Yeah, thanks for pointing this out.

I've actually seen this scam many times, but it just seemed too obvious for anyone to fall into the scam. But apparently there are still some people that don't know what they're doing and decided to invest it in regardless of all the obvious reports and proof around (not you OP, but others).

I doubt it's even a ponzi, even though they promise 1-5% returns daily. But that's not to say that they're not a scam, as they are definitely. Just look at the chart on their site, and the current conversion rates that they list. It would be a miracle if anyone was able to get any sum of money out of there based on how absurd their claims are.

First of all, their business model is basically the same as any other cloud mining business, which would instantly mean that this is most likely an unprofitable if not an outright ponzi/scam. Even if they deliver the tokens to you, they have control over your funds (or any mining equipment, if in the unlikely circumstance that they actually do mine with investor funds).

They most likely copied their whitepaper and edited some details from this: https://www.ico-check.com/kelta, based on the appearance of "KLT" in their whitepaper.

I tried out what you said about the team as well, if you click on the linkedin button it literally redirects you back to the site again. I wouldn't be surprised if the team was all fake and stock footage was used either, even though there is no current proof for that.

This is enough to consider them to be a fishy project. I'd be 95% sure that this will turn out to be scam sooner or later.

Am I not getting the point, or is this project literally just a centralized exchange with some fancy tech names?

But either way, they are being extra secretive about their team which is pretty much never done in ICOs. It certainly warrants suspicions over whether they do have a competent team or not. Even the real names aren't given, which is another shady aspect of this. Who can accuse anyone if something goes wrong with the ICO? They're all anonymous.


There are no guarantees of that. The advisors could have simply been offered a sum of money to follow along with the project and make it more appealing to the public, while having no idea what the team is actually doing.

Of course it shouldn't. But third party services do need to regulated to a certain point where it makes it safe for anyone using one of the regulated exchanges to be safe in storing funds with them (obviously, it's still best to store funds on the trustless bitcoin network anyways).

It should be noted though that these regulations shouldn't be a tool to restrict people from using bitcoin. Instead, it should be actually be keeping people safe by regulating ICOs, exchanges, etc.

There are many advantages which bitcoin offers to people that are currently unbanked, underbanked, or living in a country which a non-working fiat currency. And we are already seeing an emergence of these bitcoin users. These benefits are clear for me, but it does take time for adoption to catch on.

I just don't see enough bitcoin usage in people's daily lives yet in order to safely say that bitcoin has already gone mainstream.

I think that it's much more likely that we're still in the institutional adoption phase of the adoption cycle. As you can see, institutional investors are already coming into the bitcoin market at an ever growing pace, and big investors from the mainstream are starting to get their heads into bitcoin as well.

Regulations are maturing etc. as well. You can safely say that levels of adoption has increased drastiaclly already, and level of awareness has increased even faster. But as far as mainstream goes, I think bitcoin still doesn't see enough merchants accepting it, or established services using it for it to be considered to be mainstream just yet.

Yeah, it's actually pretty surprising to me at least that other countries with cheaper electricity aren't mining at the same rate that China does. Perhaps there are reasons that I don't know of (in which case, someone please correct me).


Controlling the mining power within bitcoin certainly means importance in the crypto world, and I think that potential is seen here.

But it still doesn't make sense trying to gain influence over bitcoin while basically disallowing exchanges to exist in their country. To me, China would be much better off if they are able to have functioning and regulated exchanges instead of all of them relocating to overseas areas.

I don't really foresee bitcoin becoming a threat to any major fiat currencies, because fiat currencies are most likely going to continue to exist regardless of how much market cap or how much adoption bitcoin gains over the years.

But, if you are talking about the level of adoption and the level at which people are using bitcoin rivaling the USD and British Pound, it could be possible. As mass adoption comes by, which will probably be a matter of time, some may even choose bitcoin over fiat for day to day commercial activities.

There are already a niche group of people that are storing their wealth exclusively in bitcoin. BTC will be a nice decentralized alternative that has the potential to go mainstream. But replacinig the actual national fiat currency requires more than just adoption, imho.

China is a bit different. If I remember correctly, their level of cashlessness is light years ahead of everyone else. And they use third party payment processors such as Alipay instead of debit/credit cards, which isn't yet done in the western world.

But there is no reason to believe that bitcoin can't survive in a cashless world.

In fact, as more people get comfortable with the concept of a centralized, cashless society, the obvious decentralized alternative would be bitcoin, for anyone that would like to store their wealth within a independent asset. BTC can be easily integrated into day to day commerce, just like any third party payment processors.

Makes absolutely no sense to me that anyone would want fiat to be integrated into the bitcoin system. Not only is that pretty much impossible to do (since how are you going to integrate a centralized currency into a decentralized one?), it is also bad for bitcoin, as it would mean that it has ties with fiat and isn't an independently decentralized currency anymore.

I think that most people use bitcoin as a store of value at the moment. Some use it as a form of payment as well.

These are the two main reasons why people still use bitcoin, instead of fiat. The most unattractive trait of fiat currency is that it goes down in value over time. Bitcoin is a hedge against that, so even though fiats are still readily available to be used, some people will simply diversify their wealth into bitcoin. There is nothing wrong with that whatsoever.

These are some pretty weird regulations. Why only 7 cryptocurrencies that are able to e traded against ICO tokens? I would like to see some of the logic behind why this particular decision is made, to be honest.

This doesn't really affect bitcoin itself much, since it's more about the regulation of these crypto tokens and securities than anything else.

Most countries already have pretty mature regulation in terms of bitcoin exchanges, by the way. These are not an issue at the moment. But a lot of the countries are actually only recently coming out with new regulations regarding the ICO tokens, which is exactly what Thailand is addressing here.

Bitcoin isn't backed by anything. Everyone knows that and a lot of people think that is the reason why it's not valuable.

I have to say that is completely wrong and distorted. Bitcoin is a decentralized currency, which means that nobody is able to manipulate the amount of bitcoin that is in circulation. Nobody is able to inflate away the value of the currency.

The more you look into BTC the more you see resemblance with gold, but way better. That's why I consider bitcoin to be a good long term store of value. Now, if bitcoin was centralized, then obviously there is no apparent source for value. But it's not.

Also, there are FOMO elements in bull markets, but that's not why bitcoin prices are going up in the long run.

That's exactly right. It was honestly as obvious as it possibly could have been, and yet people's greed still take over their judgment when they make the decision of investing, just because there are a few seemingly legit promo vids and some real life spokespeople.

Like if you look at their calculator for profits, you'll see that your ROI per year will be 400% or more.

That's either misleading advertising, or scam. No way they will actually provide guaranteed profits like that. As far as I'm concerned in both of these possibilities, it means that Ice rock is a shady company people need to stay away from.

Great find, OP.

I only wish people are as diligent all the time as this, because I'd say that the majority of ICOs probably utilise fake team members one way or another due to their need to hide their identity. And a simple image search can reveal a lot about the legitimacy of a project.

Due to the obvious proof that is provided, as well as the extremely crappy design of their website, it's safe to say that they're just a con that made up some kind of background story and now are trying to rip people off. Also, campaign managers should honestly be way more diligent before they accept a campaign like this, because promoting these scams won't do any good to anyone obviously.

Gold isn't intrinsically valuable either. And obviously, fiat isn't backed by anything of value, and has demonstrated that countless times as fiat currencies have continued to depreciate and often collapse as shown by history.

I find it amusing that these reports are all coming out in a bear market, and are nowhere to be seen within a bull market.

This is in no way an authoritative nail in the coffin. It's a one sided report that basically sheds bitcoin in a extremely bad light. Bitcoin has over the past decade gained acceptance as a store of value, and will only continue to do so. Bitcoin is not useless, it's being used in commercial activities by even big companies that accept them. They're the accepted form of payment between  many people globally.

There is a warning on digital goods already: https://bitcointalk.org/index.php?topic=3035620.0

Everyone should register for an account first before dealing with anyone here, because otherwise you can't see their trust ratings. The sticky makes it clear as well. These self moderated and locked threads are also extremely fishy and most are scams, since they are mainly used for the purpose of avoiding negative attention.

There are tens of fake vouches on his thread as well, that can be easily spotted since all of the people involved are newbies.

Not a surprise how he scammed OP and you considering his trust and history on this forum. However, I do hope that you learn your lesson and not get scammed again in the same manner.

Yobit is literally best known for their issues with dealing with customer funds, especially on the withdrawal end as they are not able to competently complete withdrawals half the time. The delays can honestly go on for months with no support.

I mean, they are still holding these coins in their own wallets, so they are the ones that are benefiting as a result from the PoS profits.

It's not really expected of any exchange to give you PoS profits per se, but in your case, clearly you've requested a withdrawal but they are just ignoring you at this point. You deserve the extra coins from PoS, but knowing how bad yobit support is, they will most likely not even give a crap about your withdrawal, let alone any profits on top of that withdrawal.

Anything that involves funding on a global scale would certainly benefit from bitcoin.

The fact is simply that you don't need to deal with a lot of the hassles that you would otherwise need to deal with when using fiat, the most prominent of which is probably just the foreign exchange rates, fees of payment processors, and the times needed in order for the funds to clear.

It would definitely make a lot of sense to use bitcoin in the future if crowdfunding services would like to increase their global appeal. It's as simple as that.

Them running outrageous giveaways on th forum (which now seems to be moved to trashcan by the moderators) and copying their entire site over from another site should be enough evidence that they are not worth playing at.

These scams are quite clever, and they play on your greed. They'll give you a small amount to start with, and somehow you'd make your way up to some bigger amount but you'd have to deposit in order to withdraw. Obviously, you'll never see your money if you deposit into their site. That's how their scam works.

But if you check cryptonhash.com, you'll find that even the bets are exactly the same (faked as well).

Firstly, I wouldn't recommend getting back into cloud mining. Especially considering that hashflare has recently announced that basically all of its contracts will no longer be producing profits due to the difficulty of BTC rising, as well as the tanking prices. If you want to invest in bitcoin, then simply do that. Buy and hold. Cloud mining relies a lot on bitcoin prices going up to turn a profit anyways.

The service that you may be referring to could be Eobot.

All of these services are either shady or not going to turn a profit for you at all. Those who guarantee 100% of your investment back(which I haven't heard of any, actually. Even Eobot I believe gives you the mining equipment, not your investment principal) should be regarded as a ponzi straightaway.

It can definitely take much longer than that, so be prepared to have to wait some more or not even get anything back at all.

It seems like that your withdrawal is simply being held by yobit. No other explanation to why you still haven't received anything from them even though your withdrawal is clearly acknowledged by them, judging from that screenshot.

This happens all the time with them, which is why most people will tell you to steer clear of using them altogether. All you can do atm is wait, and send them new tickets every now and then. They are extremely unresponsive on the forum, and will ban you from the trollbox if you complain there, so don't even bother sending PM's or anything like that.