do.
Beyond rethoric is grit. Onboarded 2 people a few weeks ago:

-1st had a 2FA issue that took alot effort to fix. Now he cant validate his VDC.

-2nd couldnt complete VDC application script, chat support was ineffective. Had to elevate this to Bryan (bless his soul) who had IT to fix manually.

I only joined in May 21, when:
I bought my first KVT in February 2019. I know I was quite worried that Kinesis get off the ground before the impending Western financial collapse that many have been warning of for some time.

I am no longer worried. The core system works. The future has been bullet proofed with vertical integration. There is a strong foothold in Indonesia against those who would kill the company. Focussing on S.E. Asia now looks like a genius move considering how global finance has changed over the last 4 years.

What remains is to tidy up the edges, as everyone is pointing out, and having the system become truly global at the retail level.
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