I also signed up with Kinesis but want to understand the IRS tax treatment for any of the five Yields after becoming Minter. Will Kinesis be issuing 1099C forms for any Yields from holding Kinesis money? I am awaiting confirmation from Kinesis Support that they will issue 1099-K forms by Jan 31 annually. Does anyone know the answer? Based on my reading of IRS information regarding virtual currency reporting requirements. Per IRS guidance, annually Kinesis Money must issue “timely or correctly report virtual currency transactions” by issuing 1099-K forms. Boxes 1, 3, and 5a-1 on the Form 1099-K, transactions where the TPSO settles payments made with virtual currency are aggregated with transactions where the TPSO settles payments made with real currency to determine the total amounts to be reported in those boxes. Since Kinesis Money is required to issue form 1099-K by January 31 for the transactions fulfilled from the five types of Yield enabled by the Kinesis Monetary system with the rates stated in the Kinesis Whitepaper.
Dave November 9, 2020 Reply
I signed up with Kinesis a bout a month ago, tried to trade Bitcoin for silver, it took all day to fill 0.1 Bitcoin. There is simply no volume and if there is no volume it's almost impossible to fill your order, unless it is miniscule. I decided to transfer my remaining Bitcoin to Vaultoro, copied and pasted the address, the Bitcoin disappeared from Kinesis, but never arrived at Vaultoro. Contacted Kinesis support, not for the first time, after more than 4 hrs, no word and still waiting.
John July 31, 2020 Reply
The general distrust in projects like Kinesis is understandable. It is inherent to human mentality to distrust something intangible, especially when it comes to something as precious as gold. This presents a paradox because people are willing to place trust in the ephemeral digital tokens, but they get suspicious when Kinesis tells them that these tokens are backed by gold and silver. Obviously, I am not that kind of a person, so I tend to believe in a good project when I see one. So, let’s load up on KVT.
Megan June 29, 2019 Reply
In my opinion, Kinesis represents the next stage of the development of stablecoins, where the coins are backed by something more valuable than fiat currencies, all which are totally phony. I’ve read their whitepaper carefully and got acquainted with the ABX exchange - everything appears to be legit. Just to be sure that they are willing to communicate with potential investors, I have sent an inquiry about the possible affiliation to both the project and the exchange.
Ruben June 18, 2019 Reply
Out of a plethora of projects that offer some asset-backed tokens, Kinesis appears to be the most legit mainly because they are cooperating with the established entity, the ABX exchange. But why on Earth would someone call gold a stable asset! It is enough to look at the 10-year gold price chart to see that gold is also prone to significant price shifts, they are just more spread over time. Besides, I haven’t found any information about the storage of precious metals and the appropriate security measures. Lastly, the price of KVT is really steep for a fledgling project. One would really have to place his trust in this project to pay $1K per token.
Lucy June 17, 2019 Reply
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