I don't usually post about regular crypto stuff, so don't expect my usual review format. But sometimes I see something that is just too good not to mention!

Many of you will have heard about Kick, either through the unwanted coins that miraculously appeared in our wallets, or their referral program, both of which are completely fucking scammy. I've actually been following along since before the drop, originally interested in the exchange until I became more and more aware of just how scammy it was becoming.

"Your" airdropped KICK coins are frozen - that is you cannot trade them in any way shape or form (except for selling the key to your wallet), unless you meet some prerequisites first.

Guess how you do that?? You have to trade on their exchange to earn KEX - a completely different token, which you can then use (spend, I am assuming) to unlock your KICK. I can't find a reference to it now, but I seem to remember reading that it would not be a 1:1 value unlock - you will have to put significantly more money into the exchange to earn KEX than you could possibly unfreeze in KICK using said KEX.

Why? Because it is the only way they can attempt to guarantee any activity on their exchange. And the referral program is without doubt 100% a pyramid scheme - you don't get shit without someone under you spending money.

Now they have just put another nail in their coffin.

A fresh post on Medium not too long ago dropped a new bombshell, and I quote:

In about a year from now, we will start buying back KickTokens and plan to burn all KickTokens that have not been unfrozen. Those who do not unfreeze them will forfeit them, which gives them additional incentive to come to the exchange before that happens.

Two details to note there: Not only will you be unable to sell your KICK at your leisure (they have to initiate a buyback), but also they are going to forcibly destroy them in a year if you don't unfreeze them.

So they are trying to force trading volume onto their exchange, but they are not even going to let you escape early if you bow to their stupid demands and trade.

Shit, why wait a year. Burn them next week and save us from these shitcoins stuck in our wallets.

My speculation on how this will all go down.....

You will see five kinds of users arise on KickEx:

Those who are maybe semi-aware of the scam factor but unaware of the finer details. They will think they are smarter, and will trade hard and fast in the first month or two to unfreeze their KICK, but then realize just how little they are worth and that they can't even sell them if they wanted. Because they are butt-hurt and want *something* to appease their pain, they will hang around to watch, getting more hurt by the month, as they eventually earn less than $10 (I am guessing MUCH less) when Kick initiate the buyback.

Those unaware of the scam factor who will actually use the exchange because they want the value they saw from their airdropped KICK (at the time I received it the airdropped KICK were worth over $200, but at current market rate they are worth $17, and that is after the price more than doubled in the last 10 days with the launch of the exchange). Eventually they will see the falling value of KICK vs. the pain of unlocking it, and probably just drift away after a few months, taking the bulk of the exchange's business with it.

Those who are there just for the referral program, and the eventual free money the KEX earned from referrals may unlock from the airdrop. Most of them will probably never earn enough KEX to get much out of it though. 

Those who did not receive the airdrop, are unaware of any of the scammy shit, and will arrive somewhat organically. After the first 4-8 months this will be all the business KickEX has left, and will not be enough to sustain the ecosystem.

Those (like us) who know the scam factor and details, and will just watch speculatively to see if something does come from it, but will probably just shrug and move on when it all eventually goes to shit.

Remember folks - always, always, always, educate yourself about the crypto you invest in, and the exchanges you use to trade them. If you don't you are just asking for trouble.