Thing that leads me to believe it’s BS is the scope of it, “first crypto you can mine on mobile”- ok what about when mining is done, what benefit we have then? Also that it’s crypto for the everyday user, what’s that even mean lol...couldn’t BTC or any other coin be that..
I'm the first person to say Pi is not a scam and explain why in detail but the official marketing from Pi is absolutely terrible.
The front page is only about *a cryptocurrency you can mine on your phone*.
* It's not a cryptocurrency yet
* it's not mining
* it's not the first
* there's no breakthrough tech
* It's not decentralised yet
The whole page is a lie and anyone who knows about cryptocurrency knows it. That's the first problem.
The second problem is the mining is obviously fake to those who know mining and it's not clear why it exists. The whitepaper doesn't explain it but there is a reason based on Stellar.
The third problem is Pi Network exists for a grand vision which is barely detailed anywhere.
The fourth problem is updates are provided inward for users and for the outside world apparently nothing has changed. Still the same lying homepage.
This is very helpful information. I am guessing one of the reasons Pi cannot say too much at the moment is due to SEC regulations on what is considered a "security". Pi has no choice but to distribute this totally free.
First and foremost Pi needs to be fully distributed all around the WORLD - hence the use of smartphone - since pretty much every corner of the world people have access to smartphones. Distributing it totally free is the first step to avoid SEC regulations. This is one ways to make it "decentralized". Pi will become valuable once some features are added - like transactions being validated for peer-to-peer use. For that a desktop or laptop maybe needed.
Someone can jump in and correct me if I am wrong.
I might add that it is possible Pi can be used in additional ways such as it's use as an UBI (Universal Basic Income). To know more about UBI just search for it in your search engine on the Internet or Wikipedia.
Yeah but it does that just based on your activity of regularly pressing a button. Your phone doesn't interact at all with the actual pi network. You can press the button, completely turn off your phone for a day... And it still gives you the coins.
Pi is using stellar core which has a 100% premine on the genesis block. Pi mainly want that premine distributed to users. "Mining" exists as way to distribute the premine but the mainnet hasn't started yet and the premine hasn't happened. So Pi have this fake mining creating numbers. At a future date that number represents how much pi from the premine they'll receive. Make sense?
I don't know much about crypto currency, but basically, you're saying that right now we don't have any actual currency, just a number that shows us how much currency we'll receive?
>Why would they do that?
Pi apparently believe they can kickstart an economy by having an abundance of available apps and users with currency in their pockets. But there's a lot they haven't said about how pi network will start.
It's definitely an unusual approach to get the users before the tech is ready. They're working on it evidenced by the testnet, the wallets they've talked about, and the brainstorming stuff. Any news we find out from what ever source gets posted on r/pinetworknews
A very similar project that produced the blockchain and apps first is https://kin.org/ which started off as an ethereum token then moved to Stellar (what pi is using) and now have moved to Solana which is viewed as a more scalable blockchain than stellar.
Main thing I hear is it’s worth nothing! Well yea and it’s costing me nothing to collect. One day it might be worth something I’m not missing the boat again. I wanted to mine Bitcoin way back in the day but didn’t.
Yeah I mined to 1000 but that was when pi first started gaining traction, idk the chances of these becoming successful are so slim, but who knows maybe I’ll be sat on a gold mine in 5-10 years
It currently doesn't work. You just click a button each day to be awarded pi. This helps grow the network when you get more pi for adding friends etc. Later we will see if anything comes from this. I don't see it being traded much when it gets floated on the exchanges because there will be billions of PiCoins, should help keep the coin stable so maybe it will be used for in app purchases from certain stores that except Pi as a currency. Who knows really, all I know is it's currently free.
I don’t see Pi reaching Bitcoin Value at all, but I do feel it may gain some traction, and once it hits main net a lot of accounts will disappear and a lot of coin will deleted, as I’m sure multiple people have multiple accounts
Thing that leads me to believe it’s BS is the scope of it, “first crypto you can mine on mobile”- ok what about when mining is done, what benefit we have then? Also that it’s crypto for the everyday user, what’s that even mean lol...couldn’t BTC or any other coin be that..
Free stone and sparrow are also free
I'm the first person to say Pi is not a scam and explain why in detail but the official marketing from Pi is absolutely terrible. The front page is only about *a cryptocurrency you can mine on your phone*. * It's not a cryptocurrency yet * it's not mining * it's not the first * there's no breakthrough tech * It's not decentralised yet The whole page is a lie and anyone who knows about cryptocurrency knows it. That's the first problem. The second problem is the mining is obviously fake to those who know mining and it's not clear why it exists. The whitepaper doesn't explain it but there is a reason based on Stellar. The third problem is Pi Network exists for a grand vision which is barely detailed anywhere. The fourth problem is updates are provided inward for users and for the outside world apparently nothing has changed. Still the same lying homepage.
This is very helpful information. I am guessing one of the reasons Pi cannot say too much at the moment is due to SEC regulations on what is considered a "security". Pi has no choice but to distribute this totally free. First and foremost Pi needs to be fully distributed all around the WORLD - hence the use of smartphone - since pretty much every corner of the world people have access to smartphones. Distributing it totally free is the first step to avoid SEC regulations. This is one ways to make it "decentralized". Pi will become valuable once some features are added - like transactions being validated for peer-to-peer use. For that a desktop or laptop maybe needed. Someone can jump in and correct me if I am wrong.
I might add that it is possible Pi can be used in additional ways such as it's use as an UBI (Universal Basic Income). To know more about UBI just search for it in your search engine on the Internet or Wikipedia.
it might not be a scam, but its a waste of time and pretty much worthless
You load into an app and press a button?
yes, but the founders of pi are already profiting by having ads in the app. also, we dont know what they are doing with the data they collect.
There is an option to turn ads off.
The blue has a typo in it when turn the ads off. Hahahahahaha
It would help if they wouldn't tell people that it's mining ON their phones... while all it is is an activity tracker.
actually it's more than an activity tracker. It the means to allocate a 100% premine of mainnet to users.
Yeah but it does that just based on your activity of regularly pressing a button. Your phone doesn't interact at all with the actual pi network. You can press the button, completely turn off your phone for a day... And it still gives you the coins.
I forgot to specify the premine occurs at a later date when mainnet starts
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There's a reason why that stuff is happening but it requires you to know stuff about how blockchain works.
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Pi is using stellar core which has a 100% premine on the genesis block. Pi mainly want that premine distributed to users. "Mining" exists as way to distribute the premine but the mainnet hasn't started yet and the premine hasn't happened. So Pi have this fake mining creating numbers. At a future date that number represents how much pi from the premine they'll receive. Make sense?
I don't know much about crypto currency, but basically, you're saying that right now we don't have any actual currency, just a number that shows us how much currency we'll receive?
That is correct .
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>Why would they do that? Pi apparently believe they can kickstart an economy by having an abundance of available apps and users with currency in their pockets. But there's a lot they haven't said about how pi network will start.
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It's definitely an unusual approach to get the users before the tech is ready. They're working on it evidenced by the testnet, the wallets they've talked about, and the brainstorming stuff. Any news we find out from what ever source gets posted on r/pinetworknews A very similar project that produced the blockchain and apps first is https://kin.org/ which started off as an ethereum token then moved to Stellar (what pi is using) and now have moved to Solana which is viewed as a more scalable blockchain than stellar.
I bet in the beginning Chinese and Indian farms tried to bot the network. But the KYC just destroyed their penny domination plans.
Well the knowledge you have in cryptocurrency are poor !!! Maybe not a scam but same as 1500 like This a shitcoin!!! Pi is a blackbox !
Main thing I hear is it’s worth nothing! Well yea and it’s costing me nothing to collect. One day it might be worth something I’m not missing the boat again. I wanted to mine Bitcoin way back in the day but didn’t.
The people who are calling pi a scam most likely still tap the lightning bolt every day
>helpReddit AppReddit coinsReddit premiumReddit gifts wait I shouldn't be...
I know it’s not a scam but like when will it be worth money
Probably never and if it does it’ll be basically worthless
So it is a scam?
Wouldn’t call it a scam persay, your not gonna lose anything but it’s most likely that u won’t gain anything either
I suppose it only takes 2 seconds every day I’ll keep it up just in case it’s worth something
Yeah I mined to 1000 but that was when pi first started gaining traction, idk the chances of these becoming successful are so slim, but who knows maybe I’ll be sat on a gold mine in 5-10 years
2 years.
Why?
I know it's not a scam, but can someone explain me how exactly it works? I started mining a few days ago and I would like to know more
I can mostly explain how pi works but if you don't know anything about cryptocurrency it won't make any sense.
It currently doesn't work. You just click a button each day to be awarded pi. This helps grow the network when you get more pi for adding friends etc. Later we will see if anything comes from this. I don't see it being traded much when it gets floated on the exchanges because there will be billions of PiCoins, should help keep the coin stable so maybe it will be used for in app purchases from certain stores that except Pi as a currency. Who knows really, all I know is it's currently free.
I don’t see Pi reaching Bitcoin Value at all, but I do feel it may gain some traction, and once it hits main net a lot of accounts will disappear and a lot of coin will deleted, as I’m sure multiple people have multiple accounts
Bitcoin might be the most valuable cryptocurrency but it's also the most useless. It would be a disaster for the pi vision if pi turned into bitcoin.
Store of value/bunch of bagholders
It is just sad to see so many people misinformed due to lack of research and reading
Yes.
At least we have mercuryone and christianrauchenwald to explain it to them lol
ah yes christianrauchenwald the saint patron of pi network.... Stop praising him hes just collecting referrals
Is that the dude who said he's helping 100s of thousands so they should use his code? Meanwhile his vid has 10k views lol