Litecoin Forum

Litecoin Others => Alternative cryptocurrencies => Topic started by: Aaron on November 15, 2018, 04:33:34 PM

Title: PAL NETWORK SCAM SO BE CAREFUL
Post by: Aaron on November 15, 2018, 04:33:34 PM
Pal Network ICO is a scam, even though they do have a credential from previous ventures in simplifying insurance. I went to their pitch from Ethereum Singapore. After obersering this ICO's developments and hoping that they are not a scam, i cannot sit by anymore and not educate the public about experience with Pal Network and why it is a scam.
The CEO Val Yap has no idea what is the difference between a private chain and a public chain.

2) The Tech team does not know what the PYPL tokens are for, they refer to its use case as staking in a public chain they would build in future BUT event validation (insurance events) signing can only be done by trusted partners. The constant switching between their positions for their tokens tells me this is an attempt at raising capital for their current business ventures, not for building a truly public blockchain
3) The consensus mechanism for their supposedly PoS chain is not announced, and I assume it is to do with their setup being trusted (aka dPoS). I have no idea what consensus they are intending to use: Ouroboros/Casper/Algorand. No technical details on how they plan to initiate consensus among nodes were given.
4) Upon pressing them on how they plan to implement the first phase of their chain, they gave the answer that they plan to setup a Plasma child chain on the Ethereum mainnet, which does not give me confidence considering Plasma chain like OmiseGO which has the resources and talents have yet launched their testnet (only MVP).
5) The team has no experience in working with public chain networks, only in private chains using Quorum and Hyperledger SDK.

6) Upon pressing on how privacy features will be adopted or in the roadmap, they have no idea what privacy mechanisms like zkSNARKs, zkSTARKs and ring signatures are. This is extremely important because, in order for you to put a policy on the public chain, you will need a privacy feature! Whether you are storing your policies off-chain does NOT matter as the event trigger is on the blockchain!
7) Upon asking all these hard technical questions politely on the telegram, I was dismissed with the constant "The team will get back to you" even though their token sale is just 2 weeks away. This is a red alert.
8) The last polite message I posted on their telegram to warn them the gravity of their situation triggered the deleting of all my posted messages to wipe the hard questions and a ban.
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[/size]I have not touched on the non-technical parts of this project that makes this extremely shady like triggering FOMO among the telegram by flooding it with bounty hunters (telegram went from 1k to 10k in a week), website setup in Panama and etc.[/font]

[/size]I am extremely disappointed as a Singaporean to see that a MAS Sandbox Graduate would carry out a scam in the crypto scene. This is a bad mark for the crypto project developments in Singapore[/font]
Title: Re: PAL NETWORK SCAM SO BE CAREFUL
Post by: Aaron on November 21, 2018, 02:46:44 PM
I heard from a friend who is working in policypal that Val Yap behaves like a tyrant in office. Everyday she goes around shouting at people. Also firing alot of her co founders or not giving them enough shares.
Title: Re: PAL NETWORK SCAM SO BE CAREFUL
Post by: ICOPANIC on November 21, 2018, 04:02:01 PM
They will surely punished by the law right? and they already exposed themselves.
This is clearly a scam exit, i also got banned on the telegram group for telling about this.
Title: Re: PAL NETWORK SCAM SO BE CAREFUL
Post by: Djlakhany on November 21, 2018, 04:32:41 PM
Wow the sudden surge in members! How many fake users are there on you telegram group, your (telegram went from 1k to 10k in a week.
Title: Re: PAL NETWORK SCAM SO BE CAREFUL
Post by: Aaron on December 15, 2018, 04:41:47 PM
Wow the sudden surge in members! How many fake users are there on you telegram group, your (telegram went from 1k to 10k in a week.


http://finance.dailyherald.com/dailyherald/news/read/37357150/
Read for more Scams on PolicyPal Network