Bitcoin Forum

People have already talked about this coin countless times in these forums. Some thought it is a scam project and remove it from their phone. For those of you who haven't heard about the pi coin before let me give you a quick introduction:

pi coin is a form of cryptocurrency that can be mined through a smartphone. A user just needs to install the app into their phone a start mining. They claimed to be a DAO which was maintained and secured by the community. They have a community of 33millions of users worldwide.

Recently they announced their main net launch and mined pi is being transferred to their mainnet slowly. What amazed me is people are accepting pi as a form of payment. There were countless attempts to use BTC as a form of payment in store for purchases of goods which weren't very successful. But I got information that in Vietnam and some regions of china many restaurants, and shopping malls are accepting pi as payments. There is a huge P2P transaction is going on all over the internet for pi because of its demands. It seems totally hype to me but what is going on right now tells me one thing and that is Pi is not a scam.

https://i.imgur.com/jwQ465H.jpg

Some downside of Pi, in my opinion, is you can only use Pi through your smartphone and you need to pass KYC to use your mined Pi.

If bitcoin as a form of payment is unsuccessful anywhere in the world, it is because the people there don't understand it, or they do not want to use it for reasons best known to them, your post sounded like Bitcoin failed as a medium of exchange, which isn't possible because that is one of its usefulness. I do not know why some restaurants and shopping malls accept Pi in Vietnam, maybe it is a way to encourage more people to join the Pi mining fever, or they think it is going to be the next bitcoin. :P
If a coin becomes worthless like Luna, it doesn't make it a scam, but the outcome is the same with a scam coin, people's money being lost.

you gave a topic that is quite viral in my country. Maybe the DAO type is one of the few tokens that has ever appeared and gave a sensation. I used to follow this. But unfortunately recovery doesn't support via forgotten email. And the affordable one might be via sms but roaming this didn't work.
especially from the market you provide maybe in every country there is a coordinator. like everything is structured. I am in a neutral line maybe if you have connections with people from that pi coin. you can give news updates on your tread

Its definitely scam and do you know why? Well in my country there is huge craze for this coin but to get it you have to install a software on your phone which mines pi coin in the background. The problem started coming up when there was breach in the personal data over pi network and guess what was leaking? Well KYC documents in the open market.

Peeps were so dumb they still use this mining on their phone in the hope that they will able to spend like this.

All this is driven with the force of “together” stimulation and nothing more. I couldn’t believe its still working.

The question is for how long?

You need to take a look with this thread first, this project has been exposed since 2 years ago PI network! A huge trap[Warning!] (https://bitcointalk.org/index.php?topic=5237735.0)

It's a MLM scheme since the main purpose is to referral as much as you can to get more people joined this project, if you can't get new people, you wouldn't get a lot share. You're also need to know this project is lack of many information and cell phone mining is obviously never profitable due to low performance. I saw someone video if mining this coin using cell phone is quite fast, it's impossible.

Some people don't care if it's an MLM scheme or not. Till now I know people are selling their PI coins through P2P transactions in the open market. That means some people made money out of it. In long term, anything can be turned into a scam.


You know what when BTC came into public many called it a scam like many people saying about PI. I am not comparing pi with BTC nor I do care if PI becomes a successful project or not in long term. My attention is on what they are doing right now. In the current situation, I can see people are using it as a medium of payment. If people accept it then it has some value.

Pi coin is clearly a scam business without any future potential. Please understand one simple thing, you don't require any specialized hardwares for mining this coin, you can do it right from your phone. So it means this coin is available for free of cost, there is no production cost to it. Why do you think it will have a value?? People will just use their smartphones to mine!

Secondly, you need to be KYC compliant before you can withdraw this coin. This way the owners are gathering millions of KYC data from its miners. Who knows, these data will someday available in the black market!

Avoid this at all cost!

It's scam. It's not a blockchain-based currency.

You missed a point. They claimed that people can mine Pi coin even they don't connect to Internet or when their phone is off. What?

Only it is enough to be a very clear signal of scam. More signals of scam, you can find. Rumor is recently people can use Pi coin as a payment  method, that is not true. It's only a half of story and more likely a scam marketing.

The developers of Pi coin has not reveal it roadmap and when it's going to be listed in any exchange, it hype has been all over in my country, my colleagues mined and locked up their Pi coin in a bid to get more coins after some years, some of them are even speculating that it price will be $3000 per 1 Pi coin, well I knew a lot them don't understand how crypto works thus they are carried away by all sort of Advertisement relating to the coin especially from China where they alleged that some stores had started accepting Pi coin and some car dealers too accept Pi coin, however whether it's real or MLM in no distant future everything regarding to it will be unveiled.

Mining coins on phone have been a scam since 2017 I heard, the last real project that used this strategy was Electronuem and they cancel the mining in a few months, Pi network has nothing to offer compared to Electroneum, fools are those still mining Pi or storing it.

One thing is mandatory in almost everyone's reply and that is the Pi Token craze is present in every country, same is the case in my country too, especially social media platforms, in almost every post you will find a comment like where someone compared pi with Bitcoin and there will be a referral link at the end of the post. Well when I came to know about it, I thought why would anyone pay for something that only takes one click and costs nothing? Then I found a crypto-related group on Facebook in which they explained that it is just a Scam, it has no blockchain and no fixed supply. At that time, these two things were enough for me to understand.

This discussion is pretty much and people also saw my topic here: https://bitcointalk.org/index.php?topic=5237735 where I said everything about them, I see many people are saying PI is legit because they are old while this cannot prove anything or they say PI is legit because they won't ask for money from the users and the people who start mine while they ask for kyc which is more important than asking for money, they can use the personal documents for any lousy purpose they want asl asking for the personal documents itself can show us they are not really decentralized because these two are against each other.

Scam no doubt! ~XD

It's also quite famous on my country ~XD but the targeting scam is a user with don't have knowledge about cryptocurrency. Like usual, the person/they targeting user with zero knowledge for crypto (Old and other).

If you ask here, we almost know this type scheme.

Yeah, most bitcointalk-er agree this Pi coin is a scam and very popular in our own countries for people that know nothing about crypto. Explain why Pi coin never had a strong front over bitcointalk because everyone here would see its scam miles away.

It's just another scam coin. So many people in my countries were also mining this stupid scam coin used their old android phone. Those people have been mined since a a few years ago lol. I don't even know who so many people still being mined this obvious scam coin.
I guess if that was just another trick from the developer of this scam coin. People being fooled for years. lol

This is definitely is a pyramid scheme, the Pi coin itself does not have utility. And their claim of use of Pi coin in some area are mostly a hoax, and some people even make up a ridiculous value of Pi up to $314k. And if you just heard about this coin, actually Pi has been around for few years now, their developer promise big exchange listing like Binance, Bittrex, etc, and even a big tech company adoption since day 1 but it never happened. Even Coinmarketcap put flag on Pi coin.

https://i.ibb.co/VYwy8gf/pi.png

Another major downside is that, since its release date, this PI coin has not been listed on any exchange, it is worse than a shitcoin listed on a DEX.

It seems like it's becoming a craze in every country, not just my own country, it's terrible. People have easily installed crypto mining app on their phone and provide KYC directly for that app, too dangerous for sensitive and private information stored on phone. It is an MLM program for user information purposes, hopefully phone carriers will soon issue warnings to users.

If truly this Pi Network exists another person needs to take over and start building, until that time I don't want to have anything to do with this project, I mean, if people are so crazy about this Pi coin why cant they take chances with small projects that may be successful tomorrow? ..like

Illuvium, Bitget, Altura, UFO gaming, Star Atlas, Gods Unchained, HoT, and many others?

Honestly speaking, I was one of those early users who install it at first, but later on, I also removed and uninstalled the app because I'm doubting if it works, for me because it's like an MLM scheme to me, MLM gives me a headache before so I never join on any MLM type of business anymore, but base on many available reports that in some parts of Asia PI coin is already accepted as payment, particularly in Vietnam so I guess PI has some sort of truth after all but still I don't want to use this coin or even mine it. 

After a very long term delay they decided to introduce a KYC verification system that's when I knew that this project is up to no good, there are just too many good projects in this space to care about now than this Pi Coin, total waste of your time.

Exactly, Pi is not new and has been here for like years.
What we keep hearing about them is "refer your friend to get x coin, get rich, etc". So far they do not show any actual work in their technology, it feels like MLM but without any capital damage except for some of your brain cells and time.
If I were you, I would have avoided it ages ago. Not worth your time and effort obviously.

To put it bluntly, Pi apps are clearly fake mobile phone mining apps. I'm not saying this to discredit your apps, that's not what I mean. I was told if it was fake because if it was really mining using the phone, it would have been less than three hours before your cellphone would have been stolen.
 Even if they tell other merchants, they accept Pi as payment at other restaurants, for me this is an obvious tactic of theirs to deceive and hype up those who lack cryptocurrency knowledge, especially since it has not been talked about for several years crypto world. And during that time and several months, the well-known exchange site platforms were not even included in the list, or they were not included in the coinmarketcap list. How can I believe in that Pi if when Pi is listed in the exchange they are not even taken care of, it is obvious that they are just frauds and we should not be deceived by such styles of people who are good at fooling their victims.

It doesn't matter as long as they find some utilities. There are many cryptos in the market that is listed in many exchanges but don't have a solid use case. I saw some business owner providing their service in exchange for pi coin. Right now the values seem totally hyped but if they can really expand the use case of pi then it doesn't matter what they have done in the past.

I don't think it's appropriate to trust an old coin that is still unlisted on any exchange. What's the sense of holding it for a long time if the team behind it coudln't create improvements and developments so the project would continue running? It actually went like a Ponzi scheme and they just made unrealistic promises to their investors. It has been a long time since the last time that they have posted an update stating that the coin would be listed in exchange but still, nothing happened.

There are some developments going on right now. Many business is emerging who are ready to accept pi as a payment. If a bunch of people thinks pi is a reliable crypto asset with a future and accept it for their service and goods then I think pi is successful for what they are trying to achieve. Their intention was never to be crypto assets that people will be used primarily for storing values.

I have also question about their acceptance. Can you please mention which business project are emerging that they are ready to accept pi as payment. Pi Coin got a lot of response when I installed it a few years ago, your post made me think again to install the Pi app and see how many I have.  But I don't think all the things you said will happen.  2022 they are looking to officially launch yet no action seen.  I think it will be nothing but a scam.  I recommend installing it from your phone as soon as possible and protect your information from being stolen

I suggest you read this topic created by @Leviathan.007 which describes some of the critical issues behind this project.
https://bitcointalk.org/index.php?topic=5237735 "PI Network! A huge trap[Warning!]"
They are online from a while. Some one has exchanged these coins for USD or BTC? Listed some where? They have developed a blockchain or a database for transaction? ;D

Personally, I wouldn't waste a second on something like that. Of course I will never install an unknown application or do KYC for that.

Yeah finally people must be forced to sent their identity to the garbage developers. I just wanna see how many of them wanna try to give their identity to the others who they didn't know about. The developers are collecting KYC. it can be used for the various purpose.
People keep wasting their time to mine this shit. I didn't know how long they will always be doing their dumb activities. People shall never try to deal with this kind of scam coin anymore.

What's happened on pi coin?pi isn't listed on any market place.many people sell their coin on high price like 0.35$-0.50$.Vietnam and Chinis people are buying pi coin unofficially and many people use it by payment method.where it will be listed and how many price of it?now 33 million people use pi app.they launch their mainnet.i feel that we should sell some coin this price.upcoming day its price will be dump.we should sell our 50% coin that price.

It's funny to see the community supporting this coin. I see a lot of people are delusional about the illusory future with it. And I know there are already some teams collecting it for some value, probably things that are being over-hyped for liquidity. I have to admit that it has too many suspicious and silly points that are no different from the MLM projects I know.

Just let them all to buy what they wanna buy but you shall not follow them to buy this shit coin. FOMO was happening caused by there was a news that it can be used to buy something but this is not yet verified. You must be careful with this.
Years already passed but this project is still getting stuck at the same place. people are getting FOMO caused by that news.
It may be a trap as well.

It's true right now there is huge FOMO going on about PI over the internet. Many people even make some unrealistic price predictions for pi. Many people are buying this locally and I got information from a trusted source that some business owners in Vietnam and in some parts of china accept pi for their goods. I know it's too early to call it a legit platform but right now some people making a hell lot of money out of it.

If I choose to sell everything while it has value, because this is clearly a structured MLM scheme.
there's something else that's weird, whether this is true or not some say accounts of people who have passed kyc can be frozen by developers if suspicious, so what's the point of having private keys or phrases if we don't actually have full access to ownership.

My Opinion only Don't Hate me 🛑

In Short yes it looking like MLM strategy
They are claiming PI is Decenterlized Network --  Which Decenterlized Network ask for kyc detail 😐? I don't recalling if there are any
What worring me is the TOTAL SUPPLY of the Pi that will definitely insane now in Unofficial community we can sell our pi in around 0.5$ and also some korean people buying it on 1$ what i feel everything is just OVER HYPED definitely it is due to the PI marketing strategy

I am still watching their strategy where they are giving their TOKEN only if we COMPLETE OUR KYC it means they have our detail and they can sell it to any third party community because Pi doesn't have any Well know Kyc audited Platform

They had the INSANE DOWNLOAD IN PLAYSTORE Definitely due to Their Marketing strategy they are first in Stellar Consensus Protocol (SCP) mining , i means mining through mobile Devices that maybe a reason

That's the think i am just finding suspicious in The platform Specially Decenterlized Part i also had around 6000 Pi in my account but without kyc still confused wheather i should complete kyc or not

I have heard a lot of hype about the Pi token that can be mined through a mobile phone, personally I do not believe that there is any coin that can be mined using a mobile phone, these programs are mostly used to steal mobile data or for other purposes such as advertising promotion or others, but they caused Mostly processor overload and battery consumption, I don't know if the information you got is completely accurate but I'm still not convinced so far that someone accepts Pi as payment ???

What do you call a coin that people are mining for over 4 years and is not yet tradeable in the market, I checked it on Coinmarketcap and they have this warning on PI , they are controversial because of abuse, they are abusing their members by showing ads on their dashboard to monetize their site at the expense of their members and they are not keeping their promise of getting it on at least one exchange imagine you are mining for 5 years and there's no market on it  

It's a warning sign they have 3 million members so they have the data of this 3 million and they are not showing compliance.

The team are just using people to market and make money, why is the app full of ads here and there? They even collect KYC information from many people and they failed to deliver.

I've seen this project since it started and on the way it generate their coins, it's very obvious that it is a scam.
How many years has the project been developing? More than 5 years I think and until now, the coin isn't listed in any of exchanges and it has no intrinsic value at all.

What's worse is that I've seen people in social media where people are using their mined PI coins to buy something that already has value and the sellers are accepting it. Like WTF!!! You are exchanging an item that already has value to a coin that literally has no value at all. I also saw yesterday while I'm browsing a hotel which accepts PI coin as a payment. I don't want to laugh at that time because it's midnight but I find it funny TBH.

How do they get the coins? Thru "Mining" in their phone? How people "mine" Bitcoin and Ethereum are very different than how people are "mining" Pi coins. They said that they are mining just by few clicks which is ridiculous. I tried to install their app once out of curiosity but after I saw the KYC, I uninstalled it immediately. Just don't invest into this project. There are many better projects out there and don't give your personal information to them.

Unfortunately we have not been able to see PI in any market. in my community they think pi is MLM because those who hold pi think that the coin will be able to buy expensive items with just one pi, it certainly doesn't make sense to some people so they think this is just MLM. but seeing that the pi has been announced for launch is certainly good news for them. even today some of my friends buy pi as a collector.

Five years is enough time to prove a project if they are scam or not and all these five years they have not done anything to serve their members, all they gave to their members is promises they are worse than an MLM, they've got everything, vital information of their members, money from their advertisers using their member's presence in their website, there are so many abuses committed by these projects to their members, they should be reported to authorities where they are located.

true and they are turning it into a cult group.

thats absolutely MLM scheme / scam

I'v been in PI several years ago, and then gived it up soon since there is no public chain info, no blockchain explorer, no public code github, and seems everything fake!

They announced the KYC and mainnet for several years, but nonthing happened , except they add Ads on their official app.

YEP, THATS THE ONLY PROJECT PLACE POPUP ADS ON THEIR OFFICIAL APP!

Totally fake and scam!

I've been a follower of this coin since the day it was started, I have a few people in my teams, but the problem is it's almost years of waiting, I felt that this project is too slow to implement it's features, but recently I saw many post in social media that they using this coin as payment in some of the services and products, I don't know if it is real or part of the ads strategy (hype), Well I have few coins in my wallet and this month I started to mint again. I hope the project deliver what's indicated in their roadmap because Pi is already overdue, more on talk, talk and TALK.

I'm not comfortable with projects that ask for full KYC and without following what they've been saying and promising to their user's timeline for a good coin to get listed in the market is not more than 5 months but 4 or more years is just too much wait they just to waste people time and making money out of their people without giving them anything in return but empty a project that cannot get into the market are considered scam even if they just wasted your effort and time.

if you want to use pi coin you have to complete the kyc right on their pi mining app, this is what i feel is the dumbest of the pi coin
it's been 5 years and they just promise and promise, they can't do anything for the community and they just ask the community to do what they want
kyc is too risky for your information, they can be sold to advertising companies and can be used for malicious purposes

An obvious another form of MLM scheme. You are making it sound like the "scam" coins has become some sort of main stream currency in that country you have mentioned. I bet those few shops/online stores that are accepting PI is because they are also a  part of this MLM scheme.
Lol, what? I doubt there is a "huge" demand for PI coin. You are just shilling for another shitcoin. They make money by selling those KYC data in the black market. I am pretty much sure about that.

maybe if bitcoin has no value then you will say the same thing, now you believe in bitcoin because it has been proven by the value of bitcoin which is already expensive. Don't judge what you're not sure about. You judge coin pi with your assumption without a clear source, if coin pi is a scam, I am not a fan of coin pi but with your talk about coin pi scam has not been proven, to find out if it is a scam or not, we'll see when this pi coin is valid for transaction.

Pi was a euphoria that greeted my country a few years ago in the crypto space. However, many of its enthusiastic fans are beginning to move away from it as they can now see the sham it's. I read somewhere where someone mentioned that the Pi site has started asking for verification and I guess that's beginning to make many lose faith in it. For me, I tend to see Pi as TBC and as the latest one making the round now called BTCs. Until people begin to realize that there's no true "free money" in cryptos, they will keep falling victims to such sham and scams in the crypto space. TBC was popular in 2017 and was speculated to be higher in price value than BTC. Till date, that speculation has proved to be a mere pipe dream as it's not even listed on any exchange yet. It's the same way with Pi and BTCs. None of them are on any exchange. Yet some deluded folks think they can become superbly rich by "mining" them.

Pi coin is scam or legit I can't says that but what I have seen in these 3 or 4 years, I want to tell you. I started pi mining three years ago don't think too much about future and price. Coin is not on any exchange. I mine something 3000+ done their kyc and other stuff in mainnet. Now these days on telegram I found buy and sell going privately. I found a good youtuber boy who wanted to buy. I give him and they give me money in very short time. So that is happening to me. For kyc I don't think there is problem.

It's definitely a thing that we have seen that frequently, there is definitely a lack of common things with other projects. This means that if there is a risky thing going on (which could happen) like a scheme or a scam then it looks like maybe it's a brand new way of doing these scams and that's a very dangerous thing.

If not, then it's just a regular project with a new idea and I believe that there is a good chance we could end up with something much more common like a project that reaches to a certain point and then just move with the market, go down when the market goes down, go up when the market does and that's how it will go for a few years and just be that and slowly gets lost.

Another form of MLM scheme for sure. Pi coin holder seems like a cultist to me rather than an investor or a crypto adopter. You know, they even demand Pi Coin have to be traded at a fixed price instead of based on the market buying/selling order, trade volumes, and such.

Many of them don't know the core feature, the selling point of Pi Coin. They want to sell it at a high price, peg it to barter trade like 1 smartphone = 1 Pi coin to increase the price. Just a lot of stupidity among Pi coin holders that I'm sure only through MLM scheme can get people or prey on their greed to sell.

in my country there are many who promote this, unfortunately I'm not interested because I have to use KYC in their withdrawals, I haven't studied deeper but it's a bit uninteresting if you have to use the KYC system, I'm also worried if my identity card is used for crime

The PI craze has been evident in my country also. The number of P2P trades for PI are on the increase and they seem to be making a whole lot of effort on the referral as virtually every social media is stock with ads vying for referrals. I've was even considering registering but not comfortable with the kyc requirements. I had my doubts on their legitimacy, and with the information I have on this thread. It's obvious that they're up to no good.

I have known PI coin since 2 years ago and until now PI coin is still talking about and this shows the existence of the PI coin very well. and PI coin is real "NOT SCAM". we can see from the total of downloder the PI coin application has reached millions of users around the world. but we can not be sure where the direction of the creation of this PI coin later because there are still so many assumptions that are not in line.