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Crypto Informer Profile picture
@cryptoinformer0
Jun 13 • 12 tweets • 6 min read Twitter logo Read on Twitter
Disninformation Derek is on a roll today

Kinesis' BS "blockchain" is fully centralized and fully operated and controlled by Kinesis. They change the code at will. Bitcoin it is not.

ABX is "audited" Kinesis is not.

forum.kinesis.money/threads/joe-br…

Image
ABX's "audit" doesn't even provide details on which vault stores which assets or the gross or fine weight of these assets.

Totally worthless "audit"

As of Jan 2023 (the last audit provided location detail) KInesis was shifting most holdings to Turkey.

No article needed.

Why does Kinesis use a "blockchain" instead of a database?

Because it's easier to con naive users into thinking that Kinesis is something that it isn't and that it is more secure than it really is.

forum.kinesis.money/threads/joe-br…

Image
Let's dissect disinformation Derek's article anyway, just for fun.

1 Wrong
2 Wrong
3 Wrong

forum.kinesis.money/threads/why-do…
1. Kinesis could delete or change their "blockchain" any time they want, it's a fully centralized, they control the whole thing including the code that dictates how the system works. It's in their terms of service. Image
2. "It's public. Anyone can look at the blockchain and see every single transaction that's happened since the beginning."

No, only if they have the technical skills to access and interpret all the data, it's not easy.

We did it👇

cryptoinformer.substack.com/p/a-deeper-ana…
3. "Distributed" is not "decentralized". Full control of this "blockchain" or network lies with Kinesis, unlike real decentralized blockchains like Bitcoin.

The whitepaper promised "decentralized", they lied

"Watcher nodes" have no influence on the network, they access the data that's available and creating a copy of it. It's no different than a snapshot of a web article on archive.org. It has no power or influence over the network, the power lies 100% with Kinesis.
Have a look below to see how "quick and easy" it is for "anyone" to setup a "watcher node" and then get the full history from it 👇

forum.kinesis.money/threads/fyi-de…

forum.kinesis.money/threads/step-b…

github.com/bullioncapital…

It's so simple and easy! Anyone can do it ☝️ Image
The whole "blockchain," "not a blockchain," "what kind of blockchain is it" topic is a red herring.

It's mostly irrelevant because the vast majority of #KinesisMonetarySystem assets are custodied by and transactions handled by Kinesis Cayman Islands based centralized exchange.
Kinesis Cayman looks like #FTX and their entire operation is totally centralized, not just their phony "blockchain" which is not decentralized at all contrary to claims in their whitepaper.

cryptoinformer.substack.com/p/theres-an-el…

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More from @cryptoinformer0

Crypto Informer Profile picture
Mar 7
How can a "decentralized* blockchain" forget to pay out the yields?

*not really but Kinesis says so in the whitepaper (pages 3, 6, 23)

kinesis.money/resources/kine…

Is Kinesis the company really claiming they are not a "central authority" at the center of their "monetary system" and their "blockchain"?

🤣🤡

If they are not a "central authority" why do they have to take some action to ensure the yields are paid?

kinesis.money/resources/kine…
If Kinesis is not a "central authority", how can they "freeze accounts" and "freeze assets" in their "monetary system"?

Read 4 tweets
Crypto Informer Profile picture
Mar 7
What's this?

Why are Kinesis Money users complaining that they haven't received their February yields yet?

There are blockchain transactions related to Feb 2023 yields on Mar 1 2023

explorer.kinesis.money/account/GCO75U…

How can the payout lag by a week or more?

forum.kinesis.money/threads/yields…
What happened to this?

"Through Kinesis blockchain wallet technology, our users – whether an individual or organisation – can easily send digitised physical gold or silver anywhere in the world, with settlement times of just 3 seconds, 24/7."

securities.io/thomas-coughli…
The February fees look a little thin

1448 $KAU ($85,822) + 807 $KAG ($21,257 ) = $107,079

This is down over 98% from the peak

The peak was over $6 million, reached in April 2021

Does this look like a growing "monetary system"?
Read 4 tweets
Crypto Informer Profile picture
Mar 7
No that would be another Kinesis promise broken

$KVT yields were to be paid by the end of 2021

They're now 16 months in default on that

And what about the $KVT buy-back program?

Any news on that?

forum.kinesis.money/threads/yields…

kinesis.money/resources/kine…
5% of revenue* to date is about about $1.2 million USD. Has Kinesis spent $1.2 million USD buying back $KVT?

They're still giving $KVT away in exchange for creating artificial volume on their exchange and even selling some in a one-way market *claimed

If there was an open market for $KVT and the price dropped below 5% of "listing price" (whatever that is), Kinesis would be on the hook to spend 20% of revenue or almost $5 million USD to buy back $KVT

kinesis.money/resources/kine…
Read 6 tweets
Crypto Informer Profile picture
Mar 6
Look at that, the Kinesis community found still more Kinesis Money audit oddities!

forum.kinesis.money/threads/my-not…

A 100 gram bar was recorded as 10.967 ounces (341.112 grams)

Page 4 👇

kinesis.money/wp-content/upl…
dsr7654 didn't realize that 1,000 ounces silver bars don't weigh exactly 1,000 ounces

However, he or she points out that they did weigh 1,000 ounce bars

Page 51 & 52

kinesis.money/wp-content/upl…
This begs the question, why were none of the 974 1,000 ounce silver bars stored in Liechtenstein weighed?

That audit report is missing the "weighment" section entirely

That vault stores more than 1/3 of the silver

Pages 55-57
kinesis.money/wp-content/upl…
Read 4 tweets
Crypto Informer Profile picture
Mar 6
How honestly has Kinesis represented their audits?

Not very.

$KAU $KAG $KVT
How could we forget to highlight how many vaults had no scale (or no accurate scale)?

Page 10 & 11 - "Please note the scale used for measuring weight was not calibrated and was an ordinary kitchen-scale."

kinesis.money/resources/kine…
Read 16 tweets
Crypto Informer Profile picture
Mar 5
Kinesis is a real innovator in crypto

Don't want the price of your shitcoin to collapse? No problem, make the market buy only!

Of course this only works if your shitcoin is traded on a single exchange you control

🤡🤣

#trueinnovation

$KVT

forum.kinesis.money/threads/kvt-fo…
Wait a sec

"There are some community members that have been serving as market makers in the interim period (e.g.: @Forsytjr) He's generous and gives out discounts and I have bought from him too. Can recommend."

🤔😕 Are "community members" licensed to sell securities?
It's critical for Kinesis to keep the price of $KVT propped up because if it drops below $1,000 they have to use some of their rapidly declining revenue to support the price or else renege on yet another commitment.

kinesis.money/resources/kine…
Read 10 tweets

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