Bitcoin Forum

Recently, I have read about one new project in the altcoin market (Kela.io) and now, I have a very interesting question to you, guys. So, what do you think - could be really any altcoin (even theoretically) provided by diamonds?? You know, I am tired of all that bounties, which in reality are just scams. And that is why, want to get your opinion to the subject. Thanks.

Hey, I thought I'd answer this myself :)
The beauty of it is that we are buying the diamonds as soon as the first buyers buy the KELA coins. We buy them our network since we have some very good connections in the diamond industry that come from 1) my personal background 2) the fact that we created the world's only tradable diamond index (IDXUSD). All of the diamond certificates will be posted online for public viewing.

This means that if something happens to the crypto economy, coin holders will be able to redeem their coins for the diamonds held in storage.

And for anyone interested, you should check out our Tokens of Appreciation promotion (details on our homepage - www.kela.io (http://www.kela.io))

Thank you for your answer. And have you ever thought, that bitcoin will be more expensive than diamond?

I have thought that bitcoin will be more expensive than diamondafter all some financial expert namely Peter Thiel, the cofounder of PayPal believes in the potential of bitcoin being the virtual gold. If it were to be a future gold, bitcoin still has a lot of potential left in it and it might surpass the price of diamonds soon. It is also very likely that bitcoin will surpass other previous metals that are way more expensive than diamonds.

I never buy or trades diamonds. They are all against to freedom. All diamonds are bloody for me.
Kids are working in diamond mines and they have to do this to live. I will not support any abuse of kids or humanity.

I really agree with you thats why we interested in Bitcoin, because its decentralized, because its far away from violence of imperialism.

there're a lot of project similiar to that one a years ago,
and also it's not the first time i heard a project backed so called 'diamond' or something like that.
even them who has delievered it in the end they ran away with costumer money.
it's a cover just to gain an attention from people and want to collect money in an easy way.
how can a project based and backed by the diamond running an ICO or IPO or something like that?
trully ridiculous in my opinion

i disgree with you on just one thing and that is not all bounties are scams you should pay attentino the project that you are engaging in because some bounties are realy benifitial read about the dev team and the whitepaper and good luck my freind benifiting from bounties.

Some diamonds are indeed like that and those diamonds don't have Kimberly certificates.

Nowadays, all reputable diamond buyers will ask for a Kimberly certificate whenever buying rough diamonds.

Hey, let me explain to you how we are different :)

First of all, look at the parent company - Live Rates Feeds. Who have created the world's first tradable diamond index. So we're not talking about a fly by night company, nor are we talking about a company that doesn't have it's basis in the diamond world. www.liveratesfeeds.com (http://www.liveratesfeeds.com)

Second, if you look at the info on the site, you will see that we start purchasing diamonds as soon as money comes in. Were we to run away with the money, then our entire company would close and what we created - the only tradable diamond index (the IDXUSD) would be completely useless and gone. And for what? For an ICO? God no. We're in the process of having some of the world's biggest stock exchanges do Due Diligence on the company since we already have 3 of the world's biggest stock brokers interested in adding this to their portfolio. If the ICO in any way endangered that, we would immediately close the ICO simply because it would not be worth it.

Third, regarding how a project can be backed by a diamond. The project is not. As in every industry, there is a small difference between the retail and wholesale price. That little difference is what gives us the cash to expand our day to day operations at Live Rates Feeds. The diamonds are there to give security to the coin holders in a manner that is completely unrelated to the Project being funded.

I am certain that as a smart thinking man (or woman) if you look at the details and the information on the site you would find the company and its projects to be far from ridiculous.

Thank you!! We try to show our appreciation to everyone who is a part of our community. Not only the bounty team. We also created our Tokens of Appreciation promotion to show some love to our entire community.

And you are absolutely right that looking at the team and in this case also the parent company, makes all of the difference. That's why I invite everyone to look at the whitepaper on our site and at the parent company - www.liveratesfeeds.com (http://www.liveratesfeeds.com)

I think you are committing fallacy here, do you use IPhone or any some brands made in Asia, just ask people how those products are being made and the state of the workers making them.

I like Diamond and will buy it

True. And even with all the public "outcry" it still happens. Whereas with diamonds, reputable buyers will request a Kimberly certificate which shows that these are not blood diamonds and were sourced ethically.

Oh, my... Again that scary stories about "poor children working hard" in 21 century. By the way, I would like to find  ANY job for my children in summer- for them to to understand WHAT IS THAT at all ))) But, I have started the topic not because I don't have idea about "hard children labour nowdays" but to understand what direction is worth of working to in cryptocurrency world. Thank you in advance for comments TO THE TOPIC.

Hmmm, anything is possible

Seems that they are backing the coins value with Diamond

However, always take cautious and note that not every statement is true. They could state that they backed up their coins with Diamond, but in the end, it might be just an empty promise

Might need to read more to get the information

Hey, if I may, if you look at the process you'll see we start buying diamonds as soon the ICO launches and some coins are bought. All of the certificates will be posted online for public viewing.

If you look at the parent company Live Rates Feeds, you'll see that this is not the first venture and that they are heavy in the diamond industry and the financial industry www.liveratesfeeds.com (http://www.liveratesfeeds.com)

Thanks for the feedback!

There have been other similar kind of projects as well. One where tokens were backed by Silver and t in the other one it was backed by Gold. The ICO for silver one failed to raise enough money. I am not sure how the ICO for tokens backed by Gold went. I will read about this project as well. If you have a link for Ann thread then please let me know.

https://bitcointalk.org/index.php?topic=2242596 (https://bitcointalk.org/index.php?topic=2242596)

You can also look at the site where everything is well detailed and with a lot more info www.kela.io (http://www.kela.io)

We tried to learn from others' mistakes so we could build something better. But even were the ICO not to succeed, the company is still a working company with a good future ahead www.liveratesfeeds.com (http://www.liveratesfeeds.com)

Let me know if you have any questions.

My first question, can you give me an answer why are you saying about the bounty was scam? So I can get the more explanation for you about that. If you were got scammed caused by your bounty effort to promote the ico didn't get successful and I may think that you own fault. And why?

Sorry, maybe I expreesed myself not the right way. Of course, not all bounties are scams, but there are a lot of really fake, unsuccessful, not paying and so on campaigns. And if we take airdrops the situation will be even worse.

Interesting idea but diamonds are more and more considered to be bloody and a "fake" industry, in the sense that one single company buys all the world's supply and they dictate the price. As others have said before, it's far from what blockchain technology stands for.

I think this is a good idea. But I am not interested in it. It is not clear. How can investors control your Diamond quality and quantity?

Actually, the opposite is the truth. It used to be a monopoly by DeBeers. In the past few decades, more and more companies have entered the market and created competition and in the past 15 years, with the rise of online platforms for diamond traders where they can buy and sell their diamonds online via a trusted third party it has become more and more democratized.

Incredibly enough, most people thought that the control of DeBeers was the reason the price of diamonds were moving up however the less control there is over the industry, the more the price rises! When looking at charts you can see the correlation.

The above two things are the reasons that diamonds have become more popular (maybe not with you personally but with most of the world) and the reason a number of companies have integrated them into the blockchain technology. Up until now, all diamonds were always traded with a handshake agreement, whereas now the diamonds can be traced back each step of the way all the way to the source. It's still in its infancy but that's the beauty of everything - there's always the ground floor you can get on.

Diamonds which until now weren't a part of the financial industry either, are also being added there. Most prominently by the company Live Rates Feeds (the parent company of KELA) but also by a few other industry players.

I hope this clarifies any misconceptions about the diamond industry, its relation to blockchain and its potential.

Hi, if there is something missing from the WhitePaper/ FAQ/ or the KELA Bible (all on our site) please do let me know. Our goal is full transparency.

Starting from the moment we start raising funds we will start purchasing diamonds. The certificates of each one of the diamonds will be made available online for public viewing. A diamond's certificate is like it's ID - it has all of the characteristics of the diamond on it documented by a trusted 3rd party.

This will let each person verify the retail value of the diamonds and approve that what has been bought has an equal value to the amount raised.

Is there anything else I can clarify for you? Is there anything you think is missing on the site? I mean it, if there's something just let me know and we'll take care of it immediately.

Thank you.

Interesting information, thank you. But why the coin? What was to necessity to create it?? Was it just a trend or a way to attract new "advanced" clients?  Actually, I don't mind (I am more PRO, than CONTRA ), but just want to understand the sense of investment in such a project.

Good question! Admittedly, it is a good way to raise funds even though we only keep a very small portion of what's raised since most goes to the diamonds but that's not the only reason.
A financial ecosystem needs three things - a way to transact daily business, a way to invest and a way to save. A way to invest is easy - most ICOs are like startups, most will crash, some will survive and a small few will thrive and make you rich. A way to transact daily business is being taken care of already by other companies and at this point others can do it better than us. But what was missing is a way to have savings. The KELA coin is a good way to have savings in a cryptoeconomy because it is based on a commodity that can be used in industry, medicine, food, etc - so it has an intrinsic worth in the real world but it's also good for the regular fiat economy which is plagued by inflation since diamonds on average earn more than the rate of inflation - so it's a great hedge.
So why can't you just buy diamonds? You could. But there are 16,000 different types of diamonds and you'd have to know which ones to pick. You could buy a whole basket of diamonds that represents all of the diamond industry. But that would cost about 3-3.5 Million Dollars. Plus you'd have to get insurance and storage. Here for 1.2 USD you can take your share of that.

So, yes, it is a good way to raise funds but it is an incredible product for the investors :)

I have got KELA coins, thank you  ;)

What exchange do you plan to enter?