Bitcoin Forum

Hi all,


I participated in the ICO of KELTA (https://kelta.com/home (https://kelta.com/home)) a few months ago.

Since I have been banned from the Telegram chat a couple of weeks ago (for offering to buy tokens outside of the "official exchange", which still doesn't exist btw), I can't really interact with other token holders anymore.

Anyway, the Kelta team has been missing deadlines since the end of the ICO and made a real mess of distributing the tokens. They were supposed to activate the mining for the token holders on the 1st of Aug, but as of today, this has not taken place yet.
They have not issued any official communication except repeating to "stay patient and wait for further info per e-mail". This whole thing is starting to look a bit shady.
At the very least, I can say it has been very poorly managed, from a timeline and communication point of view up to now.

Here is short explanation of the business model of Kelta (see whitepaper for more detailed info https://kelta.com/preview-file/kelta-whitepaper-ENG.pdf (https://kelta.com/preview-file/kelta-whitepaper-ENG.pdf)):

- There is an exisiting computing center in Slovakia, whith spare space for an additional 10 MW of computing power.
- With the profit of the ICO, Kelta will buy and install 10 MW of GPU computing power (incl. immersion liquid cooling) to mine ETH, Monero, Zcash and DGB.
- 1 Kelta token (KLT) will afford the holder 1 Watt of computing power over the next 50 years. (:D)
- Kelta will deduct fees for electricity (0.03 USD/kWh) and maintenance fees (138 USD/month for 1000kW of computing power). Total fees will be 160 USD/month for 1000W of computing power.
- The token holder will keep the profit after deduction of the fees for a planned ROI of 6-8% per month.

So I have been crunching numbers today and at the current price of ETH, I don't see how this model should work.

Over a range of common GPU, I estimate approx. 153 MH/s for ETH for 1000W of power. Kelta says that their proprietary liquid cooling technology allows them to increase hash performance by up to 25%. So in the best case, we would be just above 190 MH/s per 1kW.

Acc. to an online calculator (https://www.cryptocompare.com/mining/calculator/eth (https://www.cryptocompare.com/mining/calculator/eth),) the profit per month with 190 MH/s would be 155 USD. So taking into account fees of 160 USD per month, there is no profit to be made here.

I would be glad to hear from other token holders or from mining experts.


Cheers,


David

Hi,


some new information has come to my attention while looking for the name of KELTA CEO, George Mac (English version of his name Juraj Mác). It seems he was recently involved in tax fraud and insurance or credit fraud and was found guilty on 27th March 2017.

Wow, this makes me really confident that this whole affair is legit.  ::)

Here is a link to the trasnlation of the original article:

https://translate.google.com/translate?hl=fr&sl=sk&tl=en&u=https%3A%2F%2Fplus7dni.pluska.sk%2Fdomov%2Ftrest-pre-znameho-bratislavskeho-podnikatela-skonci-vsak-naozaj-mrezami (https://translate.google.com/translate?hl=fr&sl=sk&tl=en&u=https%3A%2F%2Fplus7dni.pluska.sk%2Fdomov%2Ftrest-pre-znameho-bratislavskeho-podnikatela-skonci-vsak-naozaj-mrezami)

Cheers,


David

want to sell 170 Kelta bonus tokens, expiring 1 october,
canuse to buy kelta tokens with 100% bonus
the price is 1 ETH

Yes, i have 16 KLT and all of them are in mining. But they blocked me in their telegram group, mining app is working, but very strange numbers i have...