Topic: what do you think about pi? (Read 226 times)

While pi shills might chime in and out, it is something that people should be wary of and not touch if they dont know what they are dealing with.

With Indian population being poor in general and the average Indian graduate working their ass off to a meagre 20k INR/month, things like quick earnings seem like a jackpot, but they forget they are giving away a lot of sensitive information with that and their initial investment if any might not return back.

So for a newbie reading this, just buy bitcoin at the low and not any single altcoin, forget about pi or any other shitcoin out there, they are all losses in the long term.

From every possible angle, it looks like a scam. But some people do not care about it as long as they are making money. That is the reason there is still some demand of PI in some P2P telegram groups. If you got some PI free and it is transferrable then sell them to grab some free money. PI isn't a project to keep holding their coin. Most of their users are from Asian region so they will not get much attention in the west.

You have learned the hard way. Sorry to hear that you went through such a pain & never got what you had earned. It is obviously a scam as no one can mine through mobile app. They have so many user information which they will use when they exit scam them. It is only a matter of time when we will hear about them as a scamming company.

Thanks.

I have about 3000 Pi coins in my wallet.

I completed all requirement to send coins to my mainnet wallet about one year back.

But till now they are not send my coins into my mainnet wallet. 

Its seems, this project is purely scam.

Yes! That's a huge risk and I am 100% sure that they are indeed harvesting your data in the background. Data is a comodity nowadays and sells in the market against a huge amount of cost. Everything was going well for them until they decide on their KYC policy which alerted a lot of people.

It's best to delete the app from your mobile phone. It's just a wastage of time and hope. Upto no good!

I think they don't have enough resources to conduct the project properly. As you said they are forcing their users to pass the KYC but I think that isn't totally correct. I have been mining pi from the start and I know someone who was mining before me. He passed the KYC and sold his pi. It was a big amount. One the other hand I am unable to do the kYC. I have been trying for more then years. Every time I try it says slot not available. Many users having KYC related problems, many user said their KYC was pending for more then a year. I actually don't know if it's a shitcoin or not. But I saw same changes in their apps, like they were developing them. In the early days, the apps would not work properly, and they didn't have much info or links to their sites. But recently if you go check it out you will see many changes.

I am not saying Pi is bad or good. I too am confused. Nobody know whether they sell our KYC or will scam us. I think time will tell.

p.s : Mining pi now won't be profitable anymore, those who were involved with Pi from the very beginning gained a profit. But if you were thinking of mining now it won't be any use.

I think it's a total scam. In my view, they're just taking people's info. And whatever they're doing, calling it mining, I don't buy it at all.

What does AI has to do with mining ?

I agree with @elevates with the point that mining on smartphone devices is not sustainable and will "definitely" destroy the smartphone at some point.
The first and foremost fact the proves this point is the battery drainage. Mining on smartphone will drain the battery quickly because of the continuous usage of processor.
Due to continuous usage the battery will consume more power and hence it will have to be charged frequently and repeated cycles of charging will make the battery dead after some point.

Then comes the load of the processor. Smartphones are capable to handle high load these days but I don't think they will be able to handle continuous high load for a longer period of time.
Unless you are building a mining rig out of smartphones I don't think mining on smartphone is a viable option.

But at least we all agree that pi network sounds like a classic scam to us. Even I had heard about it and it's true that there is demand for it in the Indian crypto market.
Few days ago one of my crypto friends was asking if someone is having the pi token because people were asking him to get those tokens.

Their mining app displays ads when we open them. They claim to have more than 30m active users, imagine how much money they earning with these ads.

Which genuine project will display others ad on their official app?
They just making fool of their users. They stealing their data from their mobiles and also compelling them to do kuch in order to withdraw the mined tokens.

A classic example of a scam. Still new members falling for their trap.

It is a scam! Everyone should stay away from such projects. If pi gets listed on an exchange its price would plummet as many miners have got thier pockets full of this token.

Scam. Aside from kyc, I wouldn't be surprised if they are harvesting user data on name of mining.

@elevates technology is changing rapidly. There was a time when everyone thought mobile mining is a scam. This is the era of AI and in this era I disagree with your point that mobile mining would destroy the hardware of your mobile phone.

I still think that pi network is not a project worthy to invest your time. If this project is a success then you will be seeing a lot of new projects coming up with the same concept. As usual a lot free loaders will join them.

Found this article that talks about mobile mining. What I found was that it is simply a waste of time. Considering the amount of time you waste mining a token that still does not have any value. Above all mining on smartphones or tablets is generally not recommended due to limitations such as limited processing power, battery drain, and network constraints.

For a simple reason, the rewards from mining on a phone are low and not worth the potential costs of device damage. Another reason is KYC, why would any organization ask for KYC before delivering the product? They are still in the launching phase and since 2019 there have been a lot of users who might have fallen for this mining scam on mobile phones. They have waited for 4 years and now they want to cash out after listing. That might be the reason they asking for the pi token to be listed on prominent exchanges. 

I might be wrong but I feel that this project won't be able to sustain its economy. Unless they come out with a solution, wherein they create a utility for this token. I doubt that will help them too as most of the followers on their social media channels are only active because they want to convert the pi token into local currency. This is a failed project from the day it was launched. Please stay away from it.

From 2019 till now they have been able to maintain the hype of this project. That is really smart marketing strategy, the demand of this token to be added on a big exchange is now getting good traction. I recently saw few users on Binance telegram channel asking them to list it. If this is a scam and if  pi gets listed on a prominent exchange then it will become one of the biggest KYC scam.

Avoid Pi token at all costs. It's a huge scam. I have said it earlier and will say it again. Just ask yourself a question -

If a coin can be mined through your smartphone for free, why would someone buy that token from exchanges by paying money? Wouldn't they just mine it from their own smartphone?

Pi token is essentially a KYC scam. The scale is much larger than any other previous KYC scams you have seen.

I do agree they might be using thier platform to steal the KYC data but why? They have such a big following and they can easily make million after the lauch. I don't think that is their primary objective. As I have said earlier if they are forcing their user to pass KYC then I would stay away from such project. Do your own due investigation before being part of their project.

no offence.

i think they are stealing identity or something like that, and why anyone wants to give money(a lot of money, indirectly) for free,

I have heard about pi network for sometime now. They have a huge following on all social media platforms, the reson being you can mine pi using your mobile phone. It all started in 2019 and most probably it will be launched sometimes this year I guess and there is a huge buzz about its price. As for me it falls under the category of shitcoin. If KYC is compulsory then I would stay out of it. It it is not then it is worth a try.

I came across the project pi, my neighbors. friends are talking about pi, mining pi, pi is easy money, etc.
what do you think about this project, is it a scam? or another shit project.

many peoples are revealing their identity by sharing their documents by doing kyc,

is it worth spending time and energy on?

https://minepi.com/