Here's my concerns:
1) apparently the foundation is based in toronto? I heard about it at the CNE today for the first time and they were actively comparing it to bitcoin and had a booth manned by two people who had no idea how to do anything but make people install their app. I asked if coins are pow/pos/premined and it took about 2 minutes for a roundabout answer that it's premine
2) that's $1B of premined currency at fixed value - pretty much identical to how paycoin claimed for months they were fixed at $20/ea but immediately plunged on the open exchanges. You cannot simply create an altcoin and "give" it a $1 billion market cap.
3) how is it non-profit when they control "$1 billion" of money they produced from nothing? If you ask me every treat they sell is 100% profit and should be taxed.
Topic: Trestor - A confirmed cryptocurrency scam ! [Part II] (Read 4836 times)
You are free to call them out but stop piggybacking on my name.
How about making some arguments?
How about making some arguments?
Hahaha! Someone give this man a cookie. 
In continuation to https://bitcointalk.org/index.php?topic=1057794.60
It seems that skang is somehow frightened...
and hence going to lock the thread...
But, we can not allow the Trestor scam just because the promoters are son of some rich people. So, I decided to continue the thread. This thread will be open as soon as skang locks the original one...
Edit:
Problems that Trestor admitted in the thread:
1. Proof-of-work is not required, a consensus is enough. (Thus trestor validators' consensus is needed to be trusted & they can change anyone's trests.)
2. Value of a cryptocurrency is whatever people exchange it for. Treats however have fixed rate (No other cryptocurrency "sells" their currency.)
3. Trests are 100% pre-mined
4. When you buy trests, its not a purchase but a donation, so there is no legal protection for you.
Problems that Trestor's developers said they did not understand:
1. Trests only get sent from one app to another if they are validated by validators. The right to become a validator is by "buying" it from trestor but there is no return as profit! So why would someone become a validator? Either to earn from fees or to earn by selling trests. Thus it becomes a pyramid scheme where investors who will continue to recruit other investors for an incentive that is presented as an investment opportunity - the right to sell a particular product or to earn fees from them.
2. If there is a dispute, there is no history and resolving it is purely a matter of Trestor's discretion.
3. Even if trestor starts saving the history, there is no proof of it's correctness since they do not use proof-of-work or anything. thus every new participant in the network needs to trust the pre-existing validators. Thus also vulnerable to mitm.
4. If a majority decides that a transaction is valid, that transaction is validated, irrespective of any algorithm preventing trests to be created out of thin air; not even Trestor, because again, they have no proof-of-work.
5. In case of a double spend the transaction gets stuck, since validators can't vote against themselves. To resolve this they have implemented time-bound validity of nodes. This doesn't solve it. Consider a scenario where first 50% validated A->B and second half validated A->C at the same time. The transaction gets stuck. Votes expire after time t and now the first half votes for A->C & the transaction gets stuck again & so on..
All of this is apart from the problems in legality & code.
Is it legal to send any centralised form of money from a foreign country to India?
Old Content:
I recently traveled to chandigarh and came across a very active cryptocurrency community here to my surprise!
On further investigation, see for yourself : https://trestor.org/
http://www.meetup.com/Trestor-Connect-Chandigarh-Chapter/ supposedly going all over India!
Spread the word please, save people.
Problems that Trestor admitted in the thread:
1. Proof-of-work is not required, a consensus is enough. (Thus trestor validators' consensus is needed to be trusted & they can change anyone's trests.)
2. Value of a cryptocurrency is whatever people exchange it for. Treats however have fixed rate (No other cryptocurrency "sells" their currency.)
3. Trests are 100% pre-mined
4. When you buy trests, its not a purchase but a donation, so there is no legal protection for you.
Problems that Trestor's developers said they did not understand:
1. Trests only get sent from one app to another if they are validated by validators. The right to become a validator is by "buying" it from trestor but there is no return as profit! So why would someone become a validator? Either to earn from fees or to earn by selling trests. Thus it becomes a pyramid scheme where investors who will continue to recruit other investors for an incentive that is presented as an investment opportunity - the right to sell a particular product or to earn fees from them.
2. If there is a dispute, there is no history and resolving it is purely a matter of Trestor's discretion.
3. Even if trestor starts saving the history, there is no proof of it's correctness since they do not use proof-of-work or anything. thus every new participant in the network needs to trust the pre-existing validators. Thus also vulnerable to mitm.
4. If a majority decides that a transaction is valid, that transaction is validated, irrespective of any algorithm preventing trests to be created out of thin air; not even Trestor, because again, they have no proof-of-work.
5. In case of a double spend the transaction gets stuck, since validators can't vote against themselves. To resolve this they have implemented time-bound validity of nodes. This doesn't solve it. Consider a scenario where first 50% validated A->B and second half validated A->C at the same time. The transaction gets stuck. Votes expire after time t and now the first half votes for A->C & the transaction gets stuck again & so on..
All of this is apart from the problems in legality & code.
Is it legal to send any centralised form of money from a foreign country to India?
Old Content:
On further investigation, see for yourself : https://trestor.org/
http://www.meetup.com/Trestor-Connect-Chandigarh-Chapter/ supposedly going all over India!
Spread the word please, save people.
It seems that skang is somehow frightened...
Bandhu. I don't even have a reason to take up this fight. This was just a PSA. I fear rich people & I am changing the title of this thread.
Peace.
Peace.
and hence going to lock the thread...
This thread will be locked on 8th July. Post your final statements or anything by then.
This is not my fight & I am not taking it up.
This is not my fight & I am not taking it up.
But, we can not allow the Trestor scam just because the promoters are son of some rich people. So, I decided to continue the thread. This thread will be open as soon as skang locks the original one...
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