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Pal network scam so be careful

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  • Pal network scam so be careful

    - 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 observing 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 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


    - 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.


    - Upon pressing them on how they plan to implement the first phase of their chain, they gave the answer that they plan to set up a Plasma child chain on the Ethereum manner, which does not give me confidence considering Plasma chain like OmiseGO which has the resources and talents have yet launched their testnet (only MVP).



    - The team has no experience in working with public chain networks, only in private chains using Quorum and Hyperledger SDK.



    - 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!



    - 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.



    - 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.



    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), a website set up in Panama and etc.



    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
    Last edited by Aria; 11-20-2018, 07:50 AM.

  • #2
    I received a message from Val Yap, the first she sent me. I replied asking her to own up to being a scammer. She sent me another message (second one) but she lied again. I told him she is a liar and that I will try to save people from investing in Pal Network.

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    • #3
      Basically what I understood that they make beautiful pictures, make promises and when is to comply with something that involves real life they can not fulfill. I realized that in this crypto world people only engage in lying and living in the illusion, they have no idea that in real life there are regulations and that these regulations must be respected. When I saw this project, I wondered how the hell they could do it.

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      • #4
        Originally posted by Alan View Post
        Basically what I understood that they make beautiful pictures, make promises and when is to comply with something that involves real life they can not fulfill. I realized that in this crypto world people only engage in lying and living in the illusion, they have no idea that in real life there are regulations and that these regulations must be respected. When I saw this project, I wondered how the hell they could do it.
        Hmm. You are right and even https://www.pal.network/token-shield this products seems like failed. no volume. the ppl buying are from their internal wallets. can check from etherscan. Seems like the whole business is a fake setup to fund their existing business venture. Can u proof that this project (Pal Network) is actually useful and not a scam to divert resources to PolicyPal instead?

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        • #5
          I was googling "policypal scam mas" and it brought me to this interesting article

          http://www.crossroadstoday.com/story...cy-marketplace

          And then further digging i found this in that article.
          http://archive.is/7OuUv?ico=policypal-scam-MAS

          It mentioned Policy Pal and Pal Network having to silently ignore the MAS back around their ICO period. There was no follow up at all. I would want to question why MAS allow such things to happen

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          • #6
            Unfortunately, none of us can be insured against fraud, even the most experienced traders and Internet users can get caught up in the net.

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