On both app stores, the app boasts many 5-star reviews, which only talks about how the app “doesn’t drain battery”. Successful companies tend to speak about their business success rather than shove their founders’ academic credentials in every pitch. The company was later shut down for running a Ponzi Scheme. OneCoin, a previous cryptocurrency project was hyped as well by pushing the main person behind it who was also a PhD person in Business and Economics, “Dr. Is that enough? Well, it sounds too familiar. But what’s been happening with Pi Network is that people are jumping on board solely because of the founders’ credentials. We are always at ease when we know that “professionals” are handling a certain project. Also, here’s a list of the countries where Pi Network is famous:ĥ- Pushing the “PhD founders” status – Who created Pi Network They just heard from the media that Bitcoin made money for early adopters, and hope to become millionaires from Pi. Most users who are sharing their referral links seem to be cryptocurrency newbies, who don’t understand how real mining works or what cryptocurrencies are really about. It also helps create a sense of hype, which is also, a red flag. The latter can’t be monetized as much as fresh info on active users.
#PI COIN WALLET 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 COIN WALLET 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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