Sorry, replying late, I hope you read the post from the developer behind this project,he says blockchain is unconvincing, he says blockchain has limited use case, after raising $100 million from the space for a platform that has faied to delivered, I am very sure most of these ICO developers don't really understand the illegalities of their actions. He just use people to raise fund for the project
I have a feeling you didn't actually read the post you're referring to...
If you just read the headline (that was created for the sole purpose of bashing Kin), then you might actually believe what you just said. If you actually read the article, you would have noticed that even though Ted did make a similar comment, he wasn't referring to KIN as the headline makes you think. Ted is saying that blockchain technology isn't for everyone. It makes complete sense for projects like KIN that are trying to become the most used crypto in the world, but it might not make sense for every single industry to use blockchain as it's not always going to be a benefit.
KIN is far from failing. Just today they announced they're moving into the 2nd stage of their Private Beta for the Kinit app and will begin their Public Beta around the middle of July.
Source:
https://medium.com/inside-kin/the-kinit-app-whats-next-aaf2dd6b8bce