You can or read my ideas and short version of the article here, or you can read the official statement in their Telegram group or hereon Reddit.
The statements were made by their Operations Director Kent Li!
The missing KCS bonus
The sum it up:
They were overwhelmed with the increase of KCS holders in January. Until then they had a single threaded program running to calculate and pay-out the KCS holders.
Due to the sharp increase of different KCS holders, a single thread wasn’t good enough anymore. So they did start increasing multiple threads. But this is where it went wrong.
People started to miss their bonus. They found the issue and thought that it was a good idea to use Reddis queuing to fix it. But this again caused some issue with missing pay-out.
So they did change the queuing system to RabbitMQ.
Now according to them, everything is working like it should be!
I can affirm that I’m don’t see any missing bonuses anymore.
The Kucoin bonus decrease in fees
They also gave an insight in the decline of the fee which are used to pay out the KCS holders.
In the whitepaper it is clearly statement that the ultimate goal from Kucoin is to decrease this to 15%.
The will use the following decrease plan:
Let’s do some simple math:
50 million = 100 K fees = $50K for the KCS holders
75 million = 150K fees = $60K for the KCS holders
125 million = 250K fees = $75K for the KCS holders
350 million = 700K fees = $105K for the share holders
So the KCS payout will continue to increase, but the major part of the extra profit will go the Kucoin itself.
Will the referral program be reinstalled?
But what also in important information that could be found in the thread is the following statement:
The future looks bright
So finally they are starting to communicate! Which is a good sign.
He also indicated that Kucoin are flying around the world to make great process in establishing contact with governments, investors and projects!
It looks that they are really working hard, to make Kucoin a great exchange!
So there is still hope for Kucoin!
Keep the faith,
Peter
Still not fair... more they earn, more they take and less percentage for KCS holders...
At least now we know what their exact plans are with the decrease of fees. Before I did read this I knew it would decrease but not when and in how many steps.
But with the daily volume they are having at the moment they won't decrease it this year :)
This is great news. They should be having a token burn 1st quarter of this year also. Great time to buy!
I do have my small shares of KCS. Maybe I will try to extend it to 200, but only if the price stays below 3 euros. I'm not in a position to buy coins before the end of the month. Family portfolio has much more importance that the risky investments portfolio.
"So the KCS payout will continue to increase, but the major part of the extra profit will go the Kucoin itself."
I see it as good news, the whole announcement, and explanation.
The project is still very young, and in rapid expansion phase, so reinvesting profits looks logic move (sending most of the profit back to the company itself).
Yes and no. Suppose that the would keep the feeat 50%, they still would make more profit if the volume grows. But like I wrote this was stated in the whitepaper so I did know in what I was investing!
Good thing KuCoin is doing great now. they are communicating with their investors. they keep on giving announcement. Communication is the key. I'm still believing with KuCoin. I'm sure they'll be back on top! lets keep it going KuCoin.
Also did not give up hope yet. Really appreciate this communication from Kucoin. Let's see how things will evolve their!