PI Network! A huge trap[Warning!]

[honglu69]

Pi is scam

Mobile miners need KYC to withdraw coins. This to me means that Pi at best is airdrop of coins. Airdrop is not mobile mining.

The world first mobile minable coin on real phones is Nengcoin (NENG).  NENG is scrypt coin minable on android phones starting in summer of 2020.  The second coin that is minable on mobile phone is Cheetahcoin (Nengcoin fork on SHA256).  Both coins have randomSpike on top of scrypt/SHA256 that allows CPU miners to get 20% of all block rewards while ASIC miners obtain 80% of rewards.

Pi has no blockchain.  KYCed mining for phone miners are not mining, they are fake, just airdrop.

The real mobile minable coins today are Nengcoin and Cheetahcoin,  a new type of scrypt and SHA256 coins.

[southerngentuk]

The next scam product? I'm not sure.
But i also told everyone around me not to install it on the phone, because you won't know what personal information it gets from you.
I still cannot understand the developer's intentions for this project, with the amount of user data in hand, they will have many ways to make money on that data source.

[NFTfan]

There are already 12 million Pi miners and the reactions / reviews are positive and negative. Their mainnet will be released in 2021 and we'll see what's going to happen. I also run a node and really hope for the best. I will only do KYC when I am really 100% sure. A scam would not make it to the local newspaper I think and they would have it verified by Stanford University.

https://www.stanforddaily.com/2019/09/16/stanford-grads-develop-cryptocurrency-for-smartphone-users-to-increase-its-accessibility/

[Daltonik]

The Pi Network application, which allows you to mine digital currency on a mobile device, may be involved in the leakage of personal data of Vietnamese users. The database with 17 GB of data is sold on one of the hacker forums. Presumably, it contains information obtained as a result of Pi Network users passing the KYC procedure, including identity cards, addresses, phone numbers and emails. https://e.vnexpress.net/news/news/personal-data-leak-affects-thousands-of-vietnamese-4279503.html

[josegines]

The Pi Network application, which allows you to mine digital currency on a mobile device, may be involved in the leakage of personal data of Vietnamese users. The database with 17 GB of data is sold on one of the hacker forums. Presumably, it contains information obtained as a result of Pi Network users passing the KYC procedure, including identity cards, addresses, phone numbers and emails. https://e.vnexpress.net/news/news/personal-data-leak-affects-thousands-of-vietnamese-4279503.html

PI does not do KYC directly, at least in the last year, YOTI does them

[Skinny48]

The Pi Network application, which allows you to mine digital currency on a mobile device, may be involved in the leakage of personal data of Vietnamese users. The database with 17 GB of data is sold on one of the hacker forums. Presumably, it contains information obtained as a result of Pi Network users passing the KYC procedure, including identity cards, addresses, phone numbers and emails. https://e.vnexpress.net/news/news/personal-data-leak-affects-thousands-of-vietnamese-4279503.html

PI does not do KYC directly, at least in the last year, YOTI does them

The KYC verification isn't the bad thing here but implementation of KYC when mining is out of this world mate, proof of work algorithm with KYC? If that sounds normal to you then you don't know what proof of work is... Pi Network ruined themselves

[josegines]

The Pi Network application, which allows you to mine digital currency on a mobile device, may be involved in the leakage of personal data of Vietnamese users. The database with 17 GB of data is sold on one of the hacker forums. Presumably, it contains information obtained as a result of Pi Network users passing the KYC procedure, including identity cards, addresses, phone numbers and emails. https://e.vnexpress.net/news/news/personal-data-leak-affects-thousands-of-vietnamese-4279503.html

PI does not do KYC directly, at least in the last year, YOTI does them

The KYC verification isn't the bad thing here but implementation of KYC when mining is out of this world mate, proof of work algorithm with KYC? If that sounds normal to you then you don't know what proof of work is... Pi Network ruined themselves

The mainnet network has not yet been launched, at the moment we only have a token distribution system based on the patience that we have giving the button for 1 or 2 years. Something that is really testing my endurance capacity. KYC is a way to select only humans, because there are a lot of clever people who could claim tokens from various accounts using bots or whatever invention they come up with. KYC does not intervene in the operation of the network, it is simply a way of selecting the people who will then receive the tokens.

Once the mainnet has been launched and the tokens distributed, it will no longer be essential to pass KYC to have PI, only those that continue to use the original wallets, because there will be other wallets that are not associated with KYC.

[lolxxxx]

I really like your thread and the information you put up there and all the digging you have done.

I am against this project from start warned many people about it to not to install the app they can gather the data and who knows what.

I have a question from you written "Warning!" in your TOPIC I opened this thread to see what kind of warning you are giving like anything you found like they are getting personal information, gathering data of apps (many people use binance app and other exchanges app) so that is why I asking.

Regards

[piececollector]

The Pi Network application, which allows you to mine digital currency on a mobile device, may be involved in the leakage of personal data of Vietnamese users. The database with 17 GB of data is sold on one of the hacker forums. Presumably, it contains information obtained as a result of Pi Network users passing the KYC procedure, including identity cards, addresses, phone numbers and emails. https://e.vnexpress.net/news/news/personal-data-leak-affects-thousands-of-vietnamese-4279503.html

damn thats sad if true... cant trust nobody.

[5thFear]

The PI Network app has no usage whatsoever. I wasn't interested in it and i still have no interest in it. But there is one thing that gets my attention and that is the number of users that are following this app. It has such a huge following all over the world that if it just starts using its app for marketing, it can make enough profit to distribute among its users while still bagging a huge money. And with that all the followers of it will get more people in it and it can grow much more.

[finaleshot2016]

People on social media are talking about the Pi network, particularly those who are new to mining and have no idea how it works. They're comparing it to other NFT games in the Philippines because it's free and can generate money without investing, and my friends are also spreading this pi network, so I'm continually replying to this thread to let them know what's going on.

When it comes to personal information, I understand that social media platforms have already bypassed it and gathered our data, but most of them are trusted, such as Facebook and Twitter. However, when we're talking about platforms or apps like this one, it's kind of strange to require KYC to cash out the money, and I don't believe that's how mining works. If they're going to release too good to be true applications like this, I think it's a good idea to demonstrate some security to the users about how everything works, but that's not happening.

[blockman]

People on social media are talking about the Pi network, particularly those who are new to mining and have no idea how it works. They're comparing it to other NFT games in the Philippines because it's free and can generate money without investing, and my friends are also spreading this pi network, so I'm continually replying to this thread to let them know what's going on.

I've seen that and it's across in different Axie Infinity groups. They're posting that for those folks that don't have money to invest in Axie, they're looking at that 'mining' through Pi. They lack of research and think that it's going to give them decent profit when it's ready for launch.
They don't know that this has been there for a long time and still there's no progress until when they're going to make sure that their investors or people who are looking at them will be worth it with their effort and time being wasted on it. I haven't seen in the circle of my friends do it but when I've told it to a certain group that just don't waste their time on it, they just ignored me.

[josegines]

People on social media are talking about the Pi network, particularly those who are new to mining and have no idea how it works. They're comparing it to other NFT games in the Philippines because it's free and can generate money without investing, and my friends are also spreading this pi network, so I'm continually replying to this thread to let them know what's going on.

I've seen that and it's across in different Axie Infinity groups. They're posting that for those folks that don't have money to invest in Axie, they're looking at that 'mining' through Pi. They lack of research and think that it's going to give them decent profit when it's ready for launch.
They don't know that this has been there for a long time and still there's no progress until when they're going to make sure that their investors or people who are looking at them will be worth it with their effort and time being wasted on it. I haven't seen in the circle of my friends do it but when I've told it to a certain group that just don't waste their time on it, they just ignored me.

They probably ignored you because they will have money to invest in some crypto, the one who does not have money has no other option than to be patient with PI or similar projects, where you do not have to spend a single dollar. Sure there is nothing, but if it works, they will be happy to get something for free.

[Naficopa]

People on social media are talking about the Pi network, particularly those who are new to mining and have no idea how it works. They're comparing it to other NFT games in the Philippines because it's free and can generate money without investing, and my friends are also spreading this pi network, so I'm continually replying to this thread to let them know what's going on.

I've seen that and it's across in different Axie Infinity groups. They're posting that for those folks that don't have money to invest in Axie, they're looking at that 'mining' through Pi. They lack of research and think that it's going to give them decent profit when it's ready for launch.
They don't know that this has been there for a long time and still there's no progress until when they're going to make sure that their investors or people who are looking at them will be worth it with their effort and time being wasted on it. I haven't seen in the circle of my friends do it but when I've told it to a certain group that just don't waste their time on it, they just ignored me.

They probably ignored you because they will have money to invest in some crypto, the one who does not have money has no other option than to be patient with PI or similar projects, where you do not have to spend a single dollar. Sure there is nothing, but if it works, they will be happy to get something for free.

Well, I do not understand why people are warned against something that has not been proven as a dangerous application at all, and has been running for over a year on millions of phones. If someone wants to spend their time, and it's really only a few seconds a day because that's all it takes to refresh the application, why not? If someone has a profit from it, and it's not much for a few seconds, collect free coins. After all, all cryptocurrency faucets work the same way.

[blockman]

People on social media are talking about the Pi network, particularly those who are new to mining and have no idea how it works. They're comparing it to other NFT games in the Philippines because it's free and can generate money without investing, and my friends are also spreading this pi network, so I'm continually replying to this thread to let them know what's going on.

I've seen that and it's across in different Axie Infinity groups. They're posting that for those folks that don't have money to invest in Axie, they're looking at that 'mining' through Pi. They lack of research and think that it's going to give them decent profit when it's ready for launch.
They don't know that this has been there for a long time and still there's no progress until when they're going to make sure that their investors or people who are looking at them will be worth it with their effort and time being wasted on it. I haven't seen in the circle of my friends do it but when I've told it to a certain group that just don't waste their time on it, they just ignored me.

They probably ignored you because they will have money to invest in some crypto, the one who does not have money has no other option than to be patient with PI or similar projects, where you do not have to spend a single dollar. Sure there is nothing, but if it works, they will be happy to get something for free.

Yeah, they don't have no other option but I've just given a warning because the development of this project isn't really that quick. I don't know what's with it and I don't have any idea at what phase they are. If they make money from this app, good thing but if their data are being compromised and sold by this project, we don't know what's next to them. Well, as probably all know about giving it a try if there's nothing to gone, it's only the data of those who have downloaded the app. Okay then, I wish all of them luck it's more than a year since I've been seeing the ads about this project yet no exchange.

[esccc]

thank you for the research and insights here. it was an hour-well spent reading everything.

hopefully, this project will not progress and if they DO, i hope that those bad allegations will not harm those million users

[Naficopa]

thank you for the research and insights here. it was an hour-well spent reading everything.

hopefully, this project will not progress and if they DO, i hope that those bad allegations will not harm those million users

Could you explain exactly which accusations are you talking about?
From what I've read in this thread, someone has a problem against the Pi Network project because they misusing the word "mining", because their application doesn't really mine anything. They should use the word "faucet" for that, and that would be fine.
In my opinion, this is an interesting marketing project and the only thing users risk is spending a few seconds a day refreshing the application.

[Squezzi55]

PI mining shouldn't be called mining, I know the KYC stuff is to avoid double users but all this practices isn't mining cos mining is real decentralisation and doesn't or shouldn't required any form of KYC, PI mining should be called cloud earnings or something similar not the word 'mining'.

[Naficopa]

PI mining shouldn't be called mining, I know the KYC stuff is to avoid double users but all this practices isn't mining cos mining is real decentralisation and doesn't or shouldn't required any form of KYC, PI mining should be called cloud earnings or something similar not the word 'mining'.

Okay, it shouldn't be called "mining", they could have used a different word, but they used it because they chose to. And what do you think this means that this is a scam and that this project will fail? I don't understand all the confusion about that one word at all. After all, it describes the basis on which the coins are obtained.

[josegines]

Well, I do not understand why people are warned against something that has not been proven as a dangerous application at all, and has been running for over a year on millions of phones. If someone wants to spend their time, and it's really only a few seconds a day because that's all it takes to refresh the application, why not? If someone has a profit from it, and it's not much for a few seconds, collect free coins. After all, all cryptocurrency faucets work the same way.

Cryptocurrency evangelists, probably all of them with full pockets, are trying to convince everyone that KYC is the same demon. As soon as they see a project that demands KYC, they sentence it to death.

The problem is that there are people who are not rich like them and have no choice but to try their luck in projects like PI. We don't know if it will be successful, but we have no choice. We cannot risk the little money we have to buy cryptocurrencies.

Cryptocurrencies can only be the salvation of the vast majority, with projects such as PI and other Basic Income. Meanwhile, it is only the salvation of those who have enough money to risk it.