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Author Topic: Is the new cryptocurrency PI Network another scam or legit?  (Read 1948 times)
john1010
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August 13, 2020, 03:23:17 PM
 #61

Actually Im currently running the Pi application on my phone and I have 5k coin that I minted a months ago, but honestly I have a very deep question now rolling in my mind, how come or who will buy this coin when the days come it enter in to the market while according to their statistic inside the apps that they are now reaching 7 Million miners, Assuming what if this coin landed on exchange the 7 Million miners that are holding Pi coin will begin to rush to sell the coin and of course one of them is me, MY BIG QUESTION IS WHO WILL BUY THE COIN?

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August 13, 2020, 03:46:22 PM
 #62

I dont think it's a pyramid scheme, but It looks to me just like a useless app created to give an ad, once a day for every user. So they can earn a lot of money if they have more than 5 mil downloads!!! Thats 5 mil ads every day! They dont have to make it legit at all, they are rich!
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August 13, 2020, 11:18:16 PM
 #63

Actually Im currently running the Pi application on my phone and I have 5k coin that I minted a months ago, but honestly I have a very deep question now rolling in my mind, how come or who will buy this coin when the days come it enter in to the market while according to their statistic inside the apps that they are now reaching 7 Million miners, Assuming what if this coin landed on exchange the 7 Million miners that are holding Pi coin will begin to rush to sell the coin and of course one of them is me, MY BIG QUESTION IS WHO WILL BUY THE COIN?

It is definitely too early to think that anyone will want to buy a coin, the current daily supply of which exceeds 100 million and the monthly one is several billion. Total supply is probably at the level of several hundred billion.
So there are two outputs:
1) nothing will be left of the pi coins (definitely more likely)
2) they will create a platform that they promise to combine the functionality of facebook-twitter-amazon-ebay-whatever else... and thanks to the database of millions of customers they already have  something will come out of it, although in my opinion it is not a project that several doctoral students can handle, even if they have finished Stanford university (almost impossible)
and if it succeeds in a few years and not sooner your 5k (and my 500) Pi will be worth something....
Something unfortunately doesn't mean much .... remember today facebook is worth 580 billion dollars so for your 5k Pi to be worth $ 5k they have to repeat the success of facebook if they can only repeat the success of twitter worth today ~ 30 billion your 5k Pi will be worth ~ $ 250 ..... in any other case there is no need to think how much Pi will be worth


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john1010
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August 14, 2020, 11:26:26 AM
 #64

Actually Im currently running the Pi application on my phone and I have 5k coin that I minted a months ago, but honestly I have a very deep question now rolling in my mind, how come or who will buy this coin when the days come it enter in to the market while according to their statistic inside the apps that they are now reaching 7 Million miners, Assuming what if this coin landed on exchange the 7 Million miners that are holding Pi coin will begin to rush to sell the coin and of course one of them is me, MY BIG QUESTION IS WHO WILL BUY THE COIN?

It is definitely too early to think that anyone will want to buy a coin, the current daily supply of which exceeds 100 million and the monthly one is several billion. Total supply is probably at the level of several hundred billion.
So there are two outputs:
1) nothing will be left of the pi coins (definitely more likely)
2) they will create a platform that they promise to combine the functionality of facebook-twitter-amazon-ebay-whatever else... and thanks to the database of millions of customers they already have  something will come out of it, although in my opinion it is not a project that several doctoral students can handle, even if they have finished Stanford university (almost impossible)
and if it succeeds in a few years and not sooner your 5k (and my 500) Pi will be worth something....
Something unfortunately doesn't mean much .... remember today facebook is worth 580 billion dollars so for your 5k Pi to be worth $ 5k they have to repeat the success of facebook if they can only repeat the success of twitter worth today ~ 30 billion your 5k Pi will be worth ~ $ 250 ..... in any other case there is no need to think how much Pi will be worth



If that so, maybe there is a good future for Pi coin, I have in my mind the typical type of person that if he gets someone's coin either that it is from mining or bounty the tendency is they will going to sell it, That is my point here, what if there are 7 million people holding Pi and all of them want to sell it? What will happen? Now if they've plan to partner Pi to Amazon, ebay and other ecom, well that is good news, because we don't need to sell our Pi for cash or other cryptos to buy necessities. We hope that it will going through.

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.LATTICE - A New Paradigm of Decentralized Finance.
PRESALE
ONGOING


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arcticglobal
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August 16, 2020, 05:48:12 PM
 #65

Pi Lite mode is turned on either when the service is under technical maintenance or upgrade or when there is very high traffic. Lite mode allows only essential features of Pi, e.g. mine, logins and signups. Your balance will not be lively updated in Lite mode but will be corrected once normal mode is back. Please be assured that your Pi is safe.

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August 18, 2020, 09:37:08 AM
 #66

See: Re: PI Network! A huge trap[Warning!]
- https://bitcointalk.org/index.php?topic=5237735.msg55018716#msg55018716

 Roll Eyes

Guess I'm a Genuine "Bitcoin OG" <2010 | Bitcoin is BTC | CSW is NOT Satoshi Nakamoto | I Mine BTC, LTC, ZEC, XMR and GAP | Support my BTC on Tor addnodes Project ... satofxsc3xjadxsm.onion shindo45rxrk3737.onion naka7nzsu3binfim.onion motoixfjxnf4joga.onion | "Everybody's Got Something to Hide Except Me" and My Monkey"
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August 19, 2020, 01:32:04 PM
 #67


Thank you!

User data and position data + a video ad shown to every user who is logging in.

I see those ref links all over the internet these days. Their answer to my questions and facts is always:
"How can they scam us if they don't ask for money at all?"

And now. They even have a untracked listing at CMC
https://coinmarketcap.com/currencies/pi-network/

It's a good laugh tho Smiley

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August 21, 2020, 06:41:54 PM
 #68

Convention Agenda Topic & Round 2 Applications

Based on the over 17,000 submissions to our round 1 convention speaker application, we drafted the initial Convention Sections and Topics. Preview them below. This is also a request for speakers on specific topics for the convention, i.e. Round 2 Speaker Application.

Qualified speaker applicants from Round 1 will be invited to fill in the form in a followup email this or early next week that requires video submissions. Video submissions will be a short demo showcasing the speakers’ style of presentation and main talking points. Video submissions will receive greater consideration to present at the convention.

Here are the initial proposed agenda sections and topics. Certain topics may be added, revised or removed in the final convention agenda. As a reminder from the previous convention announcement, Pi’s first convention will be an online one-day event.

Convention Agenda Sections:Each section in the agenda will eventually contain multiple topics that include the ones we're seeking speakers from within our community listed in Convention Topics below and other topics that the Core team or extermal speakers will present.

1.Decentralization and Node

2.Utility, Platform and Applications

3.Mining and Mobile application

4.Ecosystem Development

5.Community and Governance

Convention Topics on which we look for Speakers: For the upcoming Pi Convention, we are looking for qualified speakers to host a talk on these proposed topics. The deadline to submit the Round 2 speaker application is August 31st, 2020.

1.Consensus Algorithms – The speaker can highlight different consensus algorithms such as Proof of Work, Proof of Stake, Byzantine Fault tolerance, Federated Byzantine Fault Tolerance, Proof of Authority and more. Talks about how to improve or build on federated Byzantine agreement will be especially welcome. Discuss the pros & cons of the various Consensus algorithms.

2.Usability and Extendibility for Pi Nodes – Shape the future of Nodes. Help present new ideas and concepts to improve and extend the usability & experience of Pi Node software.

3.Third-Party Applications – We are looking for developers to come share their app and demonstrate how it can be utilized by Pioneers. (Candidates from Round 1 need to submit a video demo). How do we build our developer community?

4.Discussion: Pros and Cons of Stopping Mobile Mining at 10M, 100M or 1B Network Size – Should we continue or stop mobile mining when the network reaches 10M, 100M, 1B? We will feature representative speakers from the community on both sides of this question.

5.The Future of Pi Mobile App – What can the Pi mobile application evolve into beyond mining? What internal applications/features do you hope the Core Team will build that can contribute to the utility of Pi?

6.Proof of Humanness – Propose solutions to prove Pioneers are real human beings, including solutions of KYC.

7.Community and Governance – What should be the duties of the community committee? What are the selection criteria and selection process for the committee members? Give proposals of how to organize regional local communities.

8.Industry – How should Pi collaborate with other blockchain projects and traditional businesses? How can Pi better integrate into the existing world of fiat currencies?

9.Other Talks – Do you have other talks about the Future of Pi? Decentralization? Blockchain? Applications of Pi? etc.? We still have open topics to submit your proposal for talks.

Apply HERE to speak at the first Pi Convention! The deadline to submit the Round 2 speaker application is August 31st, 2020.

www.pinetworkapp.org
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August 27, 2020, 09:06:47 PM
 #69

PI app was added a new option to report fake accounts or the accounts you created accidentally yourself by using your invitation code.
You may find it by clicking the team icon on the home page and go to the the Earning Team page.
This option is not to report miners who stopped mining, they can come back in the future, realizing pi gained value.

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August 30, 2020, 01:17:41 AM
 #70

PI Network is announcing 100,000 free KYC slots open to Pioneers over the next few months. On a daily basis starting today, PI system will automatically select Pioneers based on their past and future potential contributions to Pi, including Node, Platform, community and engagement etc. Read more below

100,000 Free KYC Slots
Why do we need KYC?

The vision of Pi Network is to build an inclusive and most widely-distributed digital currency and economy for all people around the world. The mining mechanism of Pi Network is social-network based and the mining rate halves as the social network size grows by 10X. So Pi has a strict policy of one account per person. This requires a high degree of accuracy to establish that members in the network are genuine human beings, in order to prevent individuals being able to hoard Pi through creating fake accounts unfairly. In addition to various layers of technical solutions to detecting, preventing and excluding fake accounts to enforce the one account per person policy, KYC provides an extra defence to ensure the true humanness of the network. The KYC process of Pi Network does not just fulfill a regulatory checkbox, but is important to guarding Pi’s mining mechanism and the purpose of the project.

How is the current KYC conducted?

Current Pi KYC is conducted by a third-party KYC provider. Even though the current required documents in many countries are limited to only passports, such identity verification solutions provide the level of authenticity that we’re looking for right now, while preserving people’s privacy. Member privacy is a guiding principle at Pi Network. Pi Network does not care as much about the content of the data you submit during KYC as the authenticity of your identity (i.e., that you are a real human being and not a bot). Pi Network deeply respects member privacy and aims to minimize intrusions on member privacy while keeping the currency safe. All Pi KYC processes will only be initiated from this App, and you will be notified if you’re selected within this app. Beware of any scams that claim to give Pi KYC opportunities outside of our app.

We recognize and hear that obtaining passports is difficult for some Pioneers, and we hope to develop a decentralized, reliable, low- to no-cost KYC process customized for the Pi community in the future that does not necessarily require passports. The ultimate goal is to enable every real Pioneer in the network to pass KYC or prove their humanness eventually for the Mainnet. The discussion of the future KYC solution will also potentially be a topic in the upcoming Pi Convention, and we welcome creative ideas from Pioneers.

What does KYC right now enable Pioneers to do?

Currently, we mostly use KYC to enable Pioneers to run nodes in the Pi Testnet, be a developer of Pi Apps on our platform, spend Pi in Pi Apps and perform in-app transfers, which are pillars of building Pi’s economic ecosystem. Eventually, every Pi member will need to pass KYC in order to migrate their Pi to the Pi Mainnet.

KYC does not exempt Pioneers from complying with Pi policies and from prohibited behavior, including selling Pi to exchange with other currencies, selling Pi accounts to others, using any automated scripts in their accounts, and creating fake accounts. Even if a Pioneer passed KYC, the prohibited behavior may cause the KYC’ed account to be frozen, revoked, burnt or banned before the Mainnet. Thus, please do not participate in any prohibited activities. Being a real human following Pi’s policies is the best strategy to secure your Pi.

What are the selection criteria and process for the 100,000 free KYC slots?

The selection criteria as previously announced will be meritocratic, based on Pioneer’s previous contributions to Pi including the length of time being a Pioneer, the amount of time and reliability of Nodes, engagement, growing the community, fostering constructive conversations, and future potential contributions including Pi Node and Testnet, Pi Apps Platform, bootstrapping Pi’s peer-to-peer economy and building the ecosystem. The consideration for future potential contribution means there will be both recent and senior Pioneers being selected, but in aggregate the distribution will have more senior Pioneers than Pioneers who recently joined.

We also take into account the probability of being or associating with fake account creation. We actually also invite to KYC some of these accounts that we suspect to be "fake" or “running automated scripts”, so that we can further study their practices and evaluate them. These accounts will obviously be excluded from transferring their Pi to the Mainnet if we confirm our suspicions.

We’re also introducing a new KYC selection process where our system automatically selects Pioneers probabilistically based on the above criteria on a daily basis. The selected Pioneers will be notified by a popup prompt inside this app. On the in-app prompt, the Pioneer will be asked to confirm if they have the right identity documents given their country of issuance. If so, they proceed to conduct the KYC in the third-party app. If not, it does not mean they will not be selected again. If someone has been prompted by the system to pass KYC this time, there is a chance they may be selected again for the 100,000 free slots later, but it’s not guaranteed. Falsely claiming to have a certain document not only will lead to a KYC failure right now, but also reduce this person’s chance of being selected in the future to pass it again.

If someone is selected and has the right documents, they have the next 24 hours to pass the KYC. After 24 hours, if the Pioneer has not used this slot, this free KYC opportunity will roll over to other Pioneers. The reason for the 24 hours period for Pioneers who already confirmed they have the right document is because we want to ensure each day we complete a targeted number of KYCs, having an even allocation of KYC slots each day and avoiding peaks of traffic for us and for our third-party providers.

All in all, the 100K free KYC is only the beginning of our enrollment of Pioneers for identification verification that enables more Pioneers to build Pi’s decentralized network and bootstrap Pi’s economy, and again, you can always wait for future opportunities and future KYC solutions as mentioned above.

Why is KYC free for the 100K Pioneers?

Because it is a relatively small group and the 100K Pioneers will be working to bootstrap our economy and build our Testnet. KYC is costly because it is currently performed by third-party apps that charge on a per KYC check basis. While the Core Team can potentially cover the cost for a small fraction of Pi’s global community, it cannot cover the KYC costs for our millions of current and future Pioneers before we find the low- to no-cost solution. As announced in December 2019, the Core Team will not profit from any of the identity verification processes or KYC solutions. For the large mass of Pioneers, the future KYC will either be at cost for Pioneers (i.e. whatever the third-party KYC provider charges) or a decentralized, low- to no-cost KYC process, customized for the Pi community. Our aspiration is to create a free KYC option. Although we cannot yet promise we will achieve this goal, we can promise that we will try our best.

www.pinetworkapp.org
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September 05, 2020, 10:47:45 PM
 #71

New Node Version v0.3.4

PI Network is excited to introduce a new version of the Pi Node (v0.3.4), currently available for download or upgrade on node.minepi.com. Unlike previous versions where the switch button in the Node interface only turns on a statistics container that gathers data about different device performance for selection purposes, the same switch button in v0.3.4 now can turn on the container that runs the blockchain for selected candidates.


Download and accessibility


This new version allows the Core Team to gradually invite node candidates to start running the blockchain to follow the Testnet. So, we recommend all candidates to upgrade to this latest version v0.3.4. by visiting the Node software. (If you have downloaded it last week when we already published it on our website, there is no need to download it again.) However, the new functionality of turning on and viewing the blockchain will be rolled out gradually to different candidates for technical reasons. This means that after downloading the new version, the majority of candidates will probably see the same interface with the old functionality at first, i.e. turning on the statistics container. Don’t feel discouraged, because even though this version may have the same appearance at the beginning, it carries different substances under the hood. In the following week, more candidates will be able to have the new functionality available, i.e. the switch turning on the blockchain container.

We’ll initially enable the blockchain container to only Node candidates running (i) Windows 10 Home or Pro that are upgraded to the latest version from Microsoft (version 2004) with WSL 2 and using Docker Desktop, (ii) any macOS version with Docker Desktop. In future versions, we will enable this functionality for more operating systems, and we will try to make the blockchain work on Docker Toolbox. The goal is to enable all Node candidates to be able to turn on the blockchain container to follow the testnet blockchain as it evolves.

The selection of nodes that can submit transactions will be made in the future when the feature becomes available. In regard to Supernodes, we will make selections later based on statistics gathered in the Selection Stage when Pi Node candidates were running the statistics container and their continued successful participation in the current stage. We’ll also soon make some of such statistics we gathered about the device and its performance available to the device owner in the v0.3.4., e.g. uptime and stability.


Significance of v0.3.4


Pi Node v0.3.4 will only allow viewing of the Pi Testnet, but it is significant because it is the first time that Pi Node software runs the blockchain on a larger scale and it initiates the second stage of the Testnet Roadmap – Revision Stage that comprises an iterative process of two activities: scenario testing and consensus algorithm revision. Building on this version, the Core Team can quickly assign simulated data of the network graph and configurations to different Nodes, to more efficiently stress test a wide range of scenarios and states of the network. The data generated from these tests will then feed the revision process of the consensus algorithm. The Revision Stage will presumably be a rather long period during which multiple node versions will be released because it involves not only engineering time but also research breakthroughs. As the consensus algorithm gets improved through simulated data, the Core Team will be able to add more abilities to Nodes and Supernodes than just viewing the testnet, such as validating transactions and participating in the consensus algorithm, progressing towards the third stage – Live Testnet.

Behind the scenes of v0.3.4
Over the past few months, we’ve been developing this version of Node that allows Pioneers to run the blockchain through a user-friendly interface. It took quite some time to release this version to all Pioneers because in addition to its development, we also had about 8 iterations of test releases with moderators and voluntary testers before a community release. The purpose of the long test iterations was to discover and fix as many bugs as possible that may be exposed by different devices and operating systems, and save frustration from most Pioneers in a community release. Due to the nature of compatibility issues with diverse devices and operating systems, we still expect some reports of issues when running this version, but hopefully they’re much reduced, thanks to test release iterations. This version also includes more data about the status of the blockchain container in the Node Interface for Pioneers to troubleshoot. For any issues, please consult the community wiki page here or join the Node Applicant chats in the Pi app.

https://www.pinetworkapp.org/
cryptovigi
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September 05, 2020, 11:55:26 PM
 #72


I am surprised that no one here thinks about the number of coins that have already been "mined" ... Guys these are billions ... So for a single coin to be worth something, the project must reach at least the top twenty on CMC ... is it possible? maybe ... but certainly very unlikely ...

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September 13, 2020, 03:15:17 PM
 #73

PI network announced 8+ Million Engaged Pioneers. Mine at higher rate before the next halving.
www.pinetworkapp.org
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September 13, 2020, 04:36:13 PM
 #74

This is the PI Network coin :

Coin is inactive. Contact hello@coingecko.com if you think this is an error
This refers to IOU tokens. FUBT has shut down so this IOU trading is no longer happening. Main net launch of Pi Network is yet to take place. Check for announcement: https://fubthelp.zendesk.com/hc/en-us/articles/360040503052--New-Token-FU-BT-will-list-Pi-NETWORK-futures-on-March-14-2020

So dead coin that was never going anywhere is dead.  But arcticglobal keeps beating the dead worthless horse...probsbly becuase its stealing people info and at the very least tracking them on thier phones.  Why does BTCTALK let non mined coin crap like this on thr board..this is NOT mining and is NOT an alt coin.  Its a scam.
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September 13, 2020, 08:39:04 PM
 #75

...
This refers to IOU tokens. FUBT has shut down so this IOU trading is no longer happening. Main net launch of Pi Network is yet to take place. Check for announcement: https://fubthelp.zendesk.com/hc/en-us/articles/360040503052--New-Token-FU-BT-will-list-Pi-NETWORK-futures-on-March-14-2020
...

something wrong with this link - leads to blank page ....

And what is the matter with IOU tokens - were they supposed to be the equivalent of coin Pi listed on some exchange? Haven't heard about it ...
And as for the fact that the coin is not "actually" mined, only obtainable for completing tasks (logging in to the application in this case) is not bad in itself, it's like a different kind of airdrop and we've already dealt with it e.g. electroneum .....

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September 15, 2020, 07:24:02 AM
 #76

I think someone need to investigate this Pi Network and prove that if it is scam or not, because accusation without strong evidence is only a FUD, I also currently running their wallet on my wallet, but in my case, personally, I felt that their development is too SLOW and up until now only talk, talk and talk..

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October 13, 2020, 07:11:20 PM
 #77

I started mining Pi today.
I don't see anything bad, except the KYC process.

If you think you've got bots running on your network, simply don't allow anyone withdraw who hasn't done the KYC procedure.

This is an experiment, and I like it.
Reminds me of XRB (NANO).

Faucet distributed token, that pumped x101832719371937y1293y1281237ghe87g178gbdq8ewgdb8vuytVYUv8718.
This isn't anything more than another faucet/airdrop coin (or token?).

Time will tell.
Good luck everyone.

Do PTC, OfferWalls, watch videos, download applications, Pay To Sign Up offers, play games and earn Bitcoin on https://www.btcptc.io
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