  This paper revisits the problem of recovering a smooth, isotropic, layered
wave speed profile from surface traveltime information. While it is classic
knowledge that the diving (refracted) rays classically determine the wave speed
in a weakly well-posed fashion via the Abel transform, we show in this paper
that traveltimes of reflected rays do not contain enough information to recover
the medium in a well-posed manner, regardless of the discretization. The
counterpart of the Abel transform in the case of reflected rays is a Fredholm
kernel of the first kind which is shown to have singular values that decay at
least root-exponentially. Kinematically equivalent media are characterized in
terms of a sequence of matching moments. This severe conditioning issue comes
on top of the well-known rearrangement ambiguity due to low velocity zones.
Numerical experiments in an ideal scenario show that a waveform-based model
inversion code fits data accurately while converging to the wrong wave speed
profile.
