Its Twitter page has also now amassed more than 1. In another recent update, Pi Network detailed new mining rewards for Pioneers using its app. Currently, a reliable Pi coin price prediction for is much sought-after. The Pi Network appears to be especially popular in Southeast Asia. He added:. Another issue concerns the data that someone needs to give up when they download the app, including their full name, phone number and Facebook username.
Alarm bells have also started ringing that this may be a pyramid scheme of some kind, based on the fact that new users can only join if they have a referral code from an existing Pi user. Pi Network has also insisted it is not running an inital coin offering ICO or crowdfunding sale. So as it stands, there is still no reliable way to trade Pi coins or make a valid Pi Network price prediction for and beyond. Of course, there is a chance that we could be proven wrong about Pi Network: that it will launch, that users will get their coins and that the cryptocurrency will have substantial value.
The project does have an appearance of credibility, having been founded by graduates from Stanford, a prestigious university. Crypto projects have surpassed expectations before, but it is also a sector that is dominated by rug pulls, scams and pyramid schemes, as seen with the collapse of OneCoin. Take any Pi coin price prediction you do come across with a pinch of salt, because there is not much trustworthy information to underpin it — the true price of Pi coin remains to be seen.
Only time will tell what the real price of Pi coin will be. The unusual format of the cryptocurrency, whereby ambassadors introduce users to the Pi Network, has prompted accusations that the project is using tactics often deployed by multi-level marketing schemes. The project has a veneer of credibility because it was founded by graduates from Stanford, a prestigious university. Crypto projects have surpassed expectations before, but it is also a sector that is dominated by rug pulls, scams and pyramid schemes.
Until then, we are going to have to wait and see the full Pi coin value. The project did not respond to a request for comment. At Currency. Refer a friend and get a two-way bonus. By using the Currency. Pi coin price prediction Will this project ever launch? By Tania Ostroukhova. Overall, the project raises more questions than answers Making a Pi coin price prediction may be harder than you think — Photo: Shutterstock Contents Is the Pi cryptocurrency legit?
Will Pi be worth anything? Is Pi coin safe? Now I can confidently stop allowing this scam… which is my opinion. I was still looking into whether it was a scam, because it really seemed like one. That is a takeaway I will not soon forget because I struggled with how to consider their Stanford backgrounds.
Thank you for the info. I have a question,: Many valuable coins today were once freely minable and this makes us believe pi and other free coins could also follow the same trend, is it not right to take some risks here? An angle to consider when analyzing a Ph D mindset… many often put greater stock in the research end of their projects first, and the monetary value second.
I would also argue, that act of viewing a single ad, the amount of power consumed, and the amount of data leveraged are hardly flags pointing toward a ponzi scheme. This article was terribly misinformed. You should really just visit their homepage to learn as much as is required about it. Articles like this dissuade people from mining, which is what is terribly needed at the moment. Even then all another delay means is a more robust blockchain, and more time to mine.
I am Eddie based in Nigeria. While I feel your article is quite expository, and to a large extent, put up a strong argument against Pi and its founders, I believe you should not only use your article to shatter the hopes of the common man like me. Instead, I believe you should also try to give us some beacons of hope by coming up with alternative suggestions that we can delve into as an alternative in case Pi fails which I never pray it does. The truth is that so many of us just need something to leverage on in order to eke out a reasonable living condition.
Especially here in Africa and precisely Nigeria, life is very tough for many of us. Therefore, reading about such majorly negatively inclined article is counter-encouraging for us. As you mentioned we have dedicated time, efforts and our meagre source of livelihood to purchase data subscriptions in order to stay up-to-date with the network.
Therefore, you are not doing us any good by writing such an article without suggesting credible alternatives ,that are legit. I am strongly banking on the launching of Pi because as we speak I am owing my rent for close to a year without being able to pay, moreover my kids school fees are there as well. There are no jobs. The unemployment rate is high and the economic situation is tough. Like others I am hoping something reasonable will come out from Pi.
I have been mining it for over a year now. Please kindly help with what could be alternatives. Honestly, I pray that Pi is legit. God please help me. I believe in sincerity in all I do. Once again thank you for your article and God bless you with more insight. I have installed the app and have found that the hackathon has recently announced some winners and also the projects and ideas being worked on in Brainstorm are viable and could be good assets in the future.
With this said Pi needs to launch its coin on exchange soon to get the real value otherwise a long term project without generating value to users, even if it has potential, will lose value. How is it a scam? I think its a great idea, and development is already completed on the first hackathon they hosted with some very tangible results. If you get scammed its because you did not do your due diligence, right now it is just in the very early stages, and the investment is time on your phone.
What does that cost? Granted this article is old, so you may want to refresh your article, it has become a bit of a scam itself. Agree with it all of that except that the article is outdated or wrong , if you see your time as worthless. Interesting article. Thanks Cem. Good and informative article helpful to the uninformed. At the time of the Mainnet you may witness a robust and trusted system. Do you believe that? They are definitely working towards the mainnet regardless of whether I write about it or not.
But whether they will be able to build something that generates meaningful value to end users is to be seen. The Pi network has promised a lot. I have been sceptical about it but I already started and wishes to see it out, is not far anymore. The Hackathon has finished and Pi Workforce won the Hackathon. It is a platform where Pi users will either get a job done and get paid in Pi or contract someone to work and pay the person in Pi. All in all this is a good article. Just one more thing, the example of the OneCoin scam executive touting past experiences in McKinsey being compared to those of the Pi Network Founders was a bit off for me.
He must have created a platform named Pi in order to deceive people. Gold, Silver or Crypto may be the option. It looks like PI is tagging along the future of Fiat Currency. Thank you. Those pioneers have HELP facilitate thousands of transactions all over the world. Some users put in additional time and effort to attract new users, such as numerous users adding their codes as comments to this article.
We find it similar to Multi Level Marketing since it includes direct selling and provides increased potential benefits to early users i. The referral system only rewards you for the people that used your invite code and not the people they invited, which makes it SINGLE level. Multi-level is when you benefit from your invites and the people they invited.
There are hundreds of posts online saying PI Network can not be a scam because users do not put any money it. We find it unlikely for the app to create value in the future unlike its claims: The app creates limited value. Users create no value except for providing their information to the mobile app, viewing ads or messaging other users. The value of these activities is unlikely to generate significant wealth for the large user base.
Some of its current practices are also used in scams: Founders are already benefitting from the app. They launched optional video ads at launch to monetize the active user base. The app also has a KYC process of collecting passport information. Having a verified audience through a KYC process would increase advertising revenues. We are not against ad funded businesses, we are also such a business, we provide insights and our audience views ads on our pages.
However, when businesses that are expected to launch additional features e. Very similarly, a blockchain scam without blockchain infrastructure, OneCoin, relied on the McKinsey experience of its founder in its marketing. They asked the community through a survey how they can help cover those costs.
The community voted for Ads which is why it was implemented. Yoti is also used by banks and the UK government to verify identities. It is well known and well trusted. As they follow top industry standards for information security. Several times a year external audits are carried out to them to check that their security arrangements are compliant. These auditors follow internationally recognised standards for best practice in security, these are known as ISO and SOC2.
For example, we never said that the 3rd party KYC provider is unreliable or untrustworthy. Regarding your point 1: — Exchanging virtual currency with no value did not seem like a valuable feature to us. Once the currency has value, we will mention that as a functionality.
Btw, we mentioned the testnet which covers this functionality. This article reminds me of one saga that happened in my country, it was a battle between some crypto giant and one poor educated man who created a token without consulting and partnering with the crypto giants,he single handedly created his new token , and when the token was at pre ICO they out of envy stated saying that this project would not go anywhere, he can not even promote and develop it, unfortunately to them , the project stared to flourish and get a wider recognition so as a result of him not consulting them or not involving them in his project, they started telling people not to but and that the project is a scam ,.
So to be truth , this what happened with the author of this mere article, it is out of envy and hatred that he is criticizing pi network, and due to the fact that he is not among the core team made him felt unhappy and jealous,. One excuse that I would give you is that you said you are new in crypto, I would reason you with your ignorance in crypto because every crypto expert would recommend pi network, everyone who knows crypto would give a 5 star rating to pi network,.
From your article, you began your crypto currency journey in I began mine in You talked about Pi launching in exchanges. Can i inform you that from my finding, Binance Hong Kong office mine Pi too? Pi core team are transparent about the project. I mine Pi as an investment and i mine it as fun too. Will a user still have a total access the mined pi coin after its launch and if the answer is yes, will it be at same value with which it is being traded? This article will probably be deleted in for the author of the text not to be embarrassed in the future, with the success of the Pi Network coin.
Letting one of the biggest scammer in Malaysia Johnson Lee to represent Pi Network make the whole thing looks like a scam. Will never trust anything that Johnson Lee involves in. This is a great review. The promoters are not promising the moon They are frank enough to mention it is not a free giveaway. I think they deserve our support if some value accrues over a period of time.
Feels a bit like a carrot on a string situation. Whether people sell theirs or not and it does lose value, surely it would pick up again. People are investing in crypto like doge which was basically a meme so why not pi? The author obviously hates PI. You describe this as a multi level marketing scheme pyramid but that is incorrect. Everyone continues to benefit from all the level below them in a pyramid.
I only benefit from my core team. So get out your feeling and be a little less biased. That is just what I picked out on the surface. Keep on picking. In Pi network, what if my introducer is suddenly inactive or dead? Does it affect me and my mining followers? The inactivity of your introducer only affects in the sense that when they are active you get an increased mining rate.
Hi there, thanks for the heads up! But did you ever review your article and the recent state of what you once called a scam? Beside of 25mio passive supporters, PI has now a huge community of programmers, building lots of platform apps to form the PI ecosystem that will become alive in about 4 months from now. Better just do it for a bit than regret if it actually is real. The chats just seemed like a cesspool of people trying to get your info out troll, and I have no desire to mess with anything else they do or do not provide.
To quote you.. That single statement says to me everything about your biased viewpoint. It further confirms that your understanding of the pi network, its goals and how it will create value is incorrect. You did not take the time to fully research Pi and its core team. I am an early miner. I have been mining pi since launch. It is merely a product of the times. Please take the time to read this and not just skim to wrong assume.
We are a community of miners 27 million strong. We, the community debated and voted to allow the now in chat advertising so that it can subsidize development costs. This project is not about what the Founder will build for us to create value. Here are some basic key points of the Pi Network that may provide you with better clarity. The mining rate of Pi has been halved several times since the beginning as the community reached size milestones.
There are currently 28 million active pioneers mining pi through the app. There is your scarcity of the asset. The chat feature of the Pi App has been and still is critical to the project as the core team has put every single decision for project direction since day one to the community where global Pioneer consensus rules the day.
Every step taken thus far has been the result of community discussion and consensus agreement. He already has. He has provided us with a platform to build upon. You see good sir, it is WE, the 28 million Pi Miners that will build things of value. We, the community, 28 million strong will build the applications of products and services for the platform the founders have provided. We, the community will build value for our global Pi.
The Founders are Current Professors at Stanford, have built this with very little starting capital and have accepted in chat advertising to fuel the platform development, not to line his pockets. Think about this.. We are a community of 29 million Miners. We all have our own unique skills of value to lend to the Pi network. Myself for example am working to build my service to help the community. Right now its just a landing page but will grow into a marketplace that will rival Amazon.
To start, we will swap pi for other alt coins. Then we will grow and swap pi for products and services and finally Piswap will provide virtual storefronts for the millions of Pioneers to sell their products and services. What other project can boast of 28million active daily users. Pi is NOT currently traded on any exchanges by design. Pi is not hedging growth against Market speculation.
Remember this simple fact. Cryptocurrency tokens are meant to be proxy mechanisms for smart contract execution first and foremost. You are a great writer. Please take another look into Pi and gain a better understanding of the project. Thanks, well written.
We evaluate based on tangible products, not plans. That would be a good chance to incorporate this perspective if we see useful apps built on the platform. We hoping to see what will happen at the end of the year. All fingers crossed. For me this is, most of all, a great visualisation exercise, having an account in cryptocurrency which grows when I put my attention to it every day. It creates an evidence for my subconscious that when I do something with with minimal effort and with consistency at the same time, the benefit can eventually grow long term.
A delayed gratification. If it brings real financial benefit later, that will only be a plus. Thanks for a balanced overview. The only real value I see is in the verification of identity because of overlapping networks, adding another level of trust in identity. My cousin asked me to install on the iPad, and I ran a few dozen? I said no, but I am looking deeper.
Still skeptical, but less so. They seem legit, and verified identity is going to be a valuable currency in a digital world. All the criticisms herein are plausible but may not be the truth. Lol, pi is merely luring people to sign up in the platform and adding value to itself. I still cannot fathom why people waste their time signing up n effort to share it with others. Well yeah basic analogy, why would you expect to earn a currency without investing an amount first? XD Pi is still not tradable.
I made a simple math that they have around 10m users that earn as much as me. I wonder how the people at Stanford feel about these people using them as a backdrop for this project. Hard to enable or Block sections or people. And the MODS!! That is NOT how you grow a project. I ran a node for a short time, but after seeing the awkwardness and lack of information and control I decided not to waste my computer or electrical power for this so-called project.
The website is basic and void of any information or updates. At a Prestigious College? Have you researched their history too? Past projects they were involved in have had their websites shut down, or the apps have low usage and horrible ratings. Last thing I see is their Application page to work there. Discriminate much? It basically calls for past or prior students to apply. Kind of suggestive discrimination. I been mining Pi for long time and accumulated over Pi, but suddenly PI App stopped functioning Then, I tried for three week emailing Pi support almost every day but received no reply.
When I used Pi on Facebook got 3 responses to help but I did not proceed further because there is no way to know if the response was legitimate or not. According to the above mentioned lack of any response from Pi support , it would seem to appear that do not have a team dedicated for support, except the community. Thank you for your comment.
I mean if pi is a scheme and can be proven that it is a scheme due to your exact research and understanding about it. And if so why would the developers creators even make this mining app only to get sued in the end? Scamming the entire world would possibly cost you your life.
I was a user since early All chat admins are just trained to block those who ask reasonable questions about the project progress. I was blocked because I asked the reason mainet is so late since pi network is a stellar fork. There are people that press a stupid button everyday two years now…. I signed up for pi back in the fall of after someone told me about it. I hit the button everyday for almost a year, and got more than few people to sign up but none of them stayed very long.
Mainnet dates changed one too many times. People mention how Bitcoin took a long time, using that as an excuse on why pi is dragging its feet. I watched every advertisement all the way through. I know it was a lot. I can spend my time investing in myself which guarantees success! Thank you for the comment Mark, I wish you the best of success in investing in yourself, it is never easy but pays off in the long run. Pi has reached over 21 Million engaged pioneers, this was announced on jul 21st on the announcement channel of Pi app About Mainnet only one thing is correct and that it is expected to be on Q4 of this year and the million pioneers engaged milestone DOES NOT affect in any way the launch that is expected to happen at the end of this year.
Stop spreading fake info about pi! Mark, you said you have been associated with this project for a long time. Mainnet will launch before end of this year. You have a point if mainnet is not happenning before end of this year. But please wait until then. Meanwhile if you have the app installed it, have a look at the beautiful projects being build on pi platform as part of the hackathon! I never see anything false or bad with what he said. All makes sense to the core.
Do what you like, mine it or leave it. For me I will continue mining it as long as I am not asked to pay some money. Except they change them again. Then I will believe this is truly a ponzi scheme. The main idea behind pi is to make it a currency of the common man.
Hence they plan to launch after reaching million users unlike Bitcoin which launched after having 18 million coins mined. As far as your inhibitions regarding pyramid or MLM like structure please note that for any currency to be successful it needs to be acceptable to large number of people.
Bitcoin launched with less than original miners. Can you suggest a better way of populating a concept without inviting people by the existing users? Bitcoin launched with NONE of the coins mined. That was the entire point. When it started, anyone who wanted to be involved was on equal footing.
Mr cem, please create your own crypocurrency and let people use it. Let us see your own crypocurrency world that is standardized. It will only take one of these guys to speak one word. Pi has the ecosystem, and the members for demand. This guy said a pyramid…lol. We just get a faster mining rate. People get really touchy when you suggest their plan to get rich easily might be a waste of time huh? But I started doing this fully knowing that it might never amount to anything and I am fine with that.
Just using chrome most popular browser by far you are basically selling out your data. Every social media does it, hell tik tok is using it to target political entities in other countries still people use it in droves. So if the only real reasons why you think we should skip Pi is because it will potentially never hold value and it is mining our data, then we should just drop half the internet by those 2 criteria. HSome of these sites are providing this collected information to government agencies.
I have very little idea about the whole world of cryptos. One of my very dear friend introduced the Pi to me. I downloaded the app just to make him happy. However my personal opinion is that it is worth remaining faithful to a concept for which the founders have put in quite a bit of effort.
If u have the time and patience, hold on to it as every good thing comes unannounced and sustained patience always bears fruits, else one day the app would fizzle out on its own and u would have lost nothing whatsoever except a click every day. I urge you to see this from all avenues. Yes Pi coin currently holds NO value. However, Pi network introduced a hackathon event which does follow suit form other coins paying out in events. That takes away 2 of the things that this guy thinks are an issue already.
He may know about crypto. Using it for any length of time would have been obvious in the article. My problem is about clicking a mine button everyday. As I wrote before many times and as you noticed, I am not a user. I refuse to listen to so-called experts when precisely the same route was taken by th creators of Bitcoin at the beginning. Because of the so-called experts, many of us were de-motivated and missed the boat completely, and look where we are today.
You have nothing to lose except 5 seconds of your time per day. It is NOT a scam as no money is required or expected.
|Forex tuitions of colleges||This is different from most blockchain-based projects in which transparency is the most source factor. Though many users were happy, many outsiders are still sceptical about the future of the project. This article is not intended as, and shall not be construed as, financial advice. I refuse to listen to so-called experts when precisely the same route was taken by th creators of Bitcoin at the beginning. Today Pi has laid out a roadmap for users to transition to Mainnet. What is this crypto project that you are talking about? The inactivity of your introducer only affects in the flags pennants on forex that when they are active you get an increased mining rate.|
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|Is pi coin legit||Bitcoin, as a proof-of-work network, introduced flags pennants on forex way of generating new coins that is known as mining. Performance performance. The Pi Coin is the native token for the Pi Network, a fast-growing platform that simplifies how people mine cryptocurrencies. Related Articles. My problem is about clicking a mine button everyday. The developers claim that they will monetize the ecosystem using advertising.|
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|Is pi coin legit||We are a community of 29 million Miners. Analytics analytics. Very similarly, a blockchain scam without blockchain infrastructure, OneCoin, relied on the McKinsey experience of its founder in its marketing. I ran a node for a short time, but after seeing the awkwardness and lack of information and control I decided not to waste my computer or electrical power for this so-called project. Dreams are better motivators than actual value:.|
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Originally Answered: Is Pi Coin a scam? The answer to this question is, "At least so far, it's not scam. discover-newyork.com › Is-Pi-the-digital-currency-a-scam. Users are putting value into the app. There are hundreds of posts online saying PI Network can not be a scam because users do not put any money.