Kik is shutting down their chat app and firing most of their employees to focus on their Kin cryptocurrency and SEC trial
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- Moving Forward Boldly with Kin
- Ted Livingston
- Sep 23 2019
- Word count
- 666 words
Edit: this was fake
Looks like the Kik CEO also drunkenly texted the wrong William (a reporter instead of a board member) saying that he's quitting: https://www.coindesk.com/in-drunken-text-kik-ceo-threatens-to-quit-im-not-going-to-jail-for-this
That was apparently a hoax.
Took a while to get corrected though.
That's one way to gloss over the mass layoffs that are about to occur.
I didn't even know this was a thing until today. I'm not an avid follower of crypto news, but they seem to have very low adoption (source) in an immature yet saturated market.
My inner cynic says this is their exit strategy. Lower their losses, pay the lawyers to put on a show, give the C-levels raises, watch it all burn to the ground, and prepare a blog post about your epic struggle against the evil SEC. Kik is the biggest user of Kin by a fairly large margin. This could knock out up to half of their users, so they'll have to do a lot to make up for this loss.
I've only a peripheral knowledge of the crypto scene, and I'd never heard if Kin or Kik until today. It appears to be just another chat app, but with the ability to transfer the Kik crypto between users? Any other selling points my cursory googling missed?
This feels kinda like how things would have played out for Tumblr if they stayed independent.
I'm not sure what you mean by that. Tumblr doesn't have a cryptocurrency, isn't being sued by the SEC, and was bought by Yahoo over 6 years ago. What's the similarity that you see?
Communication platform with a demographic slice that's kinda pervy gets chucked over by the devs chasing the new hotness. Probably not just Tumblr now that I think about it.
When Tumblr was still independent having a pervy demographic slice wasn't a big concern for it since it wasn't that different from any other competing platform. It only became an issue after SESTA/FOSTA. That law + the DMCA are probably half the reason online content platforms are so centralized and messy now.