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Title: Pi network - KYC is needed to use it! Post by: avikz on November 23, 2020, 05:54:03 PM I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens.
My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? Title: Re: Pi network - KYC is needed to use it! Post by: NeuroticFish on November 23, 2020, 05:57:07 PM What's you take on Pi network? There were plenty of signals that Pi is "too good to be true" and it'll turn out to be, in a way or another, a scam. I fear that KYC may be only the first step in making people earn nothing from the time they've spent acquiring those coins. Title: Re: Pi network - KYC is needed to use it! Post by: DU18 on November 23, 2020, 07:29:49 PM indeed some mobile-based cryptocurrency projects are very interesting if we look at every detail of the concepts they offer, and I remember some time ago there was also a project that offered cellular / sim card services by the Miracle Tele project, the first time running the tele project did not have supervision at all but after their sale was completed and their token was listed, the news that the tele project was indicated as a scam, so that the tele token price in the market finally weakened. If indeed the developer can offer a strong guarantee of security for the KYC data that we send, of course this is something that we should consider, but if there is no strong guarantee from them, I think it is better to leave the project because personal data is quite important.
Title: Re: Pi network - KYC is needed to use it! Post by: mnporter2001 on November 23, 2020, 07:50:40 PM I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens. Pi network will be like the previous coins, will also scam and never be able to thrive. It's really bad that a coin can grow a lot on PC but choose to be limited by mobile phones. While this theory didn't really work, projects would die in the same way.My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? They just draw out a lot of things to create a community and force us to do KYC. Previous projects have done the same thing and they misappropriated users' information instead of developing the project :) Title: Re: Pi network - KYC is needed to use it! Post by: Harlot on November 23, 2020, 08:08:29 PM I don't know if this will help but based from what I have read the PI Network isn't purely ran in the mobile only as the PI Node itself is required to have some kind of software for the computers for them to be able to become a "Node" . I have read this under their Whitepaper:
Quote from: https://minepi.com/white-paper There are four roles Pi users can play, as Pi miners. Namely: Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer) Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph. Ambassador. A user of the Pi mobile app who is introducing other users into Pi network. Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors. As for the KYC I think you need to do more research regarding on where they are situated in and how reputable their team is since there are really some jurisdictions that would make them ask for KYC which I think is the reason why they are doing right now. If you haven't seen any red flags yet then I think it is worth the try on giving your information to them. Title: Re: Pi network - KYC is needed to use it! Post by: batang_bitcoin on November 23, 2020, 08:14:55 PM AFAIK that's more of a simulation mining and they're only making it look like that you're actually mining. And for the KYC, I'm not confident passing that if it's a requirement for you to mine. That's not just worth it IMHO.
I often hear about PI coins and many people promote it on Facebook and telegram groups, if asked to send important documents, it's better to stay away, because this coin hasn't entered the market yet and has no value, I'm not sure about their promise to enter the market, They are active in several social media platforms and IIRC, there were some people that actively posted about them.Title: Re: Pi network - KYC is needed to use it! Post by: Twinkledoe on November 23, 2020, 08:21:05 PM AFAIK that's more of a simulation mining and they're only making it look like that you're actually mining. And for the KYC, I'm not confident passing that if it's a requirement for you to mine. That's not just worth it IMHO. I often hear about PI coins and many people promote it on Facebook and telegram groups, if asked to send important documents, it's better to stay away, because this coin hasn't entered the market yet and has no value, I'm not sure about their promise to enter the market, They are active in several social media platforms and IIRC, there were some people that actively posted about them.I have heard this project long time ago so now when they decided to list this coin, they are asking KYC from their clients? Why? If people mined their coins via their mobile, what's the use of KYC from their end? I really don't get the need to ask KYC here. This is very shady I guess. Does the team give valid reason why they are now asking KYC? Title: Re: Pi network - KYC is needed to use it! Post by: 20kevin20 on November 23, 2020, 08:27:06 PM May be the Pi team required KYC because of the multitude of people mining the coin. So many mine with all their mobile so to reduce that team now required KYC Or it's just the old "request KYC -> steal coins" strat a lot of platforms abused back when KYC was freshly introduced and nobody knew about it. If you request everyone a KYC all of a sudden, they will not expect it and so there will be a lot of people who would rather lose their mined coins than complete such stupid forms. Hence, all that money (considering it's a centralized coin as KYC is mandatory to withdraw) goes just straight into Pi founder's wallet. The other way around is just requesting KYC and selling the info later on. Personal information from a large database of users is quite expensive.Title: Re: Pi network - KYC is needed to use it! Post by: Tallylat on November 23, 2020, 08:31:55 PM i think they request for kyc in order to fish out cheaters. but i think having to pass kyc before one can use a crypto/blockchain platform is contrary to the tenet of blockchain technology. identity of blockchain users should be concealed.
Title: Re: Pi network - KYC is needed to use it! Post by: CaVO32 on November 23, 2020, 08:50:14 PM May be the Pi team required KYC because of the multitude of people mining the coin. So many mine with all their mobile so to reduce that team now required KYC Or it's just the old "request KYC -> steal coins" strat a lot of platforms abused back when KYC was freshly introduced and nobody knew about it. If you request everyone a KYC all of a sudden, they will not expect it and so there will be a lot of people who would rather lose their mined coins than complete such stupid forms. Hence, all that money (considering it's a centralized coin as KYC is mandatory to withdraw) goes just straight into Pi founder's wallet. The other way around is just requesting KYC and selling the info later on. Personal information from a large database of users is quite expensive.Either way, it is on the team's advantage about implementing this KYC. They should have informed this requirement at the start or in the early stages of their development, so people will have the chance to decide whether to continue or not. From their site, it is decentralized but don't know what kind of decentralization they are talking about here if they are now asking KYC? People use their phones to mine so even if they use 2 or 3 phones, still they are using different phones. This kind of move from the team will be the start of losing trust on this project. Ref : https://minepi.com/ https://i.postimg.cc/6QcwDq7f/Screen-Shot-2020-11-24-at-4-49-04-AM.png Title: Re: Pi network - KYC is needed to use it! Post by: examplens on November 23, 2020, 08:51:37 PM Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. There is no mining or anything like that. It is just an application which counts some number and names it as a Pi coin. the only thing that needs to be done here is to run the application once a day, it is far from mining. My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? Pi network starters doing smart business here. They promise great new valuable coin, and a lot of people had in his wallet high number "mined" Pi coins. they were awakened to hope that one day they might be worth it $1 - $10 per coin. So if anyone submits KYC there, it is because of big promises from the team. Title: Re: Pi network - KYC is needed to use it! Post by: In the silence on November 24, 2020, 01:48:44 AM I was asking questions from the community months ago and planning to buy more, turns out the team is still not revealing the product and usecase of the Pi coins. I am convinced that the viral marketer plays a huge part from the spreading of information of Pi through out social medias.
https://bitcointalk.org/index.php?topic=5273192 Title: Re: Pi network - KYC is needed to use it! Post by: sunilkumars on November 24, 2020, 01:59:56 AM I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens. My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? I think pi move on feature and finding the fruds then taking desition to apply to kyc it's best way to remove duplicate members i am also completed kyc already verified my pi kyc my desition is kyc is needed this a bigg project Title: Re: Pi network - KYC is needed to use it! Post by: rahmat86 on November 24, 2020, 02:16:56 AM I hope team Pi network does mass KYC after the Pi network has value and has entered the exchange. so everyone feels safe sending their own documents or KYC to the team.
but I heard that 100,000 people have been randomly selected to do KYC through the Yoti application, hopefully there's no scam Title: Re: Pi network - KYC is needed to use it! Post by: Adreman23 on November 24, 2020, 04:31:38 AM No i am not comportable to share my identity if the reason of submitting kyc was unreasonable or shallow reason. I heard about Pi Network before and downloaded the app but uninstalled it because i realize nothing real mining happening inside the app. What i understand about crypto mining is, it is the process to verify the transactions then added it to blockchain public ledger. I dont know what kind of mining is that on Pi Network maybe better they labeled it as staking or whatever suitable terms but not mining IMO.
Title: Re: Pi network - KYC is needed to use it! Post by: Phoenix_PROG on November 24, 2020, 06:24:48 AM I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens. Yes i am very familiar with Pi Network has the team or members of the team have spam this forum several times with newbie accounts talking and spreading words about Pi Network only, anyways now I heard they are planning to list on exchanges, I never expected any good strategy from the team already, KYC for miners is new, maybe they are trying to avoid multiple miners from same person? My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? Title: Re: Pi network - KYC is needed to use it! Post by: Phoenix_PROG on November 24, 2020, 06:27:55 AM I could remember when Electroneum (ETN) introduced their mobile miner through their application many start using more than one smartphone to mine, that's cheating, some even use Android emulator software on their PC to mine ETN and they are getting more coins in 24hrs than those using only on smartphones, using KYC seems like the only way to make this mobile mining stuff last longer because ETN have closed down their mobile mining app already
Title: Re: Pi network - KYC is needed to use it! Post by: noorman0 on November 24, 2020, 06:46:43 AM I suggest not doing any KYC for this token. Think about their listing plans on the market. Are you sure they will be listed on the exchange? Which exchanges want to include this token with the non sense mining feature?
Moreover, there is no connection between KYC and mining activities. Identity is never required to mine any coins. Title: Re: Pi network - KYC is needed to use it! Post by: maria1110 on November 24, 2020, 07:24:23 AM So, for all this long time, Pi is not listed?
Title: Re: Pi network - KYC is needed to use it! Post by: JHORN on November 24, 2020, 07:28:59 AM I'd relax and wait patiently for Pi Network to list on exchange before trying to mine, they've waited for too long and no updates now they claim KYC will be needed to mine their tokens? Is the project now centralized? This project team aren't making any sense at all, mining with KYC is a big Red Flag for me, sorry I still don't trust this project
Title: Re: Pi network - KYC is needed to use it! Post by: dhemasm on November 24, 2020, 07:35:53 AM I'm joining Pi Network last year and already got around 600+ Pi from their "Mining", The community was really big for sure but it's didn't mean it was good, Even like that There also real People behind Pi Network as you can see here and so far i'm already see some video about their core team and one of them you can see here https://www.facebook.com/PiCoreTeam/posts/725532661316429?comment_id=725621517974210 but after hearing that KYC things I don't really agree with that, Even though it looks convincing, I will still consider KYC and see the Risk first .
Title: Re: Pi network - KYC is needed to use it! Post by: DoubleAweSeven on November 24, 2020, 08:06:15 AM HAHA I knew they're going announced KYC super late when a lot of users already mined so much coins. This just shows how shady this project is. The best part is that, it doesn't even have significant value yet! and what's the point of KYC anyway? So what if people who mined this coins are anonymous, it's not like they are cheating the system anyway, they really can cheat the system, then their project is a failure. This is pretty stupid.
Title: Re: Pi network - KYC is needed to use it! Post by: escalante28 on November 24, 2020, 08:34:46 AM PI is a good project based on the surveys and the reviews that have been done in the past. In PI Network you can start earning now even without spending but you need to submit and pass their KYC for you to withdraw your earnings soon. And as we know KYC is referring to Know Your Customer, which they are just making sure that all the users is a legit and not a dummy user.
Title: Re: Pi network - KYC is needed to use it! Post by: avikz on November 24, 2020, 11:54:19 AM Many thanks for all of your insightful comments! I personally don't think KYC will be a great idea for a mobile only cryptocurrency. Also I smell a rat because the development team didn't mention anything about KYC while launching. Probably they feared that people will not join their project if they speak about KYC at the beginning. But it is not a good buiness practice to be fair!
Secondly, I don't think Pi will have much value in the market because it is easy to mine and don't require any specialized hardware to mine - so no production cost os associated! I would rather choose to let go my mined Pi than revealing my identity to some random crypto projects! Title: Re: Pi network - KYC is needed to use it! Post by: Saisher on November 24, 2020, 12:05:58 PM I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens. My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? They have already announced that already when they are started the mining project, and I knew that they are going to do that because that kind of application is prone to cheating, I disable my Miner pi in my wallet, the project is very suspicious and they are not decentralized and the worst part id they have billions supply of token, I'm better off on the top coins in the market with proven usability. Title: Re: Pi network - KYC is needed to use it! Post by: Mighty_crypt on November 24, 2020, 12:44:27 PM I never trust Pi Network since day one, the project is very suspicious and I don't see any good utility that can solve any problem in crypto space from this project, it's just a mobile mining project and it's not even a real mining it works like cloud mining and now they plan to implement KYC? That's red flag
Title: Re: Pi network - KYC is needed to use it! Post by: Kvalentine on November 24, 2020, 12:49:55 PM Why would this project ask KYC for mining? I have never heard of such since i entered crypto space, I don't believe that the team have something good in mind for this KYC requirement, it's suspicious and can't be trusted, this pi Network project have many bad comments on this forum I won't except something good out of it
Title: Re: Pi network - KYC is needed to use it! Post by: TitanGEL on November 24, 2020, 12:54:15 PM Many thanks for all of your insightful comments! I personally don't think KYC will be a great idea for a mobile only cryptocurrency. Also I smell a rat because the development team didn't mention anything about KYC while launching. Probably they feared that people will not join their project if they speak about KYC at the beginning. But it is not a good buiness practice to be fair! There is something fishy here, I do not suggest to participate in this kind of mining scheme because my identity will be at threat whenever I upload it through online. I also using it and there are a lot of people promoting it in social media platforms, I also told them about the threat of uploading your identity and I.Ds online but they are not listening to them. In terms of listing that coin, it seems that it will take more time and for me there is also doesn't have guarantee if that coin will be listed or not. If they will mine a specific cryptocurrency, I think it is better if they will make deep a research first wherein, they must ensure that the mining application will not require any verification for them to not have a hassle or to not get prone in any danger because of KYC.Secondly, I don't think Pi will have much value in the market because it is easy to mine and don't require any specialized hardware to mine - so no production cost os associated! I would rather choose to let go my mined Pi than revealing my identity to some random crypto projects! Title: Re: Pi network - KYC is needed to use it! Post by: blue Snow on November 24, 2020, 12:58:13 PM Why would this project ask KYC for mining? maybe they would sell your KYC. If you do that, it is to be good for "the project" they built. hard to get money by this time, ICO has died, sell your identity is the best solution.Title: Re: Pi network - KYC is needed to use it! Post by: CAPT.DEADPOOL on November 24, 2020, 01:10:17 PM Having kyc in a project helps to prevent scams in their event especially their Mobile PI miner promotes it on social media like facebook and some have franchises and small shops that accept coin payment of PI for products. I do not know if this project has potential because it is dangerous especially for passing kyc on projects that have not been successful and there are also rumors that the professor of PI project became a student of the owner of Ethereum we do not know if this assumption is true.
Title: Re: Pi network - KYC is needed to use it! Post by: examplens on November 24, 2020, 02:16:56 PM PI is a good project based on the surveys and the reviews that have been done in the past. In PI Network you can start earning now even without spending but you need to submit and pass their KYC for you to withdraw your earnings soon. And as we know KYC is referring to Know Your Customer, which they are just making sure that all the users is a legit and not a dummy user. How much you earn with Pi Network? I mean real earning, money with which you can pay bills, buy foods, shoes... anything? When is soon? how long "soon" lasts in Pi roadmap? What survey, reviews? Each user must turn on the application once a day, which is allowed to send data from your mobile phone. Now with KYC, every Pi lunatic will send enough personal information about yourself. With KYC these are more than accurate data. How long do you think it will be before they sell the data to someone? Probably much faster than his "soon withdraw". Title: Re: Pi network - KYC is needed to use it! Post by: Arkann on November 24, 2020, 05:37:09 PM No body will feel comfortable to share his KYC. I will share my KYC only to legit project untill " Pulsar " is running. Pulsar is the core behind SYL token which can keep our data for KYC and verified our data. I just read the whitepapper and i am sure it will used in this world, not only crypto world but all project which need KYC need " SYL " Today, among cryptocurrency users, projects that require the submission of passport data are not very popular. There are a lot of scandals due to the trade of personal data and given the current state of affairs, it is a very bad idea for the project to require KYC.Title: Re: Pi network - KYC is needed to use it! Post by: Harlot on November 24, 2020, 11:27:42 PM Many thanks for all of your insightful comments! I personally don't think KYC will be a great idea for a mobile only cryptocurrency. Also I smell a rat because the development team didn't mention anything about KYC while launching. Probably they feared that people will not join their project if they speak about KYC at the beginning. But it is not a good buiness practice to be fair! Secondly, I don't think Pi will have much value in the market because it is easy to mine and don't require any specialized hardware to mine - so no production cost os associated! I would rather choose to let go my mined Pi than revealing my identity to some random crypto projects! Well I can say that this might not fall into those "KYC traps" we are seeing as we most likely see this in bounty campaigns where people before they will have a payout will suddenly be required to give KYC requirements before they receive their shares. In this case I didn't see PI network did anything with regards to this matter but I think we can all expect KYC requirements for a complying project right? Title: Re: Pi network - KYC is needed to use it! Post by: Inkdatar on November 24, 2020, 11:37:33 PM I have this Pi network on my mobile and planning to submit a kyc. I see a lot of users to this platform which attracts me to follow what their saying this project is good and have its plan to list in the exchange. Everyday this project is also upto date on social media that is sharing their news to the users. However, I'm still on doubt if passing kyc on pi network is really worth it.
Title: Re: Pi network - KYC is needed to use it! Post by: LogitechMouse on November 24, 2020, 11:45:39 PM My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? NO.I'm not comfortable with it that is why when I saw that they require KYC in order for you to withdraw your tokens, I immediately uninstall the application. There is no reason for me to give my information to some strangers out there hoping that you can get some few bucks with selling their coin. Just think of it. For sure millions of people have PI token already and possible that some of them did the KYC shit. For sure when the token will be listed, they will immediately dump it causing its price to dump and in the end it will be a dead coin. Knowing that they are just like giving free money to people, more people will do it and the more people will do it the more people will dump it. Overall, too good to be true although I tried to mine a bit I don't like the KYC part that they implemented. Title: Re: Pi network - KYC is needed to use it! Post by: btc-facebook on November 25, 2020, 01:51:35 AM I have known the Pi Network project for a long time and use their mobile app, and after hearing I have to do KYC I better not do it, because the KYC I did was not worth the prize I had,
My advice is for those who have a little Pi balance, it's better not to do KYC. Title: Re: Pi network - KYC is needed to use it! Post by: L A R A on November 25, 2020, 02:39:50 AM My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? I've been mining Pi for over a year now, and suddenly they are asking for KYC. Even though we cannot make a withdrawal yet, this is very suspicious, and I will not provide my personal data for this.Title: Re: Pi network - KYC is needed to use it! Post by: ice18 on November 25, 2020, 04:33:42 AM My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network? NO.I'm not comfortable with it that is why when I saw that they require KYC in order for you to withdraw your tokens, I immediately uninstall the application. There is no reason for me to give my information to some strangers out there hoping that you can get some few bucks with selling their coin. Title: Re: Pi network - KYC is needed to use it! Post by: gost111 on November 25, 2020, 05:15:07 AM I passed the KYC procedure at the beginning of the summer and do not regret anything, especially since you need to pass it not in the PI app, but in the third-party YOTI app, which is officially registered and has its office in London
https://www.yoti.com/contact/ (https://www.yoti.com/contact/) |
