Ethereum Classic
$6.16 -5.12%
ETC · 14w

Don't Give Money to Kin by Saturn Network

There's an ongoing propaganda campaign active on all social media channels to #DefendCrypto. Please don't fall for this obvious scam!

Kin Background

First of all, Kin has as much to do with crypto as Binance DEX has to do with decentralization. Both are simply attempts to sell you bullshit, and people have been eating it up!

Today, Kin is a fork of Stellar (XLM). Stellar is already a pseudo-decentralized scam - a real blockchain cannot go down when two nodes crash. But Kin decided that this is perhaps too decentralized for them and they want tighter control.

Before launching, Kin raised almost $50,000,000 from unsuspecting public by selling them an ERC20 token on Ethereum. They soon realized that ERC223, the token standard that we are championing, is a vastly superior token standard. But their technical team was too incompetent to make the necessary change. Not only that, but they couldn't even google our open-source ERC20->223 upgrade code.

SEC Lawsuit

Most recently Kin has resurfaced in the news after the SEC has filed a lawsuit against them, claiming they are guilty of conducting an unregistered security sale. Let's address two points here: the role of SEC in investments, including cryptocurrency projects, and whether Kin was an unregistered security.

Role of SEC

You've been told scary things about the SEC by your paid group leaders on telegram, celebrity liars on twitter and even Elon Musk. But if you think about it, SEC is a beautiful force for decentralization. SEC is here to ensure that status quo with respect to investment rules and securities remains - accredited investors only, full KYC, all the good stuff. If your coin is a security (read: centralized bullshit) they will find you, sue you and shut down your company, attempting to return as much to investors as possible.

And that is a good thing! This way SEC prevents the crypto ecosystem from profiting on making fake-decentralized apps like EtherDelta...

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