Critical problems with Trestor - Read before use

[skang]

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.

[escrow.ms]

It's definitely a scam,I remember posting about them many months ago.
https://bitcointalk.org/index.php?topic=890008.msg10374466#msg10374466

[skang]

Yet they still have hundreds of merchants all over India.
All the numbers are there on the website, in the map at the bottom of the page. We really need to start calling and explaining the poor merchants.

[escrow.ms]

Retail Partners
Retail Partners are independent retail businesses that support us by accepting donations on behalf of
Trestor Foundation and give out Trests (Trestor Donation Receipts).
As a Retail Partner, you can accept donations in US Dollar or any currency of your preference and give out equivalent Trests to the donors.

According to them, they are a non profit organization based in canada, So basically it means, they are accepting foreign donations through these retailers and issuing digital tokens without having a non profit organization and proper license in India.


I guess, we need to ask
Who's generating trezors and sending to retailers?
What they are doing with the donations?
Why do the need bitcoins and FIAT if trestor is better ?
LOL it's like asking people to donate all their real money and bitcoins to them and believe in a currency that popped up out of nowhere, while they are having fun with the real cash just because they have listed some retailers name on their website.

 

[btc_enigma]

I posted on that thread too ... scam written all over. Please be careful everyone

[ekin4]

Thank you for the warning. My friend suggest me but I told him I need to check bitcointalk first. Now I need to warn others.

[vennali]

It is a clear scam, but seems they are relying on trapping people new to the bitcoin and the digital currency ecosystem. They are also trying to get investments for their company or altcoin, which will definitely lead to a scam.

Here is their ANN Thread on the Indian Subforum : https://bitcointalk.org/index.php?topic=890008.0

[btcsnatcher]

It is a clear scam, but seems they are relying on trapping people new to the bitcoin and the digital currency ecosystem. They are also trying to get investments for their company or altcoin, which will definitely lead to a scam.

Here is their ANN Thread on the Indian Subforum : https://bitcointalk.org/index.php?topic=890008.0

saw the thread... seems they were anxious to get involved in the cryptocurrency world... but stopped posting in the thread...

I rang a 'Trestor merchant' in Australia this morning. Nice guy. Not a crypto geek. Knew nothing whatsoever about Trestor. Zip. Nada. Zilch.

How about a bunch of us in different countries each ring a listed merchant?

Mark (IndiaMikeZulu), Australia

Did anyone try to ring the listed merchant in India???
If so, what did they say?

Anyway, thanks for the thread... lot of newbies are out there like me who got to know about the scam...

[vennali]

Did anyone try to ring the listed merchant in India???
If so, what did they say?

Anyway, thanks for the thread... lot of newbies are out there like me who got to know about the scam...

There is actually a reply there on the ANN thread where a guy tried to call up a number on the list : https://bitcointalk.org/index.php?topic=890008.msg10445239#msg10445239

And seemed he had no idea about Trestor or any Cryptocurrency .

[RocketSingh]

It is funny to see that the mainstream media that does not give good coverage to bitcoin has given such a coverage to this scam...

i. http://www.financialexpress.com/article/industry/tech/indian-entrepreneur-kunal-dixit-launches-new-currency-ecosystem/38146/

ii. http://timesofindia.indiatimes.com/tech/tech-news/Chaiwalas-golgappewalas-to-market-digital-currency-in-India/articleshow/46097663.cms

[btcsnatcher]

Did anyone try to ring the listed merchant in India???
If so, what did they say?

Anyway, thanks for the thread... lot of newbies are out there like me who got to know about the scam...

There is actually a reply there on the ANN thread where a guy tried to call up a number on the list : https://bitcointalk.org/index.php?topic=890008.msg10445239#msg10445239

And seemed he had no idea about Trestor or any Cryptocurrency .

I read that post... the guy was talking about the merchant in Australia.
I was asking about merchants located in India.
anyhoo...Trestor's a scam... and that's what really matters... informing people where to invest and where not...

It is funny to see that the mainstream media that does not give good coverage to bitcoin has given such a coverage to this scam...

i. http://www.financialexpress.com/article/industry/tech/indian-entrepreneur-kunal-dixit-launches-new-currency-ecosystem/38146/

ii. http://timesofindia.indiatimes.com/tech/tech-news/Chaiwalas-golgappewalas-to-market-digital-currency-in-India/articleshow/46097663.cms

that's actually hilarious... i guess trestor was given such publicity and importance by Indian papers because it was launched by an Indian "enterpreneur"...   

[vennali]

that's actually hilarious... i guess trestor was given such publicity and importance by Indian papers because it was launched by an Indian "enterpreneur"...   

Even companies like Zebpay and other bitcoin related companies are by Indian founders as well, and even got investments. But even then, you would see no mention of them in the newspapers.
Perhaps, if you are in one of the cities where the meetups are happening , someone should visit.

[polynesia]

that's actually hilarious... i guess trestor was given such publicity and importance by Indian papers because it was launched by an Indian "enterpreneur"...  

What is unfortunate is that when finally people lose money, I am sure the media will report it as a scam involving "Trestor - a cryptocurrency like Bitcoin".  
                                                   

[btcsnatcher]

that's actually hilarious... i guess trestor was given such publicity and importance by Indian papers because it was launched by an Indian "enterpreneur"...   

Even companies like Zebpay and other bitcoin related companies are by Indian founders as well, and even got investments. But even then, you would see no mention of them in the newspapers. 

that's actually tragic, given that zebpay and other bitcoin related Indian companies are a lot better than Trestor... and they really are taking part in strengthening the bitcoin community by their works... unlike Trestor which even though being a scam gets all the limelight... 

[Benson Samuel]

I would love to see a trestor reply in this thread. I do not believe that they started with the intention, to 'scam'.
The marketing that they have pursued is rotten and that needs to be addressed.

This thread seems scattered with intentions and opinions rather than something real and substantial.

I am aware of the phone calls to merchants who have denied their involvement with Trestor, but would be awesome if they could come over here and clarify once and for all.

[vennali]

I would love to see a trestor reply in this thread. I do not believe that they started with the intention, to 'scam'.
The marketing that they have pursued is rotten and that needs to be addressed.

This thread seems scattered with intentions and opinions rather than something real and substantial.

I am aware of the phone calls to merchants who have denied their involvement with Trestor, but would be awesome if they could come over here and clarify once and for all.

They were last online in April when some of the posts question their merchants were posted. Since they didn't care replying, I would still doubt they are not a scam, or not running it in a fishy manner.

They also have a team listed, which I highly doubt is real. Their currency actually promises nothing new, and it seems they are just relying on the fact that not a lot of people are aware of bitcoin, to market their own digital currency.

[skang]

..I do not believe that they started with the intention, to 'scam'.
The marketing that they have pursued is rotten and that needs to be addressed.

They have been scammers all along and their marketing has been brilliant! What are you talking about Benson?
What substance do you want? Would you only believe they are scammers if and when they do run away with the fiat?
They specifically stopped answering once people called out their bluff. They knew they couldn't argue with people who understood the protocol so took their business offline. They have a meeting this wednesday in chandigarh; send someone and verify if you please.

I ask you 2 simple questions:
1. What gives bitcoin value? Now, what gives trestor value?
2. Trestor is using consensus instead of proof-of-work. We already have consensus ledger in the form of blockchain, then why do we need proof-of-work in bitcoin?

Only a person who doesn't understand the bitcoin protocol would doubt them of not being scammers.

[Benson Samuel]

..I do not believe that they started with the intention, to 'scam'.

The marketing that they have pursued is rotten and that needs to be addressed.

They have been scammers all along and their marketing has been brilliant! What are you talking about Benson?
What substance do you want? Would you only believe they are scammers if and when they do run away with the fiat?
They specifically stopped answering once people called out their bluff. They knew they couldn't argue with people who understood the protocol so took their business offline. They have a meeting this wednesday in chandigarh; send someone and verify if you please.

I ask you 2 simple questions:
1. What gives bitcoin value? Now, what gives trestor value?
2. Trestor is using consensus instead of proof-of-work. We already have consensus ledger in the form of blockchain, then why do we need proof-of-work in bitcoin?

Only a person who doesn't understand the bitcoin protocol would doubt them of not being scammers.

..I do not believe that they started with the intention, to 'scam'.

But they got there, if those were the words you were looking for.

They have been scammers all along and their marketing has been brilliant! What are you talking about Benson?

Brilliant for who? As far as I can see they are doing lie filled marketing and trying to sell a scam. That would be quite rotten.

What substance do you want? Would you only believe they are scammers if and when they do run away with the fiat?

They do not access the forums, so what do you want me to do here? Who said that they were not scammers?

Only a person who doesn't understand the bitcoin protocol would doubt them of not being scammers.

Lol

I am aware of the phone calls to merchants who have denied their involvement with Trestor, but would be awesome if they could come over here and clarify once and for all.

I want to know why there doing this? It is one of the easiest things to investigate and turn them over. Yet they continue to show this.

[skang]

Sorry, I got you wrong then. I thought you doubted there. We are on the same page here.

[Benson Samuel]

Sorry, I got you wrong then. I thought you doubted there. We are on the same page here.

I was excited to see a crypto company coming up in India at first, but kinda went sour as I saw their marketing/ product.
It does bug me when I can see that another crypto-scam-news is around the corner from India.

If you have any suggestions on how, as a community, we can address this, I'll be glad to chip in.