Why did the KIN token take a complete dive after ICO?

Two words. Horribly Overvalued.

…And I feel bad for everyone that didn't realize this. I personally know a lot of people who were anticipating this ICO and super stoked to get into a “real” ICO opportunity. When I first looked at the opportunity at a glance, it didn’t look half bad, but then it came to the numbers… They raised $50 million in capital from external sources prior to the coin offering. $50 million is A LOT. If you can’t develop whatever you’re trying to do with that amount of money you suck as a developer, Ethereum foundation was built with less than half the amount. A more proper approach for this ICO would have been doing it in multiple stages with development progress made along the way.

Later I found Polychain Capital invested in this project. A capital firm which apparently invests ONLY in highly technological blockchain driven projects. Very hypocritical. These guys turned down a project (I won’t say which one) that had 10x more blockchain technology usage and potential. Its obvious that all these dumb capital companies are greedy as hell and are in it for nothing but the money and I have zero respect for them, in this case they just dumped the risk to the public with this garbage ICO. The KIN token is so far from blockchain dependent that it operates like a fricking gift card more than anything else.

Everything KIK wants to do can be accomplished with fiat currency or a simple payment integration with their app. They claim the ethereum chain can’t handle the volume because block times are too slow, well if they used fiat, PayPal can do millions of transactions a second! There is your problem solved... without blockchain! Pretty fucking easy.

Sorry guys but a $1.25 billion valuation after its all diluted makes 0 sense. The founder made a half decent messaging app, lets be real here, its far from revolutionary and their brand is dying. After reading the whitepaper, more than half of the technology is centralized and I’m not even going to be a hater here, there is nothing wrong with semi-decentalized systems, we all know that on-chain is heavily limited but realistically the KIN token and ICO should of never happened its an overrated project and I’d be willing to short it if I could.

For the record:
As a blockchain coder myself, I am an advocate and huge supporter for good projects & ICOs. I don’t hate ICOs at all - but this KIK/KIN project was never a good deal in my opinion. The valuation makes no sense and neither does the actual product require anything blockchain.

Vitalik would never stamp his name anywhere near this cash grab. I would bet my life on it.

At this rate Apple may as well do a friggin ICO for their iTunes cards. SMH.