2021-04-27 06:10:21
Pi Network is a Huge Scam Pi is a really popular new
'cryptocurrency' which is really
easy to 'mine' with your phone, and here is a quick recap of what a pi user does:
1. Download the pi network app on their phone or PC.
2. Open the app once every day and click the button to start 'mining' pi.
3. Acumulate pi coins.
It seems super easy and the developers are
promising that pi is going to change crypto space forever by making it more accessible and easy to use.
Developers are stating it is
the next Bitcoin, but better and that it's better than other cryptocurrencies because you can mine it without an expensive computer, all you need is a phone.
The developers use many buzz words that are used in crypto space like
'mining' , 'halving' and 'crypto wallets' and people are easily falling for it.
However, there are a
bunch of red flags with this so called 'cryptocurrency':
1. It is not an actually cryptocurrency.
2. Mining pi isn't actually mining anything.
3. Pi doesn't have a value and the supply is 'unknown' (unlimited).
4. It is centralized.
The whole 'pi network' is on the
copmany's servers. The app has a button that says
'click to mine pi' and by clicking it, pi coins start
flooding your 'wallet'.
It has nothing to do with mining since
you are not providing hash power or liquidity. Basically what's happening is that on their servers,
developers are just adding some credits to your account, the same way a video game company adds virtual money to your online game account.
Pi doesn't have value. It is essentially worthless. Developers are open about it, since of course
they can't hide it, but they are
constantly promising that when they 'transition to a blockchain' pi will become valuable.
There are millions of users with thousands of pi coins on their accounts and the supply is
'unknown' but right now, it is basically
infinite meaning that pi is
worthless.
3.3K viewsedited 03:10
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