Topic: Fraud or Legit? (Read 103 times)

Hey guys, i am here to propose a discussion about a new project that everybody is talking about, and since i saw a lot of people on this forum that
dislike or don´t see any purpose on this project, i will share some stuff with you here.

Well, i will write this post based on my thoughts. If anyone thinks different, feel free to let me know.

Pi was launched by a team of four: Chengdiao Fan, Nicolas Kokkalis , Aurélien Schiltz and Vince McPhilip
(In case you want to do a research on them).

I am going to be straight forward on the matter of this post: Is it scam? I don't think so. And it is easy to answer this question yourself. Just think about it: You don't have to spend any money to start mining Pi. All you need is a code.( If you don't have one, use JowexX).

But there has to be a catch, right? There ain't no such thing as a free lunch. The thing is: Pi is very new in the market, so you cannot trade it, wich means that this is no "free money" right now, as some could think.

So, why would you download this app? The thing is, there are two possibilities: It may never be listed on a exchange, and you will have wasted a couple seconds everyday by smashing the button to start mining or it can actually become a coin that you can trade, and this is very possible, and you will be able to trade your Pi for fiat or other cryptos.

And you can be among the first couple of million users that earn Pi as a Token of appreciation (See, they are trying to put the coin into circulation). Other people may not have this opportunity.

So you have a chance to make some profit, and zero chance to make a loss.

Nowadays if you want to mine bitcoin, you need a very powerful hardware and it will cost you a lot of electricity.

But Pi is designed to be mined on your smartphone, with no impact on your battery.

I do not know if the coin will be worth just some cents or a lot, but i definitly think it deserves a chance.

Pi is on phase 2 ( Testnet) out of 3 phases right now, so all you can do right now is mine it for free. Like bitcoin in his early days.

Pi mission is to build a cryptocurrency and smart contract platform secured and operated by everyday people, and their vision is to build the world's most inclusive peer-to-peer marketplace, fueled by Pi, as it is writen in their White Paper.

It is important to know that in order to join the mining, you will need a invitation code, feel free to use JowexX.

They have social media, and a website where you can read their white paper.

Disclaimer: If i missed something, feel free to let me know.

For your convenience, i will paste their Roadmap here.

Phase 1 - Design, Distribution, Trust Graph Bootstrap.
The Pi server is operating as a faucet emulating the behavior of the decentralized system as it will function once its live. During this phase improvements in the user experience and behavior are possible and relatively easy to make compared to the stable phase of the main net. All minting of coins to users will be migrated to the live net once it launches. In other words, the livenet will pre-mint  in its genesis block all account holder balances generated during Phase 1, and continue operating just like the current system but fully decentralized. Pi is not listed on exchanges during this phase and it is impossible to “buy” Pi with any other currency.

Phase 2 - Testnet
Before we launch the main net, the Node software will be deployed on a test net. The test net will use the same exact trust graph as the main net but on a testing Pi coin. Pi core team will host several nodes on the test net, but will encourage more Pioneers to start their own nodes on the testnet. In fact, in order for any node to join the main net, they are advised to begin on the testnet. The test net will be run in parallel to the Pi emulator in phase one, and periodically, e.g. daily, the results from both systems will be compared to catch the gaps and misses of the test net, which will allow Pi developers to propose and implement fixes.  After a thorough concurrent run of both systems, testnet will reach a state where its results consistently match the emulator’s. At that time when the community feels its ready, Pi will migrate to the next phase.

Phase 3 - Mainnet


When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honored. After this point, the faucet and Pi network emulator of Phase 1 will be shut down and the system will continue on its own forever. Future updates to the protocol will be contributed by the Pi developer community and Pi’s core team, and will be proposed by the committee. Their implementation and deployment will depend on nodes updating the mining software just like any other blockchains. No central authority will be controlling the currency and it will be fully decentralized. Balances of fake users or duplicate users will be discarded. This is the phase when Pi can be connected to exchanges and be exchanged for other currencies.

Source: Pi Network Website.