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US court agrees with SEC that Kik's $100 million coin offering violated the law
A US district judge for the Southern District of New York has agreed with the Securities and Exchange Commission’s assessment that Kik’s $100 million initial coin offering (ICO) in 2017 was a securities sale. Judge Alvin Hellerstein has granted SEC’s motion for summary judgment, ruling that Kik violated the Securities Act when it sold its tokens called “Kin” without the blessing of the SEC.
SEC sues Kik for running an unregistered Initial Coin Offering
The US Securities and Exchange Commission (SEC) is suing messaging service Kik Interactive, stating that its 2017 digital token sale, which raised $100 million, was essentially an illegal, unregistered securities offering. According to Bloomberg, this is one the highest profile cases yet where the SEC has targeted a company for not registering an offering with the regulator.
Internal Microsoft Kin testing videos offer a new look at what went wrong
The downfall of Microsoft's Kin smartphones is a fairly well-known story at this point, and something that Microsoft would no doubt prefer to forget, but details have a tendency to keep trickling out. The latest comes courtesy of Wired's Gadget Lab, which has obtained some previously unseen internal testing videos that paint a bleak picture of the problems Microsoft was facing. While the devices in question are pre-production models, they're said to be "changed very little from the shipping product" and, as you can see in the videos, they didn't exactly make a good impression on the product testers. Words like "lag" and "frustrating" are the common theme, with one tester adding: "I can imagine my daughter would give this back very quickly." Of course, these are just a small sample of what were undoubtedly many testing sessions, but the complaints are remarkably similar to those we'd see when the phones were ultimately released. You can find one video after the break and the rest at the link below.
Dreams, curiosity and a passion for what's next: picking the brain of Innovation Lab's Mads Thimmer
Innovation. According to one Mads Thimmer, it's a word that held a great deal of mystery some 10-plus years ago, but today, "it's thrown around as a cliché." When you really get down to it, though, the art of innovating is a hugely delicate and complex one, fraught with frustration and a curious passion for never settling on the here and now. In covering the world of consumer technology, I've come to form my own understanding of what innovation is, what it isn't and how companies are embracing (or outright shunning) the idea. After an evening with the cofounder of Innovation Lab, however, I was rightfully ready to toss my own preconceived notions aside.
Microsoft job posting teases Windows Phone Mobile Studio, requires thinking cap to grok
A conclusion for Captain Obvious to draw, this is not. As with most mega-corp job postings, the wording in Microsoft's latest is just obfuscated enough to keep us guessing, but a few key phrases have us (as well as ZDNet's Mary-Jo Foley) on edge waiting for the next big thing in cloud storage. Judging by the rousing reception seen by Amazon's Cloud Drive, we're guessing that the folks in Redmond haven't forgotten completely about Kin's one positive feature: Kin Studio. Based on a new job request, there's a Windows Phone Mobile Studio brewing, and the leading thought is that this is really Kin Studio... but for WP7 devices. Granted, this may be nothing at all like it sounds -- we could be looking at a future home for apps, or simply another aspect of Zune that'll make music management a wee bit easier. That said, we'd love to see Microsoft bust out a world-class streaming / storage service for its mobile platform, and you can bet we'll be prying for details at MIX next month.
Microsoft suggests Windows Phone Live will get more Kin Studio-like features
Microsoft's Kin may have been a failure of spectacular proportions, but it did introduce a few interesting ideas -- namely, the Kin Studio web-backup service. Now it looks like Microsoft may be set to revive at least some elements of the service on Windows Phone 7. Speaking with the Seattle Times, Microsoft's Aaron Woodman said that the company has made "very, very small baby step with Windows Phone Live," and added that it's "definitely part of the road map to have enriched services that make the phone more meaningful, and the Web more meaningful." Woodman also apparently suggested that those services would be one way Windows Phone can "continue to compete" with Android, but unfortunately didn't get very specific about a rollout date for the upgrades.
Kin Studio closing January 31st, Verizon offers free phones to affected customers
Though the final nail in the Microsoft Kin coffin has yet to be tapped into place, the software that made the pair of ill-fated handsets strangely compelling will soon get the axe. Come January 31st, Kin Studio will be no more, effectively neutering existing Kin phones by removing them from the cloud. They'll still be able to make calls, send SMS, email, browse the web and even stream music via Zune Pass, but their formerly live homescreens will become lifeless, stripped of social networking functionality -- and will actually remain stuck on their very last status update, much like a broken clock. Their online repository of pictures, videos and contacts will cease to exist, though you can back them up to a personal computer if you act now. Thankfully, Verizon seems to understands that not all Kin customers will be happy with a zombiephone, and has taken a drastic measure to help them out -- through March 31st, 2011, Kin owners can trade it in for a free 3G phone of their choice. How kind. Find full Verizon FAQs on the transition at our more coverage links. [Thanks to everyone who sent this in]
Kin ONEm and Kin TWOm back at Verizon
That's no typo, folks, Microsoft's own-brand pseudo-smartphones are back at Verizon, this time sporting an "m" appendage to their names and what looks like better pricing across the board. The Kin ONEm will set you back a cent under $20 with a two-year contract, whereas the TWOm costs just under $50 but is also subject to a Buy One Get One Free offer (the free phone being an LG Ally). We've spotted Zune Pass is still present on the pair, though it's on a "WiFi and sideload only" basis, seemingly forbidding 3G streaming. Plans start at $39.99 for voice and $9.99 for 25MB of data (while the $9.99 option is advertised, the cheapest data plan we're presently able to add is the $15 a month 150MB option), plus there's a $35 activation fee. Compared to the original pricing, which had the One asking for $50 in upfront costs and $70 as the minimum levy for voice plus data, we'd say this is a definite move in the right direction. A few months late, but better late than never, eh? [Thanks, Wyatt]
Confirmed: Kin One and Two are returning to Verizon. Wait, what?
Unbelievably, against all odds and better judgment, we are able to independently confirm that Microsoft's short-lived Kin One and Kin Two are coming back for an encore performance on Verizon, possibly as soon as this quarter -- but it won't quite be the same product you remember from earlier this year. The phones were famously bashed for the unrealistic plan pricing model that put them head-to-head with actual, full-fledged smartphones -- despite the fact that the devices were targeted squarely at tweens, teens, and twentysomethings -- and we're hearing that the revised phones will be totally, completely debundled from data services. Data-centric features like the Loop "are out," we're told -- but the good news is that you'll still be able to use one of the product's most redeeming qualities, Zune Pass, over WiFi if you're not signed up for a proper data plan. Of course, the value proposition of a Kin without... well, without its only value proposition is questionable at best, so we're thinking this might just be a way to clear huge backlogs of hardware inventory before pulling the plug on the program. Seriously, who wants a Kin without the unlimited photo uploads?
Steve Ballmer: Kin 'defocused activity from Windows Phone'
Microsoft CEO Steve Ballmer has been willing to admit some of the company's missteps in the past, and he's just done so again in addressing the now infamous Kin. Speaking with The Seattle Times, Ballmer said that the "No. 1 message from Kin is a message of focus," and that ultimately, "it just defocused activity from Windows Phone." Not exactly a huge surprise by any means, but it's still pretty notable to hear straight from the top, especially considering how much it cost Microsoft to learn that message. As for the rest of the interview, Ballmer didn't make a ton of news, but he did say that we'll be seeing additional Windows 7 tablet form factors starting this Christmas, and he revealed that he does in fact have a Facebook page, but he won't say which of the many Steve Ballmer pages is the real one. Hit up the source link below to read the whole thing.
Keepin' it real fake: the Haina X5-01 KIRFs the Kin One
Microsoft's Kin moved so quickly from curiosity to cadaver that we've almost managed to forget about the thing already, but one group will always remember: the KIRFers. This model is called the Haina X5-01 and it's something of an ode to Microsoft's less than dearly departed Kin One handset, a direct copy of the hardware we actually found to be somewhat derivative itself. This model, however, merrily leaps right over the line between imitation and clone, even stealing one of Microsoft's sample images of the UI. Thanks to that we don't actually have any real screenshots of what OS the thing is running, but something tells us that whatever ROM it's rocking it won't be nearly as adept at keeping up with our chaotic lives.
Microsoft's Tivanka Ellawala: no plans to develop more phone hardware
Well, that settles that. Not that we really expected Microsoft to branch out and try the whole "let's make a phone!" thing again -- particularly after the Kin debacle ended the way it did -- but the company's own Tivanka Ellawala just said as much at an investor conference in San Francisco. For those unaware, Mr. Ellawala is the company's CFO for the Mobile Communications Business, and we have all ideas he's still reeling from lost investments related to Kin. Answering a question about rumors surrounding a future Microsoft-built phone, he stated: "We are in the software business and that is where our business will be focused." He went on to stress the importance and magnitude of Windows Phone 7, which he says will spearhead demand for data services and will be "strong on the gaming side." Honestly, we aren't too bummed out -- we'd rather the engineers in Redmond stick to making the best mobile OS they can, while the dudes and dudettes at HTC, Samsung and LG keep on cranking out the drool-worthy hardware. But mostly we're just terrified of the Kin 2.
Kin listed as at least $240 million writeoff in Microsoft earnings report
Here's a tidbit in today's Microsoft quarterly earnings that we previously overlooked: a $240 million cost of revenue "primarily... resulting from the discontinuation of the Kin phone, offset in part by decreased Xbox 360 console costs." In other words, the company took at least a quarter billion hit due to manufacturing, distribution, and support costs of the Kin (according to Microsoft's definition of "cost of revenue"). We don't know how much Xbox 360 offset, unfortunately, but we can add this figure to the $500 million Danger acquisition and the full marketing cost for the product (which we also don't know, but anecdotally, it was on par with other major campaigns) to reach... well, at least $800 million in regret for the folks in Redmond.
Confirmed: Verizon discontinues Kin
We guess this doesn't come as a surprise to anyone, but we have confirmation directly from Verizon this morning that it will no longer offer the Kin One or Two. It's probably pretty difficult to justify continuing to offer and support a product when its maker has already thrown in the towel -- never mind the fact that Big Red's heart never seemed to be in it from the start -- so this is more of a formality than anything else. We're being told that existing owners won't be impacted, meaning Microsoft will continue to operate the back-end services needed to keep retail Kins alive -- but considering how few Kins seem to have been sold, we can't imagine that's a money-making proposition for anyone involved, so who knows how long that'll go on?
Verizon halting Kin sales, supply getting returned to sender?
Not that Verizon really cared much for it anyway, but according to WMExperts, the carrier is preparing to cease sales of the Microsoft's Kin altogether. As for the fate of the remaining stock, it's apparently being sent back to, well, somewhere. While a few retail stores we called disavowed any knowledge of such a thing, PhoneArena has a supposed internal screenshot that suggests they may soon change their tone. Either way, Verizon's not selling Kin online anymore, that's for sure -- quoth the raven, 404.
Entelligence: Five gadgets that could have and should have done better
Entelligence is a column by technology strategist and author Michael Gartenberg, a man whose desire for a delicious cup of coffee and a quality New York bagel is dwarfed only by his passion for tech. In these articles, he'll explore where our industry is and where it's going -- on both micro and macro levels -- with the unique wit and insight only he can provide. For every VHS, it seems there's also a Betamax -- a gadgets or standard that just didn't live up to the expectations of the mass market at the time. Despite being loved by niche audiences, these folks just didn't have what it took to make it to the big time. Here I celebrate some of my favorite gadgets and technologies that just couldn't catch on with the populace at large.
Engadget Podcast 204: Q&A Bonanza - 07.09.2010
Find out what happens when consumer electronics news stops being polite and starts getting real: the Engadget Podcasters take your questions. Find out the real story behind Kin's failure (hint: it was Josh's fault), why the Engadget staff is Mac-based (hint: it has to do with nested stock options), and why Paul Miller is still playing Chrono Trigger. Hosts: Joshua Topolsky, Nilay Patel, Paul MillerGuest: Michael GartenbergProducer: Trent WolbeMusic: AlejandroHear the podcastSubscribe to the podcast[iTunes] Subscribe to the Podcast directly in iTunes (enhanced AAC).[RSS MP3] Add the Engadget Podcast feed (in MP3) to your RSS aggregator and have the show delivered automatically.[RSS AAC] Add the Engadget Podcast feed (in enhanced AAC) to your RSS aggregator.[Zune] Subscribe to the Podcast directly in the Zune MarketplaceDownload the podcastLISTEN (MP3)LISTEN (AAC)LISTEN (OGG)Contact the podcast1-888-ENGADGET or podcast (at) engadget (dot) com.Twitter: @joshuatopolsky @futurepaul @reckless @engadget
Microsoft's Kin saves a Roots show: a touching recollection by Questlove
The Kin may be dead and buried, but you can bet that the legacy of Microsoft's biggest failure in the phone market will live long in the minds of technophiles. What you probably wouldn't bet, however, is how it'll also live long in the mind of famed Roots drummer Questlove. You heard right -- the same beat maker that was caught FaceTiming with our own Josh Topolsky during a recent sit-down on Late Night with Jimmy Fallon has a special place in his heart for the fallen phone series, and he's taken the time to pen a memoir detailing the reasons why. Undoubtedly an avid visitor of the (temporarily down) Kin R.I.P. web memorial, Questlove was recently held up behind a team of brats at the airport. As the story goes, even arriving 75 minutes early to his flight wasn't enough to clear through on a flight to Canada, leaving him in quite the pickle. If he didn't hop on this bird, his band mates would be struggling to please fans sans a drummer. As is so often the case these days, Quest ran into a particularly perturbed airline agent who wasn't about to bend in order to get him onboard; rather than name-dropping himself, he simply agreed to have his photo taken with a smattering of fans who just happened to waltz by during his pleading. Suddenly, the light popped on in the mind of the agent: "OMG! You are the guy in the Kin commercial... I see that commercial all the time!" Needless to say, Quest's ego took a serious hit, but he did manage to catch his flight and make the show in the Great White North. He told his manager that it was the "Kin commercial he almost passed on" that got him to the show, and closed with a simple remark: "R.I.P. Kin." Hit those source links for the full skinny -- it's a compelling read, we assure you. Oh, and that aforesaid ad is embedded just past the break.
Switched On: Kin's seven deadly sins
Each week Ross Rubin contributes Switched On, a column about consumer technology. There may have been a lot of behind-the-scenes machinations at Microsoft and Verizon that resulted in the discontinuation of the Kin One and the Kin Two, but there were also many marketplace miscues that resulted in the demise of the handsets. Here, then, were Kin's seven deadly sins: Lust. With the Kin handsets, Microsoft was too eager to get its hands into the pockets of young social networkers for whom the smartphone market had proven elusive. The key paradox of this was that the Kin data plan was the same for that of other smartphones at Verizon, and that continued to shut out those who aspired to mobile digital sharing nirvana. Gluttony. If Microsoft was angling to get Verizon to offer a sweetheart deal for Kin data, it certainly didn't help its cause with the automatic backup of rich media to the Kin Studio website. If there was one aspect to the Kin handsets operation that may pave the way toward future success, it was the Silverlight-based web interface to all the media that was captured with the device. This also allowed Microsoft and Sharp to minimize the amount of on-device storage. However, constantly backing up high-resolution photos and even standard-definition videos to the cloud required a lot of bandwidth, making it difficult for Verizon to justify a "light" data usage plan for Kin users.
Life and death of Microsoft Kin: the inside story
Since our piece on Wednesday, we've had more trusted sources step forward to fill in some blanks and clarify the story behind the amazingly swift fall from grace that Microsoft's Kin phones have experienced since their launch just a few weeks ago. It's a fascinating tale, and we wanted to share everything we've learned.