PI Network! A huge trap[Warning!]

[Leviathan.007]

~snip~

Yes, Its doesn't require any disassemble process. Just like PEiD/PEBrowse Professional/PE Explorer they monitoring the actions done by the application in the background. Monitoring HTTPS connections can't be hard but sad'y I don't have enough knowledge about it

[epis11]

First Im not affiliated with Pi, Pi network is currently in early stage of development phase 2 testnet you cannot build your own blockchain in a week it takes years, about your concern on asking kyc and data theft on your phone its not new anymore hundreds of app today are stealing your identity once you use your phone or pc and connecting to internet your identity is at risk anymore including your lovelife  so if you are too concern about stealing your identity dont connect to internet simple, do you think this team from Standford University with MBA, PhD degree are ruining their reputation just to build a shitty scam app? its too early to criticize a project in early phase of development if you read thoroughly the whitepaper you will understand what protocol they are proposing read gain https://minepi.com/white-paper recently they ask members of pi pioneers in chat about ico or in app ads to sustain the development of this project and instead of using a quick and easy money ico system they decided to earn organically via in app ads and I dont see any problems here

2. This currency was/is never listed, and between all the valued crypto related website(For example, bitcointalk ANN) none of them wrote anything about them. (Only some random worthless advertising websites wrote about them.) While other projects such as Electrum listed.
So this websites earning million dollars are worthless to you?
https://finance.yahoo.com/news/pi-network-launches-mobile-cryptocurrency-100000466.html
https://cointelegraph.com/news/stanford-grads-crypto-network-hits-half-a-million-users-in-6-months
https://www.stanforddaily.com/2019/09/16/stanford-grads-develop-cryptocurrency-for-smartphone-users-to-increase-its-accessibility/
https://changelly.com/blog/pi-network-pi-price-prediction/
6. And why we can't track our mining details anywhere on blockchain? Im sure you did not read before posting.
   Blockchain status: testnet
Firstly, in order to mine this token you need to install an application on your smart phone and it's too dangerous if you understand that this application can collect and abuse all your data from your phone or report your personal information somewhere. (can be anywhere even the government) Google, facebook, twitter doing this for years, are you new to www?

 

[examplens]

First Im not affiliated with Pi, Pi network is currently in early stage of development phase 2 testnet you cannot build your own blockchain in a week it takes years, about your concern on asking kyc and data theft on your phone its not new anymore hundreds of app today are stealing your identity once you use your phone or pc and connecting to internet your identity is at risk anymore including your lovelife  so if you are too concern about stealing your identity dont connect to internet simple, do you think this team from Standford University with MBA, PhD degree are ruining their reputation just to build a shitty scam app? its too early to criticize a project in early phase of development if you read thoroughly the whitepaper you will understand what protocol they are proposing read gain https://minepi.com/white-paper recently they ask members of pi pioneers in chat about ico or in app ads to sustain the development of this project and instead of using a quick and easy money ico system they decided to earn organically via in app ads and I dont see any problems here

You are not affiliated with Pi, but it seems you are very well informed about Pi, how it's work, team education level etc... I personally can't really trust you that you are not connected with Pi, so I attribute your post to shilling for Pi.
I know some of the well established and functional project which develops his own network in the first year of the stage. I also know a lot of projects that have been developing the product over the years and at the end, they develop nothing. What is the next stage after "early stage of development phase 2 testnet"? The middle stage of development phase 3 testnet?
how long does it take for "early phase of development"? 10 years? more?

[smyslov]

This is a good debate and a good resources for those who already have Miner Pi and for those who are about to install it, it's for them to decide if it's worth it or not, one of my friend had it in his phone and he notice that they are putting ads to monetize their application, imagine millions are accessing the application, imagine the income.

[Pi Network Cryptocurrency]

This video shows you why Pi Network cryptocurrency and Pi Network app are not a scam

https://www.youtube.com/watch?v=ReuRkSKkPiQ

[examplens]

This is a good debate and a good resources for those who already have Miner Pi and for those who are about to install it, it's for them to decide if it's worth it or not, one of my friend had it in his phone and he notice that they are putting ads to monetize their application, imagine millions are accessing the application, imagine the income.

There is no mining, nor any function that has anything to do with mining. It is the only application which counts some numbers and gives "Pi" name to these numbers. They are still on testnet (after many years) and we cannot know if the applications are connected to the network, or it’s just waving a carrot in front of Pi-lovers nose.

This video shows you why Pi Network cryptocurrency and Pi Network app are not a scam

https://www.youtube.com/watch?v=ReuRkSKkPiQ

You create an account just to share this Youtube link?
in the end, your video offers no explanation. Nothing more than we already read here, just a few words from nobody. that such a thing exists on YT, that does not mean it is true.

edit: Pi Network app is not a scam, it is rubbish and nonsense.

[Leviathan.007]

do you think this team from Standford University with MBA, PhD degree are ruining their reputation just to build a shitty scam app?

You have no idea, someone with low educational level will create random scam websites, but if they are graduated from standford we expect them to be more creative for their purpose. Educating in university won't change the personality. There are highly educated and also some illiterate scammers, they both have their own ways.

The reason why I said this can be a malware in the first place is the application asking user to execute it every 24 hours. This is exactly what a malware need because the process will be killed usually by random defenders/OS and needs to be executed again. Also, stealers usually stay quiet in your phone and just collect the information, what they need? to be execute periodically to upload the collected information.
After all I said even if it's not malware, we understood they are making income by ads secretly without of saying anything about it.

[Nellayar]

do you think this team from Standford University with MBA, PhD degree are ruining their reputation just to build a shitty scam app?

You have no idea, someone with low educational level will create random scam websites, but if they are graduated from standford we expect them to be more creative for their purpose. Educating in university won't change the personality. There are highly educated and also some illiterate scammers, they both have their own ways.

The reason why I said this can be a malware in the first place is the application asking user to execute it every 24 hours. This is exactly what a malware need because the process will be killed usually by random defenders/OS and needs to be executed again. Also, stealers usually stay quiet in your phone and just collect the information, what they need? to be execute periodically to upload the collected information.
After all I said even if it's not malware, we understood they are making income by ads secretly without of saying anything about it.

I downloaded this app when it was launched. Upon looking at your thread, I am convinced that it is scam. Yet, I don't want to accuse them without their launch in exchange. Who knows? Even the impossible mission in going to the moon was did by humans. But this is a good thread so that other users may warn in case all allegations are true.

[smyslov]

I downloaded this app when it was launched. Upon looking at your thread, I am convinced that it is scam. Yet, I don't want to accuse them without their launch in exchange. Who knows? Even the impossible mission in going to the moon was did by humans. But this is a good thread so that other users may warn in case all allegations are true.

It is already being traded in one Chinese exchange in the form of IOU token at $0.348900 looks good even if the token is not yet distributed
this is a big temptation for people to mine, but when they distributed the token I doubt it can maintain the price it will definitely crash the price, people are mining it for the money, it's easy money so they think it is.
https://www.coingecko.com/en/coins/pi-network-iou

[Tytanowy Janusz]

[deleted fonts and colours, we are not in kindergarten]
First off it is *NOT* Bitcoin and you could **NEVER** possibly mine an entire whole 1.0 Bitcoin from a cellphone!
Your taking about is 0.00000000007 Bitcoin mining app!!! 1.0 Bitcoin mining would heat it up to a point of melting!! Bitcoin uses your CPU & GPU, With Pi Network I'm earning between 20.0 to 30.0 Pi a day! So yeah first Mining app that's able to mine a whole 1.0 Coin,

0.25 PI per hour = 6 PI for day for 3 million nodes ... 18 million supply daily for how long? More than a year? We can estimate that it is about 18 * 10^6 * 365 / (lets say linear increment so 2) = 3 billion supply (now you know why you can mine whole coin daily and you can't mine whole bitcoin daily with mobile app?)

It is already being traded in one Chinese exchange in the form of IOU token at $0.348900 looks good even if the token is not yet distributed
this is a big temptation for people to mine, but when they distributed the token I doubt it can maintain the price it will definitely crash the price, people are mining it for the money, it's easy money so they think it is.
https://www.coingecko.com/en/coins/pi-network-iou

With 3 billion supply we are talking about 1 billion dollars in marketcap (top 15 CMC). We should expect price drop 99% after unlocking tokes. For everyone considering mining (thinking that money is more important than your personal data) - you will not get even a fraction of what you think you will get. I'm wondering what is this price based on? Who is selling if all mined coins are locked? In reality this is a top 500 - 1000 CMC project currently (my estimation ... of cours if not scam) so we are talking about 2 milion marketcap and 0.0006 $ per PI, 0,004$ per DAY, 1,46$ per YEAR per NODE risking all your personal data

[aioc]

With 3 billion supply we are talking about 1 billion dollars in marketcap (top 15 CMC). We should expect price drop 99% after unlocking tokes. For everyone considering mining (thinking that money is more important than your personal data) - you will not get even a fraction of what you think you will get. I'm wondering what is this price based on? Who is selling if all mined coins are locked? In reality this is a top 500 - 1000 CMC project currently (my estimation ... of cours if not scam) so we are talking about 2 milion marketcap and 0.0006 $ per PI, 0,004$ per DAY, 1,46$ per YEAR per NODE risking all your personal data

The supply is really a big issue here, good analysis and they still attract a lot of money here because of the price they are seeing in Coingecko, without analyzing this figure, and mind you they are now running ads every time they open, they are already making money while developing the platform with all those million views, I think they already plan this and it's part of their roadmap, I wonder what more they can add so they can make money from their millions of members.

[john1010]

All of our discussion here is our prerogative, but we will going to see it at the end of the road of Pi network roadmap, you have your own rights and mine too. Well we will see it this coming days, weeks or months.

[examplens]

All of our discussion here is our prerogative, but we will going to see it at the end of the road of Pi network roadmap, you have your own rights and mine too. Well we will see it this coming days, weeks or months.

...months, years, decades, centuries... who can say with certainty that 1 Pi will worth $5 after 50 years when it comes out on the market. it just takes patience and after 50-100 years all Pi-phone-miners will be rich.
Probably all Pi supporters can't wait moment to celebrate his big win.

[GazetaBitcoin]

What the hell are you talking about Bitcoin did the same think in 2008 all first coins where free from mining.....duh
Bitcoin had FREE coins and guess what it made them money....  you have no argument....  You SOUND LIKE FAKE CNN!!

And duh i already said the Pi Network is in Beta stage....It is not fully up and running till PHASE 3...  I will not loose my Pi coins because I am not a ROBOT I can prove I am a HUMAN...

Only private information they can collect is your phone contacts BUT that is your choice to decide to give APP permission.

Please come up with a real Argument!

First of all, Bitcoin did not do the same "think" in 2008, nor the same thing, as it did not exist in 2008. And you mentioned twice about Bitcoin in 2008. Duh. Bitcoin was launched on January 3rd, 2009, thus it is impossible for it to act in 2008 as Pi does now. Duh.

Second of all, Bitcoin never had free coins, nor free from mining (actually this doesn't even make sense - what means "free from mining" ).

Last, but not least: I see you keep yelling lately, which is even worst than writing like a bimbo, with all rainbow colors. Duh. A wise man said once that when you yell or swear is a sign that you finished all your rational arguments. I believe he was right. Duh.

Oh, one more thing: regarding "I will not loose my Pi coins because [...]", the term is "lose", not "loose". Duh.

[john1010]

All of our discussion here is our prerogative, but we will going to see it at the end of the road of Pi network roadmap, you have your own rights and mine too. Well we will see it this coming days, weeks or months.

...months, years, decades, centuries... who can say with certainty that 1 Pi will worth $5 after 50 years when it comes out on the market. it just takes patience and after 50-100 years all Pi-phone-miners will be rich.
Probably all Pi supporters can't wait moment to celebrate his big win.

Who knows Bitcoin hitted $20K. way back 2010 when i knew about bitcoin so many bad articles and so called guru had their rant about bitcoin and so on and so called blah blah blah. But look at bitcoin now. My question is, Is bitcoin has a solid foundation when the day it was appeared in public? Are we know who behind it? the answer is NO, now i don't want to compare bitcoin in to our subject, bitcoin is bitcoin period. But the point is they've have different presentation to public plus the fact that the people behind Pi has a gut to appear in public to explain the project, Now some of comments here make an argue about the ads etc when you run the apps, it is okay for me, if it is the way to create their fund for the project. Remember they are not ICO. Now the button line is all of our discussion here is just only our opinion.

...months, years, decades, centuries... who can say with certainty that 1 Pi will worth $5 after 50 years when it comes out on the market. it just takes patience and after 50-100 years all Pi-phone-miners will be rich.
Probably all Pi supporters can't wait moment to celebrate his big win.

very funny and sarcastic statement but if we analyze maybe true or maybe not.  

[Yatsan]

I read something on Reddit also that, the Pi network is offering a mining system on your mobile devices but it is never affecting any of your phone performance. They are cryptocurrency but they have their own unlocking stage and the exchange off the coin itself is at their website/mobile app, (please correct me if I am wrong). Pi network is basically self proclaim cryptocurrency without having the requirements to be called as cryptocurrency itself.


I see a lot of coins like this which is scam, same scheme but different method. TBC(the billion coin) and Smash coin will be the best example that I can give. 

[GazetaBitcoin]

They are cryptocurrency but they have their own unlocking stage and the exchange off the coin itself is at their website/mobile app, (please correct me if I am wrong). Pi network is basically self proclaim cryptocurrency without having the requirements to be called as cryptocurrency itself.


I see a lot of coins like this which is scam, same scheme but different method. TBC(the billion coin) and Smash coin will be the best example that I can give. 

I did not know about TBC and Smash coin, but I think the most representative similar scams are BitConnect and One Coin. Both stated they have a blockchain (and they didn't have any), that the coins will be mineable (which did not happen) and in the end they turned out as two of the biggest Ponzi schemes ever known. I remember that One Coin also had (has?) a site similar to a marketplace for this coin, but there was nothing to buy, maybe excepting some honey jars lol. The Bulgarian woman who invented One Coin dissappeared a few years ago, after Police started to look for her and her whereabouts are still unknown.

Pi is the same attempt of deceiving people and scam them. Beware!

[BitcoinFX]

So, presumably this app isn't actually doing any real mathematical number crunching and isn't really related to anything Pi, aside from the logo ?

What does Pi network stand for "Personal information" harvesting network !?

Who are the supposed "Stanford PhD's" involved in this ? Anyone ?

...

Here are three genuine Prime number based cryptocurrency altcoins ...

- https://primecoin.io/
- https://riecoin.dev/
- https://gapcoin.club/

Due to my own involvement with genuine Prime number related cryptocurrencies (mostly Gapcoin and my hosting of Riecoin nodes), I decided to take a closer look at the claims being made here.

...

The following people are openly and directly responsible for the Pi network project, according to this article ....

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



"(From left to right) Vince McPhilip M.B.A. ’18, Chengdiao Fan Ph.D. ’14 and Nicolas Kokkalis Ph.D. ’13 cofounded the cryptocurrency network Pi Network with visiting student researcher Aurélien Schiltz. (Photo: Benjamin Mattingly)"

...

NICOLAS KOKKALIS
- https://hci.stanford.edu/nicolas/

The 'official' twitter feed @PiCoreTeam does seemingly show a video associating both Nicolas Kokkalis and Chengdiao Fan with this project ...

- https://twitter.com/PiCoreTeam/status/1245518844703072256

...

The Pi Network project is clearly not yet a 'live' and/or 'functioning' cryptocurrency. It is currently unspendable.

Pi Network (IOU) (PI)
- https://www.coingecko.com/en/coins/pi-network-iou

"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."

...

This official tweet from @PiCoreTeam clearly demonstrates that the entire project is currently centralized ...

- https://twitter.com/PiCoreTeam/status/1220260428883775488
"Pi Network is currently offline. We are working to diagnose and get the app back up. Keep an eye on our status page for updates: hxxp://status.minepi.com. "



...

The Pi Network project is quite clearly designed to collect and amass a rather disturbing amount of 'users' personal information for the purposes of KYC ? etc., etc., Also, being highlighted here:

- https://changelly.com/blog/pi-network-pi-mining-step-by-step-guide/

(As to why 'industry' players like changelly are supporting projects without a 'live' cryptocurrency, and perhaps to the detriment of original Prime number related cryptocurrencies (doing actual math on a blockchain) like Gapcoin and Reicoin, remains unclear to myself!)

...

"Submit your #PiPhase2 video for a chance to be included in our celebration video for Pi Day and our transition to Phase 2! All Pioneers are encouraged to participate! For submission instructions watch the video below. Retweet and mention us @PiCoreTeam so we see your post!"

- https://twitter.com/PiCoreTeam/status/1237513542288302085

....

Conclusion: I'm fairly sure that the real Satoshi Nakamoto would find this currently centralized, not-currently-a-cryptocurrency, potentially privacy infringing (mining your data ?) smart phone application to be very far removed from the concept for Bitcoin and other 'true' cryptocurrency and altcoin projects.

Therefore, I will not be 'mining' and/or signing up for this project myself. I uphold the [warning] notification provided by the OP.

Have a nice day now!  

[-CryptoViking-]

You can see even by the people they chose to be a front for this data gathering project that it is organized by some intelligence agency or something similar.

They even took care to include all skin colors to represent PI to reach as wide as it is possible when it comes to demographics like they do now in Hollywood.

[allahabadi]

You can see even by the people they chose to be a front for this data gathering project that it is organized by some intelligence agency or something similar.

They even took care to include all skin colors to represent PI to reach as wide as it is possible when it comes to demographics like they do now in Hollywood.

Oh man; this is quite an observation; but they lack South Asian or Mid Eastern people and they hv quite good population too.