Dear Skang,

We assume you are asking these question from Trestor. We will try our level best to reply.

What gives bitcoin value? How is the price of 1 bitcoin determined? Why?

Bitcoin is an intentionally designed,  decentralized, peer to peer virtual currency. For the first time in human history, we have created a global currency which is neither backed by the market (commodity money) or the state (fiat money).

Bitcoin has properties resulting from the system's design that allows them to be subjectively valued by individuals. This valuation is demonstrated when individuals freely exchange Bitcoins over various global exchanges. This voluntary exchange between buyers and sellers determines the real time value of Bitcoin at that particular instant.

2. Since we already have consensus in the form of blockchain, what is the use of "proof-of-work" in bitcoin?

Not sure if we understand the above question, could you please elaborate?

Trestor Team
www.trestor.org
@trestorconnect

Benson proposed posting this chat so that all forum members are kept in loop. 

KUNAL :  Hi Benson, wanted to know if you are interested in flying to Chandigarh to meet our tech team including Stephan.  Of course,  Trestor will pay for airfare and hotel. This would help us prove that we are not a scam.

BENSON :  You may think that you are not a scam, but you are, mate.. Am not a nasty person by nature, I just call them as I read them. And I have read that scary paper of yours.. Do try to defend what you have at least on the forums.. Once you cannot answer any more questions, back away and stop messing with people's money.

BENSON :  No thank you for Chandigarh. Am there sometime in Aug, but for very cool things like Bitcoin.

KUNAL :  We may make mistakes,  but we are genuine people,  not a scam.

BENSON :  I have said that already.. You'll are pushing a scam product without even understanding it. I know some people from your team, they have connected with me on LinkedIn as well, so I know that is real. I also know that some on your list have moved on. The questions being asked are not about your team, but you and your product..

KUNAL :  How is a genuine try to create a different cryptocurrency protocol and supporting Foundation a scam.  Where Is the manipulation,  what are we hiding.

BENSON :  Its centralized from what I can see.. Its not even open source and you'll are plugging away with the words Bitcoin and cryptocurrency. But of course, am not in the act of consulting you'll, my efforts work with open source and decentralized tech.. And it stops if either of the criteria is not met.

KUNAL :  We are a protocol which is getting more and more decentralised literally every month.

KUNAL :  Bitcoin's decentralisation rests on the assumption of competitive mining.

BENSON :  I have very strong thoughts on alts mate. Very lengthy to explain on chat, so I would rather not. I never had any problem with you'll..

BENSON :  Not sure why you even tried to make things personal, leak private chats without permission, etc

KUNAL :  The chats were between 2 parties, one was me and the other was involved in the related discussion on the thread. Trust me when I say, nothing is personal here, I do not want to hurt anyone's feelings.

BENSON :  You do not seem to understand how a lot of things work.. You did make it very personal to bring my friends personal life into a  painted imaginary space...

KUNAL :  But he had this all over his Instagram and FB, my team made sure that we do not post his comments and some other sensitive material. We found so many more inconsistencies, i've deleted everything, even what my team found out, I've asked them not to indulge in this again.

BENSON :  You did this by yourself and then you blame your team. Not a good thing. He had it cos he can.. It had nothing to do with Bitcoin or coinsecure or the forums.. Was a poorly chosen tactic to divert from your own incompetence..

BENSON :  Did you forget that you pinged me and told me that you had posted it?

KUNAL :  How will this divert attention, what difficult question is Trestor not answering?

BENSON :  It was a try to divert.. You have unresolved threads. You have not answered many many questions of the forum.. You have not yet let me know I can post this WhatsApp thing on the forums as well..

BENSON :  So do you agree that you tried that parlour trick and then tried to blame your team?

KUNAL :  No. I don't.

KUNAL :  We will love to answer any objective question, it's almost impossible to answer to accusations.

BENSON :  Lol... Take this chat to the forums.. Not interested in even trying to talk to paypal

BENSON :  A PayPal clone

KUNAL :  I won't take this to chats, I promise. If you want I can call you.

BENSON :  No calls please, you are a dodgy person, I would like to maintain record of my words

KUNAL :  ok

KUNAL :  Please ask me any direct and objective question about Trestor and I will be happy to answer.

BENSON :  I have, on the forums.. Do take it up there with the community..

KUNAL :  Sure. But this is direct and quick, just copy and paste the questions and I will respond instantly.

KUNAL :  I will also paste my answer there

BENSON :  No thank you.. I do not need to be convinced.. I already know some outcomes of your product..

KUNAL :  What are those outcomes?

BENSON :  You should explain your privacy breaches and personal attack as well on the forums.. That is where you involved me..

BENSON :  Not your consultant mate.. Try to get someone to help you understand what you are doing wrong..

KUNAL :  and then you should clearly explain how Trestor is a Scam, shouldn't you?

BENSON :  No.. I did not start that thread

KUNAL :  But you were absolutely convinced that Trestor is a Scam.

BENSON :  And I still am..

BENSON :  Not sure why my opinion would matter tbh..

KUNAL :  I will stop Trestor project if you can tell me how we are Scams.

KUNAL :  This is why your opinion matters.

BENSON :  Come onto the forums and try to calm down with people and ask for their help... They are jumping at your throat cos we have seen stuff like this before

KUNAL :  Sorry, but how are we a Scam. Please answer.

BENSON :  You are premined, undecided, non open source, seemingly centralized, claim to be rolling out, but without open source

KUNAL :  Undecided?

BENSON :  If you'll have accepted money from people under these circumstances, you are a scam..

BENSON :  Undecided on when you will release.. There was a post somehwere, where you'll had offered to open source the project by Mar 1st, that became july 1st and am quite sure that you'll would not open source the daemon as yet

BENSON :  Since, even your paper had several flaws as outlined by skang

KUNAL :  So Ethereum is a scam as well, right?

BENSON :  I don't post about alts dude.. Please take your intentions elsewhere.. You are really trying the wrong place..

BENSON :  Can I post this entire WhatsApp chat on forums? I have asked before as well

KUNAL :  The very first para of our draft outlines that the draft is work in progress and will have inconsistencies, also, skang wasn't able to point at anything.

KUNAL :  Sure.

BENSON :  If it's a work in progress, how are you'll selling it?

KUNAL :  I would really appreciate it. In fact, I want you to post it all.

KUNAL :  bitcoin as mentioned by bitcoin foundation is an experiment.

BENSON :  Cool, have a nice day..

KUNAL :  You too, please post this all on forum and let the members decide.

BENSON :  Yes and I am working with Bitcoin.. The forum is bitcointalk.. My thoughts are related to Bitcoin.. I can post if I want to, or not..

KUNAL :  OK, good. Thanks.

BENSON :  Please stop bothering me and the Bitcoin community.. But we will explain your centralised solution to everyone and make them aware that there is a far better option known as Bitcoin

KUNAL :  OK sure, so are you still posting this chat. I think you should.

BENSON :  Why not..

KUNAL :  Great! thanks. I will keep checking. Have a good day.

BENSON :  Sure, so keep checking.. While you are doing that, do resolve your threads as well.

KUNAL :  ok thanks.

Just like bitcoin, no new trest creation is allowed unless the majority of the network votes for it.

Trestor Team
www.trestor.org
@trestorconnect

Hi Benson,

Any objective reason for the sarcasm?


Trestor Team
www.trestor.org
@trestorconnect

Hi Benson,

Total trest in existence: 100 billion

Market cap at $0.01: $1 billion USD

Trests themselves are non-mineable. Our Trest miner software, detects the hardware and mines the most profitable coin and exchanges it for Trests, giving an illusion that the user is mining Trests.

Trestor Team
www.trestor.org
@trestorconnect

Hi Benson,

Yes, we will open source Trestor's core libraries on its second birthday, ie. on 1st July 2015.

Trestor Wallet's iOS and Android crypto-library code is already open. Feel free to fork it!

https://github.com/Trestor


Trestor Team
www.trestor.org
@trestorconnect 

Dear Community Members,

Your support has helped us achieve our first big milestone. We have successfully executed a big pilot in partnership with Cameroon government. Results got some media attention as well.

Over the next 12 months, we will enroll 500 Trestor retail partners across Cameroon (10 regions, 54 divisions and more than 360 sub-divisions).

http://www.business-standard.com/article/news-ians/indian-startup-partners-with-cameroon-for-money-transfer-last-mile-services-115061900923_1.html

Regards,

Trestor Team
www.trestor.org
@trestorconnect

Deleted

1. Our Intent here is not to defame any business or individual, Trestor has publicly and privately thanked Benson/Pankaj for many years of hard work that they have put in nurturing and growing India bitcoin community, we hope to collaborate and work with them in near future

2. Trestor is not against marijuana, not many people know this, but Mr. Kunal Dixit has worked extensively to help decriminalize marijuana in Canada

Trestor Team
@trestorconnect
www.trestor.org

Dear Skang,

" Their algo is clearly a scam!? "

Deep & enlightening thought indeed. Trestor is willing to concede. 


Trestor Team
@trestorconnect
www.trestor.com

Sarcasm is the body defense against stupid

 

Deleted.

Reason: Its our sincere belief that bitcoin ecosystem needs more partnerships, less leg pulling.

Trestor Team
www.trestor.org
@trestorconnect
 

Buysellbitcoin,

We respect your inputs and immense experience, Trestor has no personal vengeance against anyone.

We haven't posted any personal pics of anyone, only publicly available Instagram pics.

Trestor is not looking for drama or confrontation, don't see any reason why we cannot post from our official handle.

As a matter of fact we respect Benson and Pankaj for years of service towards the community.

Regards,

Trestor Team
@trestorconnect
www.trestor.com

Deleted.

Reason: Its our sincere belief that bitcoin ecosystem needs more partnerships, less leg pulling.

Trestor Team
www.trestor.org
@trestorconnect
 

Deleted.

Reason: Its our sincere belief that bitcoin ecosystem needs more partnerships, less leg pulling.

Trestor Team
www.trestor.org
@trestorconnect
 

Dear Escrow.Ms,

We like good questions and constructive criticisms.

Your questions and criticisms are neither good nor constructive.

Maybe we can help you improve your questioning skills by asking you some basic questions about Coinsecure in another thread.

This is how you ask proper questions: https://bitcointalk.org/index.php?topic=1073695.msg11479103#msg11479103

Let this thread be for others with constructive questions like Buysellbitcoin, Polynesia, btc_enigma and BitCoin Dream.

Thank you for understanding,

Trestor Team
@trestorconnect
www.trestor.org

Thank you for your questions Mr. Pankaj Bhardwaj (Escrow.ms). We noticed that you have been serving bitcoin community for a long time now, really appreciate your ethical and prompt service.
 
What's the benefit in reinventing the wheel?
While Satoshi's aim was decentralisation, our aim is to use decentralisation to fix a long standing economic issue, it's called "free rider problem", please take a look at the last 3 pages of our tech draft. 

Why should someone buy trest?
It's a great risk adjusted return investment.

Why the heck you guys want to become market makers? monopoly much?
Market makers liquidate the market with buy/sell orders. It's healthy for all market participants.

Could clear some of our doubts:

Why did you refuse Kunal’s direct offer to explain Trestor over a call?
Why did you post hate reviews on Google play store?
Why did you remove your review?
Right after you removed your hate review, 2 new hate reviews from fake accounts were posted. Any Ideas why?


Kunal's offer: https://drive.google.com/a/luckysingh.com/file/d/0BzuzOKeV6qgxZF9JMU9nUjRRc3c/view?usp=sharing

Fake reviews: https://drive.google.com/a/luckysingh.com/file/d/0BzuzOKeV6qgxUjA1dnprUlB6emM/view?usp=sharing
 

Regards,

Trestor Team
@trestorconnect
www.trestor.org

Dear Bullsellbitcoin, Thank you for your wonderful questions.

Our cryptocurrency, "Trests" do not enter the system only via Trestor volunteers/employees.

In our reply to Polynesia, it may seemed that way because we were specifically referring to founder/volunteer/employee compensation and not the overall distribution of Trests into the open market.

Trests are pre-mined, they can be purchased by anyone via our website or by visiting any of our Retail Partner locations worldwide, very soon, anyone anywhere will be able to earn Trests by helping create "Public Goods" for their neighborhood, details on that will be out before 1st July 2015.     

Trestor Foundation:

1. Cannot create new additional Trests
2. Cannot control the price of Trests
3. Cannot stop/alter any transaction
4. Does not have access to anyone's Trestor account
5. Does not control Trestor Network after our source code is released

Trestor Foundation exists to help and grow Trestor Network and Trestor Protocol. We will be active market makers so that "Trests" can be bought and sold in large quantities, without affecting the price.

Once the source code is out, Trestor will be fully decentralized yet backed by a very potent and proactive Trestor Foundation. I hope this answers your excellent questions, we will be happy to answer any subsequent questions.

Trestor Team
@trestorconnect
www.trestor.org

Polynesia, Great questions.

First question: Creating an optimal strategy for token distribution was challenging.

Both, Ripple and Stellar gave away tokens out to people and businesses (wallets, gateways/exchanges, early employees, adopters, partnering companies, charities, etc. ) which on the surface seemed like a good idea, it was suppose to create user engagement and a healthy ecosystem. The utility that they hoped quickly got evaporated, ecosystem never got the bootstrapping they hoped for and the token's value seems to be in a limbo.   

Trestor has learnt a lot from other projects, without getting into the details, here is our broad plan.

1. Trestor will not be giving out even one free Trest, to anyone, anytime. Every Trest needs to be earned or exchanged for an item of value

2. Trests assigned to Trestor team are capped at 10% of the total trests

3. Trest payouts to Trestor team members will be monthly, stretched over a 5 year period

As of right now, Trestor Foundation has 4 teams:

1. Protocol team
2. Application team
3. Business and Retail Partner team
4. Public Relations team

Each team will have a maximum of 15 members, each member gets a defined number of Trests every month, based on his previous month's performance.

Performance is determined by voting by all team members, every member participates in a blind voting where they chose the 2 best and the 2 worst performers (for the previous month) in their team.

Top 20% of the voted performers get twice the number of monthly trests, middle 60% get regular number and the bottom 20% get nothing at all. 

This process gets repeated every month thereby creating an environment of co-operative competition.

Second question: Disclosing the total number of Trests is very important to invigorate confidence, we understand our responsibility here and will definitely release the number details in our project whitepaper on or before 1st July 2015. 

Trestor Team
@trestorconnect
www.trestor.org

Hello Escrow.MS.,


1. What is the fixed number of coins?
9. Who is going to decide Initial price of trestor?


Trestor looks forward to sharing details of our plans with the world as the project matures, it would be unjust on our part to answer these questions without going into details of the underlying rationale, we appreciate your enthusiasm and you guys we would certainly release details about Trestor protocol before our 2nd anniversary, which is on 1st July 2015.
  

2. Your foundation's registration number or certificate?

Image uploaded for your convenience:

https://drive.google.com/file/d/0BzuzOKeV6qgxNkZVdnVkZUlrcGM/view?usp=sharing

In addition to Panama, we have started our registration process with Belize, Singapore and Dubai.


3. What you will do with the donation money?

Donations will help us scale up our ongoing crypto-economic research and development and market making activities.    
 

4. Your foundation is not even registered in India, so how will you be accepting donations through your Indian retail partners?

Being a banking and compliance professional, It would be nice if you could you point us to any regulation which prohibits an Indian resident to make a donation to an International non-profit.


5. You are comparing Trestor with bitcoins on your site, articles, tech draft and everywhere then why are you accepting bitcoins?

Please don't get us wrong, we have a great deal of respect for the bitcoin protocol, it was the first to show us that crypto-economic models can really work. Trestor also respects bitcoin community members like Benson Samuel who were here early and stood for the protocol when others were calling bitcoin a scam, or even drug money. Guys like Benson kept nurturing and educating new community members despite all the negativity.


6. As btc_enigma said why are you posting in just Indian sub forum? Isn't that's a worldwide currency?

At Trestor, our full focus is on achieving our developmental targets before we become too active on forums,  We are pretty inactive on  reddit, twitter and facebook as well. You will see us getting more active  as we release more information and source code.  

We have been called a "Confirmed scam" only in India sub-forum therefore It makes sense to reply in the same sub-forum.  


7. You have made so many retailers in India yet your mobile app only supports USD.

Our mobile app only supports 'Trest' our internal unit of account. Prices in USD are for a user's convenience, We will certainly be adding more currencies soon.

Hello Vennali and Skang,

Thank you for investing your time and effort in understanding Trestor Foundation.

Vennali:

Calling out a scam is not wrong if the claim is backed by irrefutable evidence and at-least one scam victim.  On the other hand, Calling someone a scam, because they have the potential to be a scam is like calling all girls pregnant because they have the potential to conceive. Onus lies on the person "making the claim" to back their claim up with some concrete evidence and not just gut feeling.

Feel free to discuss technical details with Stephan:  stephan@trestor.org


Skang:

Would love to know why you found the last section funny.

Trestor Team
@trestorconnect
www.trestor.org