The latter can’t be monetized as much as fresh info on active users.
#Pi cryptocurrency ticker Offline
Why keep users coming back every day? Well, an active user who recruits others and logs into the app daily is much more valuable than a passive offline user, who only downloaded the app ages ago and forgot about it. In this case, we notice that the only thing pushing the creation (since no energy is being drained) is the introduction of new people, the fact that makes mining meaningless, and just a push of a button every 24 hours, in a bid to mimic the real mining mechanism for cryptocurrencies. If you want to mine cryptocurrencies, which is basically creating new coins, something needs to push this creation, unless the creation is meaningless and useless. In chemistry, there is a famous saying that goes like this: “Nothing is lost, nothing is created, everything is transformed”. Let’s move on to the next red flag, the no-energy-drain dilemma. It seems like Pi Network is just using crypto lingo like Mining, Wallet, blockchain…in order to fit into the cryptocurrency sphere.Īnother infrastructure concern relies on how PIs are created. There is no proof of work being performed, users just login and click a button, and earn more by referring others. The Sandbox on their website is very basic and not mature for a company that started almost 3 years today.
#Pi cryptocurrency ticker code
HUGE red flag!Įverything is still a theory with no real code in place. Their “Whitepaper” is just a business plan still at Draft 1, dated back since the company started in March 2019. In normal scenarios, companies would publish their code as open-source for validity, a process that has yet to happen. There is currently no visibility of any blockchain technology. Their App also has many permissions on your phone (below screenshots).Ģ- Questionable infrastructure – Does Pi Network use Blockchain? No other cryptocurrency to date obliges users to do so, in fact, it goes against the very main reason behind cryptocurrencies, which is privacy. They also have a KYC step that collects Passport information, which contradicts the development of things on their platform: why make people pass through KYC and submit critical information since there is NO exchange of Pi to USD or to anything else yet? There is NO regulatory body in the world that forces companies to have KYC measures when no money transfer is involved yet. You will never face such a process when using any other wallet (not to confuse with opening accounts with exchanges). It all starts when the user downloads the app (wallet), and the need to verify a phone number and link a Facebook account.
In the following section, we’re going to cite every concern and explain why they might be potential flimflam indicators: While researching and digging deeper into Pi Network, we couldn’t but raise many red flags that usually are not good indicators of any project that is launching.
You can also boost your earnings by going through the KYC process. Every 24 hours, you can enter the app and claim your earned Pi coins effortlessly. They also boast about their app which can be downloaded on both GooglePlay and AppStore, with 10+million users to date.Īfter downloading the app, you’d have to link your number and Facebook account to your wallet. graduates with extensive valuable knowledge behind the project. They claim to have a team of Stanford Ph.D. Ultimately, they aim to become the “go-to” platform where people can transact using the Pi coin on the Pi Network.
That’s the very main purpose of the project. Pi Network claims to be the First Digital Currency that can be mined from a regular phone, energy free.
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