Pi Network is definitely the name that is receiving great attention from the crypto/blockchain community, and even those outside the industry. In recent days, everywhere I go, I see “Pi”, from Facebook, Zalo, Tiktok, Telegram, Youtube, all online fronts see him. Readers of I Love Bitcoin also ask a lot, What is Pi coin? Is Pi Network a scam? Should I join Pi mining? It’s convenient to learn about this project and read the article that reviews Pi coin quite intuitively, so I will summarize + personal knowledge for you to discuss about Pi.
What is Pi Network?
According to the introduction, Pi Network is a cryptocurrency that can only be mined or mined on mobile phones, similar to the previous project named “Electroneum (ETN)”, however, the difference is that mining Pi coin does not consume resources. device resources like other free mining apps.
Project Pi Network was founded by a group of former Stanford University graduates. The core team of Pi Network is led by two Stanford PhDs and one Stanford MBA, all of whom help build the blockchain community at Stanford.
- Dr. Nicolas Kokkalis: Head of Technology Department
- Dr. Chengdiao Fan: Product Manager
- Vincent McPhillips: Head of Community
According to the introduction on minepi.com, Pi Network was created with the philosophy of “people-centered”, putting the power of cryptocurrencies in the hands of users, unlike Bitcoin, which is difficult to use and access. Pi Network is a currency for circulation, not for storage, so the amount of “mining” will not affect the value of Pi in the future.
How to make money with Pi Network? How to mine Pi coin on the phone?
Mining work Pi It seems quite simple, users just need to have a smartphone, download the Pi Network app on the Appstore or Google Play and create an account, then every day open the app and press the “Start” button to start the Pi mining process, Even if you disconnect from the internet, the Pi mining process still takes place.
Accordingly, Pi mining does not affect phone performance, does not drain the battery or use the player’s network data.
The initial mining speed of Pi Network is 3.1 Pi/hour and will be halved if the number of users increases to a certain level. By the end of December 2020, the Pi mining application had more than 10 million members participating, the mining speed was at 0.2 Pi/hour.
Is Pi Network a scam?
According to many promoters, Pi mining is free, that is, you don’t have to invest any money, so why do so many people say Pi Network actually just a scam, no value, mining this coin only takes time and can reveal personal information to those behind the profit. In the heat of Pi Network, not only in Vietnam but also in the world, AI Multiple recently published an analysis that pointed out the suspicious points of this project.
Research articles made by Cem Dilmegani – founder of Al Multiple, used to work for companies like McKinsey, Altman Solon as a technology consultant.
Below we will summarize his article:
Post titled “Is Pi Network a scam? Does it bring real value to users?”
I believe that the beneficiaries of the Pi Network project are none other than the project founders, because:
Users are wasting time and exposing data to the application without any benefit.
The Pi Network app works like a direct selling or affiliate marketing system, it promises to reward future users if they refer new users to join. . Some people have put a lot of time and effort into attracting new people, they carry prize referral links throughout social networks and online forums. I find it similar to Multi-Level Marketing.
There are hundreds of articles on the net saying that Pi Network can’t be a scam, as you don’t have to invest any money. However, time and personal data are valuable to those users and they are using these on the Pi app.
The Pi Network app is unlikely to create future value, as they claim.
Users create no value other than providing their information to the application. The value of such data is unlikely to generate significant wealth for a large user base.
We don’t see the Pi Network as having any technological or blockchain value. Most blockchain projects publish their code as open source for community validation, but Pi Network does not. Currently, it is no different from other mobile applications that lack transparency in terms of technology.
Some of the current Pi Network operating methods are used by previous scams.
The founders are benefiting from the project. They launched video ads to monetize the user base on the app. This application also requires users to participate in the KYC process to collect personal information, such as passports, ID cards. Linking this to a mobile ID can be valuable information for the people behind the project.
Pi Network promotes itself by emphasizing the academic qualifications of its founders. This is the same marketing of the blockchain-free scam project OneCoin, promoting founder Ruja Ignatova who has an Oxford University degree and used to work at McKinsey company to build credibility.
How does Pi Network work?
You just need to log in every day and click on the start button to get digital coins. There is no proof of work (a consensus algorithm used for mining, which Bitcoin is using). Pi coin has not been traded on any trading platform, its value is 0.
Users come to life by inviting more new people to join. This helps them earn more Pi coins every day. This is a common pattern in Ponzi and Multi-Level Marketing strategies.
Will Pi have value in the future?
Of course, we’ve done this evidence-based analysis, and PI Network is at least trying to build something of value:
They published a high-level whitepaper, which outlines their ambitions but provides no technical details on how the Pi Stack works. One of their purposes is to get others to build apps on the PI Network to benefit from Pi’s user base. This reminds us of the pay to surf models of the dot-com boom, where companies installed software on users’ devices and acted as middlemen between users and advertisers without creating significant benefits to either party.
According to Pi Network’s Linkedin page, they have 70 employees by 2021. However, many self-identify as working at Pi with titles such as “crypto traders”. We haven’t analyzed each profile yet, but there seems to be a bunch of people working on building something here. It could be the next version of an application or blockchain network, which is difficult to verify without a company insider.
The founders of Pi Network studied and worked at Stanford University. While this is certainly a good thing, what many people may not know is that billionaires like Warren Buffet, Jeff Bezos, myself and many business founders all came out of prestigious universities, it is because they rarely mention this achievement. Based on our observations, business success is more important than academic credentials. And successful companies tend to talk more about their business success than the founder’s academic proof.
Pi Network has seen significant growth. They have 170k reviews and ratings on Google Play Store. However, multi-level marketing models tend to grow at a very fast pace.
So should join Pi Network?
I wouldn’t advise against joining this app, although you can say it won’t cost you money but just a little time to try it out. However, this belief will lead believers to follow any cheaters who promise value in the future. In the world there are not many empty promises, we should try to be more cautious.
However, if you’ve been into Pi Network mining, you can wait and see if the founders actually create a cryptocurrency.
Finally, if you are wondering whether to join this project or not because you want to become rich without much effort, I suggest you look for other jobs.
My Pi Network View I Love Bitcoin
Toiyeubitcoin’s perspective on the project PiNetwork has some similarities with the author Cem Dilmegani.
Pi Network is reaching users through somewhat offensive marketing, promising to reward future users to motivate them to attract new users, by spamming forums and social networks. Some people promoting the project make “excessive” claims, that Pi will replace Bitcoin, to tell the truth, after hearing this sentence, I can only “laugh”, if you have joined the cryptocurrency market. Long enough, you will understand that the “big” projects have not dared to speak like that, let alone a new name, just in the testing phase (testnet), the coin has no value. And you should remember, every project that claims to replace Bitcoin then fails.
To sum it up, Pi Network Currently still just a project that is almost “on paper”, no blockchain, no actual product, no application, no utility, current value is 0. However, I do not recommend Please do not participate in mining Pi coin, because of the fact that you do not have to invest money, but you should remember the effort to invite new people to join, many people also build a team to do this, maybe. ..