Bitcoin Community Members Critique Kik's Defend Crypto Campaign Despite Being a Good Cause

Kin foundation started an initiative called ‘Defend Crypto' along with Coinbase to take the United States Securities and Exchanges Commission to court in lieu of getting fair regulations and a new Henry test to determine which cryptocurrencies can be deemed under the security.

The Defend Crypto initiative had also put a $5 million seed fund along with Coinbase, and launched a website for collecting more funds to push their initiative further. The website has put the following information asking contributions for their cause,

“Kin is unwilling to let that happen and is setting aside $5 million with Coinbase to take them on in court. But with the future of crypto on the line, $5MM might not be enough. That’s why we’re calling on others to contribute to the Defend Crypto Fund”

Is Defend Crypto Another Marketing Scam?

While the initiative gained a lot of attention and support on Twitter, there were many influencers who stood against this movement. Some of the noted influencers who are against the Defend Crypto movement includes the likes of Preston Byrne, a well-known lawyer in the cryptocurrency space, and Tim Swanson, Founder of Post Oak Labs.

Tim Swanson went on to shed some light on the Kik messaging app and the KIN ICO stating that the KIK messaging app which was started in 2009, the same time when Facebook acquired Whatsapp saw four funding rounds in 2015. The progress of the messaging app declined in the coming years and the messaging app looked to die out soon.

However, the founders behind the KIK messaging app went on to raise $100 million in 2017 through the KIN ICO. But SEC summoned them on the possibility of KIN being a security offering and not having the required decentralization in its operation. KIN foundation believed that SEC was unnecessarily halting their project, but Swanson believes otherwise.

Swanson said,

“Before you go donate to Kik / Kin’s new self-serving “DefendCrypto” lobbying effort, do a little googling to find out how they talk out of both sides of one’s mouth.”

Swanson went on to reveal the irregularities by the KIN ICO where it was first launched on Ethereum but was later moved to Stellar blockchain and then later to the fork of the Stellar blockchain. He went on to claim that defending crypto might be a big cause for many in the decentralized space, but it was certainly not the case for KIN.

He concluded,

“There may be a case for “defending crypto” (cyber coins) against legitimately bad laws but that doesn’t appear to be the case here. there is a clear coordinated effort by their high-profile investors to push this meme because they have no ability to liquidate their KIN holdings.”

Tim Swanson believes that the Defend Crypto initiative was only started to take the attention away from the loopholes and wrongdoings of the KIN foundation. He also dug out a few of Livingston's earlier tweets and highlighted how the initiative and his behavior were in total contrast. One of Swanson tweets highlighted,

“for instance, the CEO (@ted_livingston) during the pre-sale highlighted how Kin “will become super valuable on day one”

Another tweet of his read,

“and another instance, the CEO said “almost nobody should be looking at blockchain”:

https://business.financialpost.com/technology/kik-ceo-who-issued-cryptocurrency-says-blockchain-isnt-for-everyone …

but Kik / Kin arguably doesn't need a blockchain either, at least”

Ted Livingston, Founder, and CEO of Kik responded to the allegations made by Swanson and said that many of his quotes were taken out of context. Ted claimed that people can go and watch his initial videos as well as listen to his podcast appearances to get a clearer picture.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today