Topic: Is the new cryptocurrency PI Network another scam or legit? - page 4. (Read 2725 times)

I actually had it on my phone. I have invited my wife and daughter to the network.

Things I do not like about the app in general:

1. You need to invite ALOT to increase your mining power. I was mining around 0.34 Pi per hour. I tried inviting my friends to increase that number but they have serious doubt about information phishing. What I do not understand is why do you need to have invites if the goal of this coin is for everyone? What if I just stumbled upon this app on Google Play or the App Store and wanted to use it but I do not know anyone who can send me an invite, pretty useless isn't it? So that means this is not for everyone but rather for the selected few.

2. You need to activate the miner (app) every 24 hours. Pretty unproductive and inconvenient I would say, though you get a reminder to turn the miner on.

3. If this app just runs in the background and does not drain your battery (which is actually true to its design), the mining part does not make sense at all. I do not have a technical knowledge about the design of the app and which resources it uses to mine the coin, but it feels like it is just a simple counter that needs to be turned on every 24 hours. No hashrates at all.

I decided to uninstall the app because I don't actually see any benefit, nor use for it. There are many altcoins that have tried to do this before by they seem to fade in the pages of history. Unless there is a real world application for this app (monetary wise) I would rather stay away from it.

PI network have a few different updates on the coming weeks. Not just about the node, but about other things they are preparing too. Stay tuned. From February 15 until March 31 they had been communicating with the community very frequently and they wanted to give people a little break. So the last couple of weeks they have been silently working on technical improvements they will be releasing soon.

All smartphones are too vulnerable, they are not protected enough, a lot of 3-d party soft installed. As for me it's bad choice to mine anything with it.
Only PC mining with CPU/GPU, ASIC.

Colin:What do you think of the Pi node released so far? Will there be a lot of people involved?

TheCryptolegend:The Pi Nodes that will be released will have a Pi app interface where what you see within your Pi Network app on mobile will exist on your desktop. The software will be able to be downloaded on the minepi.com website. It will have all the features that exist within your Pi Network app. There is an additional feature called a Node function. Only pioneers who have passed KYC will be able to access this. Once you are selected for KYC the Core Team will notify you within the Pi Network app. Pi Nodes will have the ability to be toggled on and off. There is a third level called a Super Node this will require the Pioneer to have an established 24/7 consistent internet connection with more requirements to qualify. They will be the fundamental cornerstones for Pi Network’s global trustgraph. Page Rank for other Pi nodes within your proximity will be listed, such Pioneers will be required to build quorum slices by determining which other Pi Nodes they want to link with their Pi Node. This interconnected network is fundamental to creating what is necessary for Pi Network to establish a strong foundation for transactions to occur on a secure network that can scale appropriately.

At this moment, only moderators of Pi Network have the first level feature of Pi Nodes. More information will be given in the future. The Core Team will screen through those who have passed KYC next to determine who can be given the second level which is the Node Function.

Colin:What is the function of Pi node? Will it be like a bitcoin node?

TheCryptolegend:Pi Nodes will record transactions of the distributed ledger. All Pi transactions between Pioneers will be recorded on the blockchain. This is needed to establish decentralization for Pi Network. Bitcoin nodes function in the same manner.

When a high volume of transactions occur, the Pi transactions that cost the most will be prioritized and incur transaction fees. This is how Pi nodes award Pi, through their transaction fees. Each Pi node though can independently validate a transaction. The consensus is required to record it on a distributed ledger that can be seen by every Pi Node within the network.

Colin:How long do you think the phase 2 test will last until the main network?

TheCryptolegend:Phase 2 will exist for a year even two years before Phase 3 occurs. There are many applications and features Pi Network has planned to implement for Pi’s utility, capability, and scalability. These applications need to be tested, revised, and piloted to ensure they work as intended. Pi will fuel the transactions throughout the applications platform for Pi Network. This interconnected network of utilizing one type of cryptocurrency will allow Pioneers to use a digital wallet for decentralized applications that will exist within their platform. Creating ease of use for a Pioneer.

Colin:Do you have any expectation on the price of Pi?

TheCryptolegend:Pi’s value is unique in comparison to any other crypto. The reason is because it is backed by goods and services. It is not listed on an exchange before the market is created for its utility. This directly affects what it can be valued at. As pioneers will set and determine the value of it by simply choosing what to accept its worth to be between two pioneers. There is an economy I am helping to build but it will be one of many economies that will exist for Pi around the world. Pi’s economies will be separated based on the mentality of the community using Pi and their trust in regard to Pi. The economy I have been working to build will value Pi at $10/Pi. However, other places may give you far less for a Pi. It is directly related to the principles I discussed above. In the same manner, a person can take their money and make it worth more in value by moving to a country where their sovereign currency is stronger. Is what will happen. Pi’s value will be dependent upon what economy you use your Pi in.

I joined from the start on the PI network i dont really see any future in that coin i think their just trying to make money on people !

I Agree for this  good statement

PI network is just following its steps which was well addressed in their white paper. in 4 days they are going to release the first node. let's wait and see if it is a scam or legit.

You guys are worse than the Onecoin shillers. Just can't keep your mouths shut, spamming referral links on the weirdest places and goes to friends, family and neighbours to make sure they sign up with your link.
When googling pinetwork, I even came over a post with the same statement as Onecoin..
Pi Network, better than bitcoin. lol

Fun facts:
I don't know anyone that was able to recover any money from Onecoin

The Pi Network app isnt a miner. Its a airdrop app that gives you a tiny piece of a massive, but unknown amount premine

The is no proof of a coinsource, so all the "coins" you have collected the last 9 months is just a number in a database that may or may not be paid to you if they ever get a blockchain up and running.
Its a lightweight app because it doesnt do anything, not because they are highly educated brains with a new algorithm that can mine 1mil times more effective than SHA256

A lot of fake reviews out there written by users who only does it to spam their referral links

When putting your phonenumber and name in a app, youre also registered in another database. This one gets sold when there is enough verified users in there to make it actually worth something.
If they actually got 3.5mil names in there, that list is probably sold already xx times

Statements like "Better than Bitcoin" and "The real Bitcoin" has been proven over and over again to be a classic scam and its sad that people still fall for it.
Whatever as long as you get more referrals, yeah?


Good luck with your non-existent blockchain and super lightweight non-mining app, but please stop the reflink spamming...
Thank you

Pi Phase 2 – Pi Nodes
At Pi Network, we believe that everyday people should have a greater voice and capture a greater share of the value that they create in society. We believe that the best way to achieve this goal is by building a decentralized currency and economy.

Pi’s decentralized currency will eventually be secured by a distributed global network of Pioneers, rather than being controlled by one single centralized entity. Pi’s global network will be ultimately self-governed, meaning that the community can shape how Pi evolves over time.

When Pi is fully decentralized, Pioneers will also have full sovereignty and control over their own cryptocurrency holdings. Progress in decentralization brings Pi closer to the phase where Pioneers will be able to sell or exchange Pi, without centralized interference, just like bitcoin and ethereum. In other words, moving into the Phase 2, the testnet phase, takes us one step closer to Mainnet, when Pi can be traded freely with other currencies, in addition to trading for goods and services.

Pioneers who want to help secure Pi’s currency can choose to become a Node.

Nodes are the forth role in the Pi ecosystem, and run on laptops and desktops instead of mobile phones. Similar to other blockchains, Pi Nodes will be responsible for validating transactions on a distributed ledger, and resolve the challenges in maintaining a distributed currency by having all nodes come to a “consensus” on the order of new transactions getting recorded.
Unlike nodes that use proof of work such as Bitcoin or Ethereum, Pi Node uses a different consensus algorithm based on the Stellar Consensus Protocol, in which nodes form trusted groups (quorum slicess) and only agree to transactions that those trusted nodes agree to. The security circles from Pi mobile miners aggregate into a global trust graph that enables Pi nodes to form quorum slices to determine who can and cannot validate transactions on the shared ledger.
Also unlike other crypto projects, the Pi Node will continue to uphold the philosophy of user centric design. Instead of requiring much technical knowledge to set up a node, everyday people will be able to do that by installing a desktop application on their computers, just like installing any other computer app. Through this desktop application, Pioneers can switch on/off to make their devices available/unavailable for serving as a node.
By March 31, 2020, we’ll make the initial version of the Pi Node application available to download and install. This initial version of the Node will include two interfaces: the node interface and the desktop Pi interface. The desktop Pi interface will be similar to the interface of the mobile app and will allow people to check their Pi balance and use the Pi chats on their personal computer. However, only members, who apply and get selected by the core team to serve as a testnet node, will have the node interface fully activated. The detailed requirements and selection process will be announced along with the software launch.

This version of the node is the first step towards building the Pi Testnet, which will enable the core team to test the consensus algorithm and its scalability, calibrate configurations, and adapt and improve the consensus algorithm. Pioneers who run this version of the node will not need to be concerned with such processes. All they need to do is to decide if and when their devices are available/unavailable serving as a node in the Pi testnet, if they’re selected as a node.

The Nodes for Pi’s Testnet will be launched and open for application by 3/31/2020. In order to be selected to run certain versions of the node on Pi’s Testnet, Pioneers will have to undergo KYC. More KYC slots will be opened up to support node enrollment and the advancement of Testnet. More detailed selection criteria for Pi Node will be released along with the software launch. But overall, the principles of node selection will be the trustworthiness in the network, and the availability and reliability of the device.

"Someday, Amazon.com could also create a new “Pay with Pi” button on its website."

And the winner of most unlikely event to ever occur is....

Pi Phase 2 – Pi Apps Platform

Our first goal in Phase 2 is building value.As discussed in our strategy overview video, to build value, the network needs to create intrinsic utility for Pi by enabling people to spend pi to exchange for real value (versus other currencies which are only representations of real value) and products at scale, be it entertainment, social connections, influence, access, knowledge or buying and selling real goods and services for Pi.

To create a full-fledged ecosystem that mirrors the breadth and scale of traditional economies, it’s impossible to have all applications built by the core team alone. So our strategy is to decentralize the development of Pi’s ecosystem through the Pi apps platform. For example, if Pi marketplaces are necessary to facilitate and scale healthy Pi transactions, members of the community or third party developers can create Pi apps of different marketplaces that vary by region, language, and types of goods and services. While the Core Team can’t be experts in all varieties of apps, our global community and external parties can be.

Pi Core Team will focus on providing the platform to facilitate others who are more specialized in the specific domains to build those apps, such as e-commerce, logistics, supply chains, gaming, real estate or financial services. In addition to the platform, Pi Core Team will only develop a few key Pi apps that are closely tied to Pi’s vision and community building. Based on our initial research, Third-party developers of decentralized applications are very excited to tap into and contribute to Pi’s ecosystem through the platform, because Pi’s philosophy of user accessibility and the large active global community are a rare resource in the crypto space.

An Apps Platform will allow third-party developers to build applications that facilitate structured transactions using PI. The Apps Platform can include both apps that are built within Pi Network called Pi Apps as well as external applications that are able to integrate Pi into their payment options, called Pi Payments.

Pi Apps will be hosted within the Pi interfaces, for example, similar to facebook applications or WeChat mini-programs. Some categories of potential Pi Apps, that can be hosted within the Pi interface include:

Pi Financial Services Apps – Apps that allow Pioneers to access the emerging world of decentralized finance. We’ve already spoken to developers building apps to allow people to own fractional pieces of real estate as well as fractional shares in companies like Apple, Google, etc.

Pi Social Media – Apps that allow Pioneers to spend and earn Pi while engaging with high quality content. We’re especially interested in integrating Pi into Pi Network’s existing chats to curate higher-quality conversation.

Pi Marketplaces – Apps that allow Pioneers to exchange goods and services. Similar to Amazon and TaoBao for goods; and Upwork, AirBnB, and Uber for services.

Pi Games – Apps that allow Pioneers to spend Pi to play fun and engaging games similar to how gamers spend traditional currency in their games.

Pi Payments will allow external applications to integrate Pi into their payment options. Some Examples of Pi Payments include:

A QR code system that allows local retailers to accept payment in Pi

Your favorite local website creates a new “Pay with Pi” button

Someday, Amazon.com could also create a new “Pay with Pi” button on its website.

We will start with a focus on applications that are built directly on Pi Network – Pi Apps. Only when we construct a robust viable Pi ecosystem through Pi Apps, can we attract external traditional industries to integrate Pi Payments into their platforms.

We will work alongside the community to identify the most promising applications to be listed on the platform. To avoid a wild-west situation where unchecked individuals try to take advantage of fellow Pioneers, the selection of apps will involve community vetting and peer reviews to try to achieve relevance, quality and trustworthiness.

The development of the Apps platform will begin in the second quarter (Q2) of 2020. The application process for third-party developers is expected to open by the end of Q2 2020. The in-app transfer pilot proved the need for an apps platform that allows safe and efficient transactions using Pi and reduces abuses. The findings of the pilot mean that we will have to slow down enrollment into the in-app transfer pilot until more apps are added to the apps platform that scale transactions of real goods and services and we design safeguards needed to prevent further abuses.

While we will be slowing down enrollment in the in-app transfer pilot, we will expand KYC after Pi Day, as KYC will still be necessary to participate in other Pi programs. Being KYC’d will no longer automatically enable in-app transfers, but will increase Pioneers’ probability of being selected for the in-app transfer pilot lateras more applications are added to the platform. Being KYC’d will also be required for eligibility to run certain versions of Nodes on Pi’s testnet . We’ll present an update on the node in our next video and why it’s important for Pi.

Only newbies and shills saying that.

Google "pyramid scheme" or "ponzi"

I don't know if this is legit or not, but it is taking very little effort on a daily basis.  I get a push notification every 24 hours to start "mining" then I close the app.  I haven't referred anyone or put really any effort into this.
I currently have over 179 Pi.

So lets see what happens.

Welcome to our video series on the next phase of development of the project. Due to the risk of coronavirus here in the San Francisco Bay Area, we are currently shooting the video from separate locations. Our hearts go out to the Pioneers in our community that have had to deal with the virus. To those that have not yet encountered the virus, please stay safe!

The Core Team is excited to announce that Pi Network will launch Phase 2 of the project on Pi Day, 2020. Phase One began on Pi Day, 2019 with the goal of growing the network to 1M Pioneers. Less than a year after launch, we’ve far surpassed our goal, with over 3.5M engaged Pioneers globally. Now that we have built this large and diverse global community, we are ready to embark on our second phase of development.

Phase 2 of the project has two goals: 1) Building value and 2) Decentralizing the network.

Goal #1: The 1st goal of Phase 2 is to build value by creating an Applications platform.

Building value means setting up the necessary infrastructure to create intrinsic utility for Pi by enabling people to buy and sell real goods and services for Pi, at scale. Unlike most current crypto projects that primarily focus on technical infrastructure, Pi Network believes technological infrastructure and economic adoption and utility should be developed together and grow in parallel. The primary way we will achieve the goal of value building this year is by creating an Applications Platform that scales healthy transactions of Pi.
One of the biggest questions about cryptocurrencies is “What gives them value”? Pi’s answer is real intrinsic utility. Pi will be backed by useful online and offline applications as well as a basket of real goods and services. With over 3.5M engaged Pioneers in the network, we can now iterate various real world applications that enable members of the community as well as external parties to spend Pi to benefit from the time, attention, talents, resources, and services of our global community.
The application platform will allow third-party developers and providers not just the core team to build applications in different domains or specialized areas that facilitate structured transactions of Pi and create the Pi ecosystem together. Pi’s Application ecosystem will lay the foundation of a healthy market of strong utilities of Pi, creating demand for the currency and building the value of the network.
Goal #2: The 2nd goal of Phase 2 is to decentralize the network by building Pi’s Testnet.

Decentralization is a key facet of Pi’s philosophy. We fundamentally believe that everyday people should have a greater say and should be able to capture a greater share of the value they create in society. We believe that the best way to achieve this goal is by building a decentralized currency and economy.
Unlike centralized payment systems like PayPal and traditional banks, Pi’s transactions will eventually be validated by a decentralized network of computer nodes. During Phase 2, we will release the first version of this Node software and start building Pi’s Testnet. Our intent is to make the Pi Nodes people-friendly and accessible to everyone. No need to have computer science degrees to run a pi node.
While we are excited for this next phase of development, one of the most important challenges will be ensuring that we have resources needed to achieve these ambitious goals. Today, the Core Team consists of just 8 people serving a community of over 3.5M million Pioneers or over 400K Pioneers for every one Core Team member. The costs of servers and phone verification service alone now runs in excess of $30,000 a month. As we embark on phase 2 – the biggest variables that will determine how quickly we can make it to phase 3 are the financial and human resources available for the project.

We’ll be sharing more detail on our initial strategy for Phase 2 of the project over the next few days with one video about building value via the Apps Platform that scales Pi transactions, and another video about progressing in the decentralization of the network by starting to build Pi’s testnet.

What do you think of our initial strategy for Phase 2 of the project? We welcome both video responses (just paste a link to a social media post) as well as text responses by joining the topic below. For video response, please upload your response on Instagram, Twitter, or YouTube using the hashtag #PiPhase2 and post a link to the video in this topic.

Yes, It is legit.

So... Is the new cryptocurrency PI Network legit?

In-app transfer findings

We’ve really enjoyed connecting with you via our new topics feature over the last couple weeks. As we’ve been surveying the community on how to commemorate Pi Day 2020, many Pioneers have asked for updates on the project. As we approach Pi Day, we want to share more of our plans for the next phase of development of the project to get feedback from the community before we finalize the plan.

Over the next 2 weeks, we’ll provide these updates in the form of brief videos on the home screen. We’d like to gather your feedback in a video format submitted through social media. Your video submissions may be included in a special video that we release on Pi Day to update existing and future Pioneers.

If you have any comments, questions, or feedback on this process, feel free to comment by joining the topic from the the home screen. While we already have quite a lot of ground to cover between now and Pi Day, we will try our best to incorporate your feedback


Over the last 3 months, ~300 Pioneers have been participating in a pilot of in-app transfers of Pi. The purpose of the in-app transfer pilot is to help bootstrap Pi’s peer-to-peer economy by helping us identify what Pioneers are willing to offer in exchange for Pi as well as what Pioneers want to buy with their Pi. In addition to laying the foundations of a healthy economy for Pi, the Pilot is also designed to help us understand what could go wrong so that we can avoid potential abuses of Pi and its community.

Pilot members were selected based on community recommendations as well as their previous contributions to Pi’s ecosystem. To protect Pioneers from being tricked by bots and bad actors paying with “Pi” that will be burnt before we move to mainnet, participants had to verify their identity (or perform KYC). Additionally, the terms of the pilot strictly forbade any transactions that involved fiat currency (such as selling Pi for dollars).

As we expected, the pilot has shown both promising and challenging signs. On the promising side, transactions have shown that Pioneers have a lot of interesting goods and services to offer for Pi. Examples of such transactions included:

A collection of honey sold for 18 Pi including shipping.
A digital camera sold for 65 pi.
A special edition pair of Nike Jordans sold for an undisclosed amount of Pi.
A children’s scooter sold for 3.5 Pi.
Many other transactions including Pi for children’s diapers, oil, batteries, and automotive parts.
There were also many abuses of the in-app transfer. Although all exchanges of Pi for fiat currency were prohibited by the terms of service, we received many reports of Pioneers attempting to sell the currency or take advantage of others. For example:

Some accounts made thousands of small transfers of Pi within a couple of days. These transactions did not seem to be tied to any real goods and services.
Many accounts attempted direct sales of Pi.
We received reports of people claiming that they were partially fundraising for charitable causes while in essence selling Pi. There is no verification that the portion of the funds intended for donation were actually delivered.
All of these reports ultimately fuel additional bad behavior when organizations can then claim that they have Pi to sell in unauthorized offerings of Pi.
These types of bad behavior provide no help in establishing a healthy Pi ecosystem or building a foundation for Pi’s economy. Instead, they endanger existing and future Pioneers with potential losses of money, and the project as a whole by tarnishing our reputation.

In conclusion, we have learned two major lessons from in-app transfer Pilot so far:

Enabling people to transfer Pi should be paired with healthy ways to spend the currency that drive demand for Pi.
The Pi ecosystem needs a systematic approach or platform to support applications that scale the types of healthy transactions listed above and address the logistical headaches the arise when trying to transact with people all over the world.
That concludes our update for today. What do you think of these findings and assessments? Please let us know by joining the topic from the home screen. We look forward to your input.

Some people I knew had a similar cult-like devotion to Amway.
They didn't listen to reason either.

Hi Friend, Do you understand what is the Pyramid schema , Before posting Could you please read https://en.wikipedia.org/wiki/Pyramid_scheme?

PI network is diffidently not a pyramid schema,
First, the invitation relation is only one level, Just like the most America online bank, the inviter gets some rewards, but only one level.
Second, the PI inviter and invitee had to work/help each other to increase their earning rate.  They have to keep active (mining online) at the same time to help each other get extra earning rate.
Most important. It is FREE, free account, free APP， free mining, free KYC, no any finance commitment required.
ZERO invest, no any risk.  and nothing to lose. Can you list any pyramid schema with ZERO investment?
PI is almost as the same as the bitcoin in 2009, but you even do not need to invest any expensive mining machine, and no high power cost. You just need to install the PI app on your phone, and hit the green button every day. That is it.

Next is the node